Corporate Services

Our seasoned team specializes in supporting Canadian small businesses and corporations through their tax planning, highlighting the lower tax rates achievable through incorporation.

We provide comprehensive guidance, determining the ideal moment for your business to transition to an incorporated model, ensuring it aligns with your strategic goals and financial health.

A photorealistic image demonstrating the decision to incorporate a business, with the text 'incorporation' strictly included, designed to be engaging and professional for business owners considering incorporating their business.

Eternity Consulting offers a stress free, cost neutral consultation to answer your questions.

There are no obligations – only a discovery of opportunities. 

Corporate Services

Our low-price threshold offers a low-cost competitive rate for incorporation, individual tax preparation, and book keeping services (for a one time fee, or for a monthly subscription service). We can also close corporations to minimize the inconvenience of CRA notifications.

Stress-free tax preparation allows Eternity to walk with you to maximize tax saving while gaining a full understanding of your life circumstances. The initial financial service sets the stage for future investment strategies.

Corporate and Business Taxes

$Quoted
  • Competitively Priced
  • Maximize Tax Savings
  • All Canadian Corporations Processed – Corporations Closed To Avoid CRA Notices

Incorporation

$500
  • Registrations Completed For You
  • Corporate Tax Account Created
  • Incorporation Realizes Lower Tax Rates, Builds Asset Protection, and Limits Liability

Book Keeping and Payroll Services

$Quoted
  • Individual Services Available
  • Monthly Services Available
  • Connect With Us To Discuss Your Needs – Individaul Quotes Offered

Incorporation involves a detailed legal and tax process, including registration with the appropriate provincial or federal authorities, setting up a separate corporate tax account with the Canada Revenue Agency (CRA), and adhering to ongoing compliance requirements such as annual filings and corporate tax returns. It’s crucial to consult with legal and tax professionals to navigate these processes effectively and ensure that the incorporation strategy aligns with your business goals and regulatory obligations.

WHO HAS TO FILE A CORPORATE TAX RETURN?

Every corporation, active or not, and including non-profits and tax-exempt entities, is legally required to file a tax return each year, with no exceptions.

A non-resident corporation has to file a T2 return if, at any time in the year, it carried on business in Canada, it had a taxable capital gain, or, in some cases, it disposed of taxable Canadian property.

Can’t sleep with all these incorporation questions in your mind? The solution might not be in your medicine cabinet, but in the Income Tax Act – it can offer reading so dry, you’ll be dreaming in no time! Or – instead of that, you can choose to work with us at Eternity Consulting, so that your tax worries will melt away and you can sleep like a baby.

If you had the ability to travel back to 2010 (before the Canadian Federal Budget changed the definition) you would believe that to definition to include:

  • Canadian real estate
  • Shares of private corporations in Canada
  • Property used to carry on business in Canada
  • Certain trust interests of Canadian resident trusts
  • Substantial holdings of shares in public companies (more than 25% owned by non-arm’s length individuals)
  • Interests in partnerships

The given definition no longer applies to shares in private corporations and specific trusts that get less than half of their value from real estate, Canadian resource properties, or timber resource properties. This was made official in the 2010 Federal Budget. For this exemption to apply, the value requirement must have been met for 60 months before the sale. The goal of this change is to encourage foreign investment in Canada. As a result, non-resident owners of these kinds of assets will not have to pay Canadian taxes on any capital gains they make when they sell them, so treaty-based protections are no longer needed. Non-resident sellers also don’t have to get clearance papers from the Canada Revenue Agency (CRA) or file Canadian income tax returns anymore.

A corporation based outside of Canada is required to submit a filing if it seeks to pay Part 1 tax on its net rental earnings as outlined in subsection 216(1), or if it has requested a decrease in withholding tax on revenues generated from participation in a film production, with the intention of paying Part 1 tax on the net income from acting services as per subsection 216.1(1).

You need to file a corporate income tax return if your company is not based in Canada and wants a treaty exemption for business operations or property sales. Furthermore, a withholding tax is added to any payments made to a non-resident company for work done in Canada. This tax has to be taken out by the payer, no matter if the services are given directly by the company’s employees or by someone else. This withholding tax is meant to protect against any possible tax liabilities. In order for the non-resident company to get this withheld tax back, it must file a tax return and pay any Part 1 tax that is due on the net income it made in Canada. As an example, Part XIII says that a company working for a non-resident actor would have to pay a 23% withholding tax on all of the actor’s earnings from appearing in Canadian movies and TV shows.

Remember, for non-resident corporations, the tax game is like hockey in Canada—everyone has to play, and you have to all play by the same rules, even if you’re a celebrity player skating in from out of town.

Submit your corporate income tax return no later than six months following the conclusion of your corporation’s tax year, which aligns with its fiscal period. If your corporation’s tax year concludes on the final day of any month, ensure the income tax return is filed by the final day of the sixth month subsequent to the tax year’s end.

Should the tax year conclude on a day other than the last of the month, the deadline for filing the corporate income tax return falls on the corresponding day in the sixth month following the close of the tax year.

Remember, the tax deadline waits for no one, much like a runaway train or an impatient cat at feeding time. Don’t be left chasing after it – let our team at Eternity Consulting support you all year long with your wealth management needs.

Corporations are required to make corporate income tax payments either monthly or quarterly if they have taxes owed for the current or previous year. The remaining tax due for a tax year must be paid within two or three months after the tax year ends, the specific timeframe depends on the corporation’s particular situation. For Canadian Controlled Private Corporations (CCPCs) that qualify for the small business deduction, among other criteria, the deadline extends to three months post-year-end.

It’s important to note that the tax authority recognizes the payment date as the day they actually receive the payment, not the date it was sent. Therefore, it’s advisable to send your payment slightly ahead of time.

Aim to mail your tax payment early, because unlike a fine wine, tax payments don’t get better with age. In fact, they tend to get more expensive!

Effective planning, smart investments, and careful spending management are now very important, even critical to your future. Live the way you want to, now and for eternity.

The key is to find a way to live that doesn’t waste money and makes your savings last.

Take the first step today toward your journey of financial security and legacy wealth management with Eternity Consulting.

Our services are Canada wide (excluding Quebec) – our services are personal, our offices are virtual, and our focus is your financial future.