Small Business Consulting – FREE

Taxwide provides professional computerized accounting and bookkeeping services at reasonable prices. Taxwide’s trained accountants will meet with you and will find out how we can minimize your taxes and your accountant’s bill. Taxwide has different systems for different business. We will find out, which one is the most effective and less expensive for you.

• Monthly, Quarterly, six month and annual bookkeeping services.
• GST, PST, Payroll Remittance and T4 Slip.
• Incorporating and Registering Business and getting business numbers.
• Help in Starting the Business and Closing the Business.
• Preparation of Financial Statements.
• Corporation Tax Returns.
• System setup at your place.
• FREE initial consultation

To further reduce the paperwork burden of small business, Budget proposes to allow small businesses to reduce the number of tax remittances and filings by:

Introducing quarterly installments of corporate income tax to replace monthly installments for certain small Canadian-controlled private corporations.

Increasing to $3,000 from $1,000 the corporate income tax payable threshold, at or below which corporations are eligible to remit annually.

Increasing to $3,000 from $2,000 the net personal income tax threshold, at or below which individuals do not have to pay installments.

Increasing to $3,000 from $1,000 the average monthly withholdings threshold, below which businesses may be eligible to remit source deductions quarterly.

Increasing to $1.5 million from $500,000 the taxable supplies threshold, at or below which businesses can file a GST/HST return annually.

Increasing to $3,000 from $1,500 the net tax threshold, below which annual GST/HST return filers can remit the tax annually.

There are new filing rules for the CT23 and T2 returns.
Call us for further information regarding this information

2009 Corporate Tax Rates

For 2009, Ontario will levy a general corporate tax rate of 14%. Qualifying small business income is taxed at a rate of 5.5%. Income from manufacturing and processing activities in the province is taxed at a rate of 12%.

An outline of Ontario’s corporate income tax system for 2009, including information on how to calculate income eligible for the small business rate, can be found on the Canada Revenue Agency Web site.