CORPORATE SERVICES

Corporate Tax

In addition to ensuring your corporate tax is filed on time to avoid penalties, Akotax Business Solutions guarantees that you will receive the maximum refund or minimum amount due. The Canada Revenue Agency mandates that all resident corporations must prepare and file a corporate income tax return (T2) every tax year, even if taxes aren’t owed or the corporation is inactive. Corporate tax years are defined by fiscal periods, which are not longer than 52 weeks. Tax returns for corporations (T2) must be filed within six months of the end of every tax year. However, if there is any money owing in the form of corporate income taxes, it must be paid within three months (90 days) after the tax year ends. If the corporation’s tax year ends on the last day of a month, the return must be filed by the last day of the sixth month following the end of the tax year. You should file the return by the same day of the sixth month after the end of the tax year if the last day of the tax year does not fall on the last day of a month. To receive a tax refund, a corporate tax return must be filed no later than three years after the end of a tax year.

Bookkeeping

Small and medium-sized businesses can get professional accounting and bookkeeping services from Akotax Business Solutions. As part of our bookkeeping and accounting services, we handle the following tasks:

• • • Bookkeeping
    • Accounts Receivable
    • Accounts Payable
    • Bank Reconciliation
    • HST/GST filing
    • General Ledger
    • Balance Sheet
    • Profit & Loss, Trial Balance
    • Payroll/ Remittance
    • Fix Asset and Depreciations
    • Inventory Tags and Physical Inventory Counting
    • Sales
    • Financial statements

When hiring a bookkeeping and accounting service, it is important to look for one with a high client retention rate and a track record of client satisfaction.

GST/HST Filing

No matter how much your business earns, if you have products or services to sell, we recommend you register for an HST number. HST is not considered income, it is only collected for the CRA and it is not included in your income. You can count on us to simplify your bookkeeping, accounting, and financial operations.

Payroll

Our payroll system will capture all the employee earnings and deductions for all pay periods, showing rate changes clearly, as well as amounts deducted and earned, status changes, total earnings, payroll hours, a payroll journal entry, and a breakdown of monthly payroll costs.

• • • Verify that every employee is on your payroll system.
    • Make sure all remittances are paid.
    • Ensure compliance with payroll laws and regulations for a variety of payroll scenarios (e.g. Holiday pay, vacation pay, overtime pay).
    • Providing a fully integrated payroll management system, regardless of complex situations involving high turnover of employees.

Business Registration

The process of launching a startup or a new for-profit business is without a doubt complex. Every major step of the launch process should be weighed with legal, financial, and practical concerns. Hence, stepping back periodically is crucial in order to ensure that nothing is missed. This process is made as easy as possible by the professionals at Akotax Business Solutions.

The registration services we offer are corporation registration (federal, provincial, territorial), sole proprietorship registration, and partnership registration. These services will include corporate name and trademark searches, NUANS report, a business number, an article of incorporation, or a Master Business License (MBL). In addition, we can set up any or all of the following accounts for your business depending upon your needs, including:

• • • HST/GST Program Account (RT)
    • Payroll Deductions Account (RP)
    • Corporate Income Tax Account (RC)
    • Import-Export Program Account (RM)
    • Charity Program Account (RR)
    • Information Returns Program Account (RZ)

The government mandates that companies maintain certain records. Binders or books containing these records are commonly referred to as minute books. A minute book typically contains the following documents:

• • • Articles of Incorporation (and any other
    • Articles of the company)
    • By-laws of the company
    • Minutes of the directors’ and shareholders’ meetings/resolutions
    • Directors and officer’s registers
    • Shareholder register and ledgers
    • Share transfer register
    • Share certificates (original or copy)
    • A copy of all statutory forms required to be filed
    • Shareholders’ agreement (if any)