How We Helped an Etobicoke Corporation File Accurate Corporate Tax Returns and Maximize Deductions
An Etobicoke-based incorporated business approached Gondaliya CPA for professional support with its corporate tax returns. The company faced challenges with complex expense categories, payroll for staff, and CRA compliance, and needed expert guidance to ensure accurate filings while optimizing tax savings.
About the Client
Business Type: Incorporated company
Location: Etobicoke, Ontario, Canada
Previous Setup: Internal bookkeeping with limited year-end tax review
Key Challenges:
Uncertainty about allowable corporate tax deductions
Payroll and staff-related tax obligations
Risk of CRA reassessments and penalties
Complex revenue streams requiring careful reporting
Client Objectives
File a compliant and accurate corporate T2 tax return
Identify eligible deductions, credits, and payroll-related savings
Minimize risk of CRA penalties and reassessments
Streamline year-end tax preparation for efficiency
What We Did
1. Financial Review & Reconciliation
We reviewed financial statements, reconciled accounts, and ensured all income and expenses were accurately reported.
2. Tax Planning & Deduction Optimization
We identified all eligible deductions, tax credits, and payroll-related claims to minimize overall corporate tax liability.
3. Corporate Tax Return Preparation & Filing
We prepared and electronically filed the corporate T2 return and all required schedules, ensuring full CRA compliance.
4. Ongoing Guidance & Support
We advised management on maintaining proper records, managing payroll, and planning for future tax periods.
Results
Corporate tax return filed accurately and on time
Eligible deductions and credits claimed, reducing tax liability
Payroll and staff tax obligations handled correctly
Risk of CRA penalties minimized
Streamlined year-end process for future filings
Summary:
Etobicoke corporations rely on Gondaliya CPA for accurate corporate tax return preparation, deduction optimization, and payroll compliance, allowing business owners to focus on growth and operations.