How benefits from our tax compliance services?
The four types are individuals, corporations, partnerships and trusts. Below is a discussion of each.
After years of serving clients in Montreal, our practice has developed the expertise to navigate your specific regulatory environment and achieve desired outcomes with professional integrity. In terms of individual filings, we often prepare tax filings for sole proprietorships.
Past-Due Tax Returns
We are regularly approached with requests to reconcile past records and file past-due tax returns. Even if you have lost your tax slips, or other business and personal records, we can assist in sorting out your records. There are several methods of obtaining past information from the CRA or Revenue Quebec, such as by submitting request forms. Past-due filing led to penalties and interest begin charged.
A corporation is a taxable entity that pays taxes in its own right. It is reported on a T2 form and (in Quebec) on a CO-17 form along with certain schedules. We file tax for business operating in any or all ten (10) Canadian provinces.
Partnerships must file a T5013 information return. It is worth noting here that generally speaking, the Income Tax Act (hereafter ITA) does not consider partnerships as taxpayers. Rather, they are known as transparant entities. Therefore, they do not owe any taxes as it is considered “transparent” from a tax perspective. Instead, the partnership’s profit, or loss, is included on the partners tax filing. The latters actually own any potential income taxes.
Trusts are liable for income taxes on any unallocated income. It is therefore common practice to allocate all income to its beneficiaries. Each province requires a distinct tax form. In Quebec, form TP-646 must be filed to Revenue Quebec.
Contact us anytime regarding any of these taxpayer types.