John Carter

  Filing your corporate tax return in Ottawa isn’t just a once-a-year task — it’s a crucial part of running a compliant and financially healthy business. Yet, many companies, especially small and medium-sized ones, often make avoidable mistakes that can lead to audits, penalties, or missed savings. Whether you're a startup in Nepean or a growing enterprise in downtown Ottawa, proficiency Tax understanding these common pitfalls can help you stay on the right track. Let’s break down the top corporate tax return mistakes businesses make in Ottawa — and how you can avoid them. 📌 1. Missing Deadlines One of the most common mistakes is filing your corporate tax return late. In Canada, corporate returns (T2) are due six months after the end of your business’s fiscal year. Late filing can result in penalties and interest on any balance owed. Tip: Mark your calendar and work with a tax professional early to avoid last-minute stress. 📌 2. Mixing Personal and Business Expense...

  Running a business in Riverside South, Ottawa? Ensuring GST Riverside South Ottawa compliance is essential to avoid penalties, manage taxes efficiently, and keep your operations running smoothly. Many business owners struggle with Goods and Services Tax (GST) regulations , but with the right knowledge and support, compliance becomes much easier. In this guide, we’ll cover the key aspects of GST compliance for businesses in Riverside South and how Proficiency Tax can help you navigate tax requirements seamlessly. What is GST and Who Needs to Register? GST (Goods and Services Tax) is a 5% federal tax applied to most goods and services sold in Canada. If your business earns more than $30,000 in annual revenue , you must register for a GST/HST account with the Canada Revenue Agency (CRA) . Even if your revenue is below this threshold, voluntary registration allows you to claim Input Tax Credits (ITCs) on your business expenses, reducing your tax burden. GST Compl...

  Filing your corporate tax return in Nepean Ottawa is an essential responsibility for businesses. Ensuring compliance with the Canada Revenue Agency (CRA) regulations while maximizing deductions and avoiding penalties is key to a smooth filing process. Whether you’re a small business owner or managing a large corporation, understanding the steps involved can help you stay on top of your tax obligations. Step 1: Determine Your Corporate Tax Obligations All corporations operating in Canada, including those based in Nepean Ottawa, must file a T2 Corporate Income Tax Return annually, regardless of whether they made a profit. Federal and provincial tax rates apply based on your business structure and revenue. Key considerations: ·          Your business type (e.g., small business, corporation, partnership) ·          Any applicable tax credits or deductions ·      ...

  Filing your Individual Tax Return Nepean Ottawa can be a daunting task, especially if you’re unsure of the process or have complex financial details to report. However, with the right preparation and guidance, tax season doesn’t have to be stressful. At Proficiency Tax , we specialize in helping Nepean Ottawa residents navigate their tax filings with ease. Here are our top tips to ensure a smooth and stress-free individual tax return experience. 1. Get Organized Early One of the most effective ways to reduce stress during tax season is to start early. Gather all your essential documents, such as: T4 slips for employment income Receipts for deductible expenses (e.g., medical, childcare, or charitable donations) Investment income statements Previous year’s tax return for reference Having everything in one place will save you time and prevent last-minute scrambles. 2. Understand Tax Deadlines Mark your calendar with important tax deadlines. For ...