How We Guided a Toronto Business to Maximize Tax Credits and Reduce Tax Liability
A Toronto-based company approached Gondaliya CPA to optimize their taxes and credits. The business wanted to ensure they were claiming all eligible credits, including R&D, investment, and payroll-related incentives, while remaining fully compliant with CRA regulations.
About the Client
Business Type: Professional services / incorporated business
Location: Toronto, Ontario, Canada
Previous Setup: Limited knowledge of eligible tax credits, reactive approach to tax planning
Key Challenges:
Identifying all available federal and provincial tax credits
Maximizing deductions to reduce overall tax liability
Ensuring CRA compliance to avoid penalties or reassessments
Managing multiple revenue streams and expenses accurately
Client Objectives
Identify and claim all eligible tax credits and deductions
Minimize overall corporate tax liability
Ensure full CRA compliance to reduce audit risk
Improve cash flow through strategic credit utilization
What We Did
1. Comprehensive Tax Review
We reviewed the company’s financial statements, expenditures, and investments to identify eligible federal and provincial tax credits.
2. Credit & Deduction Optimization
Our team calculated the maximum refundable and non-refundable tax credits, including R&D incentives, investment credits, and payroll-related deductions.
3. CRA Compliance Guidance
We ensured all claims met CRA requirements, with proper documentation to prevent audit issues.
4. Strategic Planning & Implementation
We advised on future tax planning strategies to maximize credits and deductions for ongoing tax periods.
Results
Maximized eligible tax credits, reducing corporate tax liability
Improved cash flow by utilizing refundable credits effectively
CRA compliance maintained, minimizing audit and penalty risk
Business gained clarity on future tax planning opportunities
Reduced administrative workload for management
Summary:
Toronto businesses rely on Gondaliya CPA to identify and claim all eligible tax credits, optimize deductions, and ensure CRA compliance, helping them reduce taxes and reinvest savings into growth.