Insight on Corporate Taxes in the GTA (Greater Toronto Area)
Corporate taxes in the GTA (Greater Toronto Area) are the taxes that businesses have to pay on the profits they earn in their business the GTA (Greater Toronto Area) region. All corporations in Canada have to pay corporate tax on their annual earnings. Even though the provinces have their own tax rates, the corporate tax will be totally managed by the Canada Revenue Agency after 2008.
It is possible to file corporate taxe return online through the efile system in the GTA as long as you are a Canadian resident and have your base of operations in the GTA. Also if your corporation operates primarily in the GTA then you need the services of accountants in the GTA or a lawyer well versed in corporate tax laws in the GTA to help you save money at the end of the year.
For both small and large businesses, the corporate taxes in the GTA is at least 6% lower in the GTA and this rate is expected to drop in the coming years. If your company is involved in research and development activities, you can take advantage of the 20% corporate tax credit. For instance the income you earn from a general business venture carries corporate taxes at a lower level than that of the income earned through real estate.
The new management of corporate taxes in the GTA by the CRA helps to streamline the reporting process. It is vital that you must make sure to check your corporate tax return in the GTA before you file that you include your business number, and your taxation year-end date. Without this essential information, you may encounter problems with the CRA regarding payment of your corporate taxes in the GTA.