TWIN TAX BY PINKNEY
Small Business Tax Service in Fort McMurray
OFFERING CLIENTS
Small Business Tax Returns
Filing small business tax returns in Fort McMurray involves a series of steps and considerations to accurately report your business’s financial activities to the Canada Revenue Agency (CRA).
At Twin Tax by Pinkney, our objective is to remain current with the ever-evolving Canadian tax regulations. We take pride in our commitment to assisting you in optimizing the various opportunities for tax savings and increased tax refunds.
Let Twin Tax take care of your tax needs and keep your small business tax preparation simple and hassle-free
We Are Committed To Your Success
Twin Tax by Pinkney is committed to your success. A central focus for us is strategic tax planning to protect your wealth and small business.
We analyse your financial goals and our seasoned tax preparers will collaborate with you to formulate a blueprint ensuring our commitment to support, protect and advance your small business.
Small Business Tax Services Offered:
- GST Accounting and GST Filing
- T Slips and Payroll Services
- Correspondence with CRA
- Professional Bookkeeping and Chartered Accounting
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What are the steps when filing a small business tax return?
The first step is to determine your business structure, which could be a sole proprietorship, partnership, corporation, or another form. Different structures have varying tax implications.
Report all sources of business income, including sales, services rendered, rental income, interest, dividends, and any other revenue generated by the business.
Deduct eligible business expenses to reduce your taxable income. These may include rent, utilities, salaries, wages, office supplies, advertising, travel expenses, and more. Make sure to keep accurate records and receipts for all expenses claimed.
If you have acquired depreciable assets (e.g., equipment, vehicles) for your business, you may claim capital cost allowance to recover a portion of their cost over time. Different assets have different CCA rates.
If your business earns over a certain threshold, you may need to register for and charge GST/HST on your goods and services. You will need to remit the collected taxes to the CRA.
If you have employees, you must deduct and remit income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums from their paychecks. You will also contribute the employer’s portion of CPP and EI.
If you’re a sole proprietor or in a partnership, you’re responsible for both the employee and employer portions of CPP contributions. This is known as the Canada Pension Plan (CPP) self-employment tax.
Provide T4 slips to employees and T5 slips to report dividends paid to shareholders. If applicable, issue T4A slips for other types of income, such as fees for services provided to your business.
Maintain accurate and organized financial records, receipts, invoices, and other documentation to support your business income, expenses, and tax deductions.
Small business tax returns are generally due on June 15, but any taxes owing must be paid by April 30 to avoid interest charges. If you have a balance owing, you may be subject to penalties and interest if you miss the deadline.
Be aware of potential tax credits and deductions available for small businesses, such as the Small Business Deduction, Scientific Research and Experimental Development (SR&ED) tax credits, and other industry-specific incentives.
Many small business owners use tax preparation software or hire an accountant to assist with preparing and filing their tax returns accurately.
Tax preparers handle sensitive business information, so maintaining confidentiality and adhering to ethical standards is crucial.
Frequently Asked Questions
Welcome to the Business Tax Filing FAQ section! Here, we’ve gathered some common questions and answers to help guide you through the process of filing your business taxes with Twin Tax by Pinkney in Fort McMurray, Alberta. If you have additional questions, feel free to contact us directly.
We offer comprehensive tax filing services for businesses, including sole proprietors, corporations, and small businesses. Our services include preparing and filing tax returns, advising on tax-saving strategies, and ensuring compliance with Canadian tax laws.
To file your business taxes, you’ll typically need the following documents:
- Financial statements (income statement, balance sheet)
- Bank statements
- Receipts for business expenses
- Payroll records (if applicable)
- Previous year’s tax return (if applicable)
- T4/T5 slips (for employees and contractors)
Our team will guide you on exactly what’s needed based on your business structure.
If your business is earning income, you are required to file taxes with the Canada Revenue Agency (CRA). Whether you’re a sole proprietor, partnership, or corporation, it’s essential to file a tax return each year. Even if your business didn’t make a profit, you may still be required to file.
