Corporate Income Tax

Corporate Income Tax

Why Choose RNS Accounting?

At RNS Accounting has professionals with detailed knowledge of the Canadian Federal and Provincial Tax Laws and Regulation. Consequently, we make it our priority to share this knowledge with our clients through tax planning, and raise awareness for available tax breaks within the framework of the Canadian Income Tax Act.

100% Accuracy Services

RNS will ensure you to prepare Ontario and federal tax return, financial statements, GIFI (general index of financial information), GST/HST returns in a timely and cost-effective manner and guarantee for 100% accuracy.

RNS can assist you in recovering the incorporation cost that you incurred to start the corporation without any tax implications.

RNS accountants will guide you through calculating the best mix of salary interest or dividends, or both.

Salary is tax-deductible to a corporation and taxable to an employee, Dividends are taxed first at the corporate level and then at a lower rate at the personal level.

Paying salary generates RRSP room that dividends do not whereas paying dividends to avoid Canada pension plan and employment insurances contributions, unlike salary. Mak Tax will advise you on a perfect integration when determining the best salary or dividend mix for an individual.

Corporate Tax Returns
Corporate Income Tax Planning
Audit and Appeals Assistance
Our Expertise Affordable Cra Authorized 100% Guarantee

experienced , knowledgeable , bookkeepers and accountants preparing your taxes.

Our fees contain no surprises

CRA authorized E-filers and client representatives

We guarantee you will receive the maximum refund you are entitled. We guarantee 100% accurate calculations


  • 10 Milner Business Court, 3rd Floor Scarborough, ON M1B 3C6
  • (647) 284 9058

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Corporate Tax Guide

RNS provide affordable Bookkeeping and Accounting Services to any businesses. We can manage your existing account or create a new set of accounts. We can also handle GL, Payroll, Bank Reconciliation, and much more to complete your accounting needs.

RNS can help you to prepare your Financial Statements such as Income Statement and Balance Sheet. Transactions include Purchases, Sales, Accounts Receivable, Accounts Payable for an individual or organization.

RNS can guide you to file your HST, WSIB returns, prepare GST/HST, WSIB remittances on time and ensure you to get the accurate HST paid on purchases or services you provided.

RNS can transform financial data into significant information in conformity with standardized accounting principles thereby providing insights to your company’s performance. Tasks include Data Entry, Journal Entry Support, Year-End Closing books.

Any business looking to reduce payroll administration and increase overall efficiency would benefit from using RNS Payroll services. Handling Payroll has never been easier, OUTSOURCE your payroll administration to RNS

RNS professionals will take care of your payroll Weekly, Bi-Weekly or Monthly payroll remittances (PD7A). RNS also can help you to prepare T4, T4a and Summary in an affordable way to get it done right at the first time and every time,

RNS Accountants are accomplished in compliant payroll processing and in keeping track of payroll regulation. RNS can help you effectively integrate your payroll services through consolidation and preparation.

RNS can register any type of Business such as sole proprietorship, partnership, or corporation on the same day with Reasonable Fees.

Sole Proprietorship is the simplest form of starting a business. Only one owner is responsible for making all of the decisions and, consequently receives all the profits, but also assumes all of the risks.

RNS can do Sole Proprietorship registration of new business names in a business day. Renewal of existing business names takes one to two weeks. We also will notify you when the renewal of registration is due, normally Ontario business name registration is valid for 5 years.

Partnership is a relationship between two or more persons carrying on a business. The body is usually more complex than sole proprietorship and there is more than one owner to share in the profit and/or losses.

RNS can establish either a general partnership or limited partnership for you, with a proper partnership agreement in place.

Generally, a Partnership neither pay income tax on its Income nor file an income tax return. Instead, each partner files an income tax return to report their share of the partnership's net income or loss. RNS will help the partners file T5013 Statement of Partnership Income and also help to claim Capital Cost Allowance (CCA) on own depreciable property.

Corporation is a legal entity that has its own legal personality which is different from shareholders, and the individuals who manage and run business are called directors or officers.

RNS can identify to choose a name for your corporation through NUANS (New Upgraded Automated Name Search), unless you're going to be operating a numbered company. We will help you to establish the initial registered office address and first board of directors and will ascertain the directors meet the eligibility requirements.

RNS will register the corporation on your behalf with the completed Articles of Incorporation, the covering letter, and a current NUANS name search which shows the name searched, the NUANS reservation reference number, and the NUANS date, as well as with the appropriate fee.

All resident corporations apart from registered charities, need to file a T2 Return for every tax year, even if there are no taxes payable.

This Includes: Non-Profit Organizations, Tax Exempt Corporations, Inactive Corporations, Non-Resident Corporation

Corporate Tax Schedules
Some of the commonly filed Corporate Tax Schedules we assist clients with are:

Schedule 1- Net Income (Loss) is converted to taxable Income (Loss)

Schedule 2- Charitable Donations

Schedule 3- Dividends Received and Paid by the corporation

Schedule 4- Corporation Losses to be carried back or forward

Schedule 6- Summary of Disposition of Capital Property

Schedule 8- Capital Cost Allowance (CRA Depreciation of Capital Assets)

Schedule 9- Related and Associated Corporations

Schedule 10- Depreciation of Intangible Assets

Schedule 19- Non Resident Shareholder Information

Schedule 24- First Time Filer after Incorporation

Schedule 29- Payments to Non-Residents

Schedule 50- Shareholder Information

GIFI Schedules 100, 101, 125, 141- Equivalent of Balance Sheet and Income Statements

Many other Provincial Schedules from Ontario, Alberta, and British Columbia