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Corporate Tax Services

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 YOUR CORPORATE TAX Professionals

Accounting that changes at the speed of business
Our corporate tax services team offers a complete range of tools, knowledge, and expertise in maximizing small business tax credits and minimizing corporate taxes owed. We have the experience to get the most out of the small business deductions available to Canadian businesses. We include compensation planning, corporate tax consulting, regulatory and compliance filing in our corporate business plans. Our combined corporate & commercial experiences allow us to provide you, the business owner, a calm confidence that you are in trusted hands.

In addition to supporting you through your year-end, we also deliver a wide variety of value-added services for your business.

Allow the team at Evolution Accounting to analyze, plan and execute all your corporate service needs.

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BUSINESS STRUCTURE

We engage our expertise in business structuring to create the accountability and responsibility you are comfortable with in a corporation, sole proprietorship, or personal service business. We are passionate about designing a business structure which generates and maximizes profits for businesses.

Incorporation
A corporation may offer increased liability protection over a sole proprietorship. In Canada, there are tax advantages for Canadian Controlled Private Corporations (CCPC). There are many considerations and advantages to incorporating your business, and we can point you towards the structure which best fits your organizational model, and that will be most advantageous from a taxation view point.
Sole Proprietor

A sole proprietorship is the simplest kind of business structure in Canada. Individuals leading sole proprietorships are not recognized as having a separate legal status from the business. All income is reported on your personal tax return in the year you earn it. However, if you have a loss in a year (more expenses than income), you are allowed to deduct that loss against other sources of income. Let us help you determine if this is the right strategy for you. 

Personal Service Business
A personal service business can be thought of as an incorporated employee. In a nutshell, the government sees you as an employee, not a contractor, and your corporation does not qualify to take advantage of many of the perks and tax breaks that small businesses enjoy. We help assess if you are an independent contractor or a personal service business in the eyes of Revenue Canada, and implement strategies to optimize your tax returns.
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OWNER COMPENSATION

Whether you draw a salary, hourly wage, bonus, or other cash incentives from your company, there are many options available to owners for the administration of compensation packages. We align our recommendations to the type of business you are operating, and we examine what works best for you and your business from a holistic and comprehensive point of view.
Dividends

It’s a delicate balance when considering paying out dividends. How much do I pay my shareholders? How much should I put back into my company to ensure future, sustainable growth? What are the topics I need to consider when implementing this strategy? Our extensive and diverse financial knowledge enables the team at Evolution Accounting to work with you and come up with a dividend structure that ensures a healthy bottom line.

Payroll
Paying wages to shareholders & employees is simple to manage. The source deductions are remitted to Canada Revenue Agency (CRA) on their specific timelines. As a shareholder, this helps give you peace of mind, knowing your personal taxes are already paid. Paying yourself wages allows you to create RRSP room and contribute to the CCP program.
Income Splitting

As a business owner and tax payer, there are ways of lowering your overall taxation bill through considered allocations to your spouse, common law partner, or family members. The rules on income splitting have considerably changed, and it is important to work with a tax expert before implementing these strategies. We are masters at crafting a business structure that supports and maximizes both personal and corporate returns while it ensures the future growth and viability of your company.

PROFIT MANAGEMENT

The buck stops here! You’ve arrived at the place in your business ventures where total sales exceed total expenses and life is rosy! We help manage your net profits with beneficial, growth-oriented intentions & plans. Let us show you the ways to maximize your assets, resources, and people, bringing in an even healthier bottom line and paving the way for sustainable, healthy growth. Stay in the flow and watch profits grow.

Automobile Allowance
We keep apprised of the fluctuations in allowable corporate mileage rates and capital cost ceilings for automobile expenses. Learn how to maximize your auto deductions.
Health Expense Accounts

Reward your loyal and hard-working staff with mutually advantageous small business well-being benefit plans. Allow your staff to put their health spending dollars where they will benefit the most. Eligible health services are 100% tax deductible by the company, and reimbursed to your employees.

Employee Compensation

Attract and maintain top quality talent by delivering attractive employee compensation packages. From salary remuneration & bonuses, to creative benefits programs, happy, long term, loyal and reliable employees contribute significantly to the bottom line. Reduce the need to budget for costs associated with onboarding new employees, and staff turnover. We help you discover the perfect compensation packages to attract strong and faithful people to your business.

Asset Management
Keeping on top of your assets is critical for tax planning and reporting. We track your asset acquisitions and disposals so you can be proactive in replacement planning, forecasting future equipment needs, and expected profit margins. At Evolution Accounting we set you up for growth, compliance, and responsible stewardship of your assets.
Investment Gains/Losses

Under the Canadian tax code, investors can write off realized capital losses against their capital gains when certain conditions are met. Neither gains nor losses become realized until investments are cashed in, sold or deemed disposed of. Let Evolution Accounting guide you through the complexities of balancing losses and gains for tax planning.

Interest Deductability

When interest expenses meet specific requirements, they can qualify as deductible items under Canadian tax covenants. We are experts in interpreting and communicating the many specific requirements that allow you to reasonably utilize these write-offs.

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SUCCESSION PLANNING

This about moving on? When you are ready to finish up with your business, there are a few options:

  1. Sell your Shares OR Sell your Assets
  2. Sell/Give to your heirs (Share Freeze)
  3. Close the Doors

These can be complicated and time-consuming options that business owners never want to think about. Let’s start a conversation about how to thrive in the future and know that your business is ready for the next generation of owners!

Share vs Asset Sale

When you’re ready to sell your business, there are two options to consider. Whether all parts of the incorporated business are being sold, or simply the tangible and intangible assets, we create scenarios for your business which will illustrate the most advantageous model to execute from a tax savings perspective. We come up with mutually beneficial scenarios for both buyer or seller, allowing you to hand over the torch with integrity, thoughtfulness, and pride.

Freeze the Value of the Shares
You can solidify the company’s current value at a set date and a set price to you. This allows for a gradual transition of the business to your successors and has a lot of flexibility as well for future changes in value or timelines.
Close the Doors
Closing the doors without a plan happens more often than you think! Only one in ten business owners successfully sell their business. It can easily take 2 to 5 years to restructure a business to be ready for sale (the best way to maximize your tax savings). Planning and executing an exit strategy makes good sense long before you think it’s time. Schedule a call to find out which is the best option for you.
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Contact us today for your free consultation & evaluation.

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