The deadline depends on the type of business structure:
- Sole proprietors and partnerships must file by June 15th, but any taxes owed are due by April 30th.
- Corporations have a filing deadline that’s six months after the end of their fiscal year.
It’s essential to keep track of these dates to avoid late fees and penalties.
Yes, we offer tax planning services designed to minimize your business’s tax liability. Our team works with you to develop strategies such as deductions, credits, and proper expense categorization to ensure you are paying only what’s required.
While it is possible to file your business taxes on your own, we highly recommend working with a tax professional to ensure accuracy and compliance. Tax laws can be complex, and our team at Twin Tax by Pinkney can help you avoid costly mistakes, maximize deductions, and plan for the future.
The cost of business tax filing varies based on the complexity of your business’s financial situation. We offer competitive pricing tailored to your business’s specific needs. Contact us for a consultation, and we’ll provide you with an estimate based on your unique requirements.
Missing the deadline can result in late fees, penalties, and interest charges. It’s always best to file your taxes on time. If you miss the deadline, we recommend contacting us as soon as possible to avoid additional complications and to get back on track.
Yes, we provide support during tax audits or CRA reviews. If your business is selected for an audit or review, we will guide you through the process and ensure all required documentation is in order. Our goal is to minimize any disruptions to your business and ensure compliance with CRA regulations.
Getting started is easy! You can schedule a consultation with one of our tax professionals either by phone or online. Once we understand your business’s needs, we’ll guide you through the necessary steps for filing your business tax return.
Yes, we assist with payroll processing and filing related taxes such as CPP, EI, and income tax withholdings for your employees. We ensure that all payroll taxes are filed on time and accurately, minimizing the risk of errors and penalties.
Absolutely! We provide year-round support to help with any questions or concerns you have related to business taxes. Whether you need tax planning, advice on new tax legislation, or guidance during audits, Twin Tax by Pinkney is here to help.
Yes, we offer remote services for business tax filing. You can upload your documents securely online, and we’ll handle the rest. Whether you prefer in-person consultations or remote services, we’re here to accommodate your needs.
If you have any other questions or need further assistance, feel free to reach out to us! We’re dedicated to helping your business stay compliant, save on taxes, and plan for the future.
For MORE INFORMATION about our complete line of services, visit our HOME PAGE for more information.
Complimentary Drop-Off Service
Twin Tax by Pinkney offers four options to
deliver tax slips, records & prepare returns:
- Drop-off and go
- In-person by appointment
- Virtual or telephone consultation
- Email or scanned documents
Kindly ensure you have gathered all necessary tax slips and records.. In the event you received a tax slip in the previous year but haven’t received one this year, we recommend contacting the issuer to inquire about its status for this year.
What is the Complimentary Drop-off and Go Process?
- No appointment is required to drop off taxes. Stop by while doing errands in downtown Fort McMurray and drop off tax slips and records.
- Complete a New Tax Client Enrollment Sheet.
- Our tax preparer will examine your tax slips and records and assembles any questions or clarifications needed for an onsite consultation, follow-up conversation or email correspondence.
- Once the tax return is complete, the client is informed that the tax return is ready.
- Tax returns require signature and payment for submission to the CRA.
Author: Lindsay Pinkney
Schedule an Appointment or Require More Information
Click the link below to book an appointment or give us a call at 780-715-1126
Located in the heart of downtown Fort McMurray next to City Hall
Twin Tax by Pinkney
9903 Franklin Avenue, Unit 109B , Fort McMurray, AB T9H 2K4
Please ask about our client discount
for existing Pinkney Financial Services clients!
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Our location
Twin Tax by Pinkney
9903 Franklin Avenue, Unit 109B
Fort McMurray, AB T9H 2K4
Click HERE for directions
Business Hours
Mon - Fri 8am-5pm
Sat 9am-5pm
Sun 10am-4pm
Contact
Phone: 780-715-1126