Taxation in
Canada
Understanding Canadian tax laws is essential for business owners, freelancers, and foreign entrepreneurs. Whether you need assistance with corporate tax, GST/HST, or personal tax filing, ZABS Legal ensures full compliance with the Canada Revenue Agency (CRA) while optimizing your tax liabilities.
Features
At ZABS Legal, our dedicated team provides expert tax solutions to ensure compliance with Canada tax regulations while maximizing deductions. Our key features include:
Process and Duration
The duration for tax filing and compliance in Canada can vary based on several factors, including your business structure, tax obligations, and filing requirements. However, here’s a general timeline:
Step 1: Tax Consultation & Assessment
We analyze your business structure, income, and expenses to determine tax obligations and potential savings.
Step 2: Tax Filing & Compliance
We prepare and file your corporate tax returns (T2), personal tax returns (T1), GST/HST, and payroll taxes with the CRA.
Step 3: Ongoing Tax Support & Planning
We provide continuous support with quarterly tax reviews, CRA audit assistance, and strategic tax planning.
Requirements
For Businesses (Corporations, Partnerships, Sole Proprietors):
Business Number (BN) from CRA
Corporate Tax Return (T2) Details
GST/HST Registration (if applicable)
Financial Statements & Income Reports
Payroll Records (T4 Slips)
For Individuals (Self-Employed, Sole Proprietors, Freelancers):
Social Insurance Number (SIN)
T1 General Tax Return Information
Income & Expense Records
Previous Tax Returns (if applicable)
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What taxes do businesses in Canada need to pay?
- Corporate Income Tax (15%-38%) – Based on revenue and location.
- GST/HST (5%-15%) – If revenue exceeds CAD 30,000 per year.
- Payroll Taxes – Includes CPP (Canada Pension Plan) and EI (Employment Insurance).
Do I need to file taxes if my business made no income?
Yes, all registered businesses must file a zero-tax return even if they had no income.
How can I legally reduce my tax liability in Canada?
- Claim business deductions (office rent, travel, advertising).
- Utilize small business tax credits (Scientific Research & Experimental Development – SR&ED).
- Split income legally with family members (if applicable).
What happens if I miss the CRA tax deadline?
Late filing results in penalties starting at 5% of the unpaid amount, plus daily interest charges.
Do foreign-owned companies in Canada have tax obligations?
Yes, foreign-owned businesses must comply with corporate income tax, GST/HST, and payroll tax regulations.
Can ZABS Legal assist with CRA audits?
Absolutely! We provide audit representation, document preparation, and negotiation services for CRA tax audits.