Why Business Tax Services Matter
Accurate tax management is essential for financial stability. Many owners struggle with complex reporting requirements, overlooked deductions, and changing CRA rules. Our services ensure filings are correct, deadlines are met, and opportunities for savings are identified.
- Understanding corporate versus sole proprietorship obligations
- Managing GST/HST registration and remittance
- Tracking deductible expenses such as vehicles, supplies, and technology
- Preparing reliable year‑end financial statements
- Handling payroll and employee tax compliance
Corporate Tax Filing
Corporate tax returns require specialized expertise. To provide the highest level of accuracy and compliance, we work in partnership with a trusted CPA firm. Together, we ensure your T2 filings meet CRA standards while identifying opportunities to reduce taxable income. Our combined guidance covers dividends, salaries, and shareholder loans, keeping your corporate structure efficient and compliant.
Sole Proprietorship & Partnership Support
Many businesses operate as sole proprietorships or partnerships. We provide tailored assistance for these structures, ensuring income and expenses are reported correctly and deductions are maximized. Home office claims, vehicle usage, and seasonal income are all addressed with clarity.
GST/HST Compliance
Sales tax obligations can be confusing. We help you register, collect, and remit GST/HST properly, avoiding costly mistakes. Input tax credits are reviewed to reduce net liability, and filing frequency is explained based on CRA requirements.
Basic Bookkeeping & Payroll
We provide essential bookkeeping support to keep your records organized, but we do not offer full‑scale accounting services. Our focus is on helping small businesses maintain clear, basic records and meet payroll obligations. This includes tracking income and expenses, preparing simple reports, and ensuring employee deductions are remitted correctly.
Frequently Asked Questions
Do I need to incorporate to save on taxes?
Not always. Incorporation offers benefits like limited liability and potential tax deferral, but it depends on income level and long‑term goals.
How often should GST/HST returns be filed?
Filing frequency depends on revenue. Some businesses file annually, while others file quarterly or monthly.
Can bookkeeping reduce taxes?
Yes. Even basic bookkeeping ensures all eligible expenses are claimed and deductions are not missed.
Why Choose S & M Tax Services
We combine local expertise with professional service. Our team has over a decade of experience supporting businesses in Oshawa, Durham Region, and the GTA. By collaborating with a partner CPA firm for corporate tax filings and offering straightforward bookkeeping support, we deliver practical solutions that cover the essentials of business taxation. Transparent pricing and clear communication ensure you always know where you stand.