How We Guided an Etobicoke Corporation Through Corporate Tax Preparation and Filing
An Etobicoke-based corporation approached Gondaliya CPA for professional assistance with corporate tax preparation and filing. With multiple revenue streams, payroll obligations, and complex expenses, the company needed expert support to file accurate corporate tax returns while optimizing deductions and staying CRA-compliant.
About the Client
Business Type: Incorporated business / professional services
Location: Etobicoke, Ontario, Canada
Previous Setup: Internal bookkeeping with limited year-end tax review
Key Challenges:
Complex corporate tax return with multiple schedules
Identifying all eligible deductions and credits
Ensuring CRA compliance to avoid reassessments or penalties
Managing payroll and employee-related tax obligations
Client Objectives
Prepare and file accurate corporate tax returns (T2)
Maximize eligible deductions, credits, and payroll claims
Reduce risk of CRA penalties or reassessments
Streamline year-end tax preparation for efficiency
What We Did
1. Financial Review & Reconciliation
We reviewed the company’s financial statements, reconciled accounts, and ensured all income and expenses were accurately reported.
2. Corporate Tax Preparation
Our team prepared the T2 corporate tax return and all supporting schedules, ensuring compliance with CRA regulations.
3. Tax Optimization & Deductions
We identified eligible deductions, tax credits, and payroll-related claims to reduce the overall corporate tax liability.
4. CRA Filing & Support
We filed the corporate tax return electronically and provided ongoing support in case of CRA inquiries or audit requests.
Results
Accurate corporate tax return filed on time
Eligible deductions and credits fully claimed, reducing tax liability
CRA compliance ensured, minimizing audit risk
Payroll and employee-related taxes handled correctly
Streamlined year-end tax process for future filings
Summary:
Etobicoke corporations rely on Gondaliya CPA for accurate corporate tax preparation and filing, deduction optimization, and CRA compliance, allowing business owners to focus on growth and operations.