TWIN TAX BY PINKNEY

Small Business Tax Service in Fort McMurray

OFFERING CLIENTS

Small Business Tax Returns

Filing small business tax returns 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 to optimize 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
GET STARTED

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.

Complimentary Drop-Off Service

Twin Tax by Pinkney offers four options to
deliver tax slips, records & prepare returns:

  1. Drop-off and go
  2. In-person by appointment
  3. Virtual or telephone consultation 
  4. 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?

  1. No appointment is required to drop off taxes. Stop by while doing errands in downtown Fort McMurray and drop off tax slips and records.
  2. Complete a New Tax Client Enrollment Sheet.
  3. 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.
  4. Once the tax return is complete, the client is informed that the tax return is ready.
  5. Tax returns require signature and payment for submission to the CRA.

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 C, Fort McMurray, AB T9H 2K4

Please ask about our client discount
for existing Pinkney Financial Services clients!

schedule an appointment

Get Started Today

Give us a call or submit an appointment request and we will get back to you as soon as we can.

Our location

Twin Tax by Pinkney
9903 Franklin Avenue, Unit C
Fort McMurray, AB T9H 2K4

Opening Hours

Tax season hours (Feb. 15th-May 15th):
Mon - Wed: 8:00am-7:00pm
Thur - Fri: 8:00am-8:00pm
Sat - Sun: 9:00am-5pm

Off-season hours (May 16th-Feb 14th):
Mon - Fri: 8:00am-5:00pm
Weekends by Appointment

Contact

Phone: 780-715-1126