Frequently Asked Questions
Answers to Your Corporate Tax Queries
What services does TaxPrimePath offer?
We assist with corporate tax planning, filing, compliance reviews, and audit support for businesses across Canada.
How do I start working with TaxPrimePath?
Complete our contact form or call +14166635721 to arrange an initial consultation at our Ottawa office.
Where is TaxPrimePath located?
Our head office is at 1867 St. Laurent Boulevard, Ottawa, ON K1G 5A3, Canada.
What sets TaxPrimePath apart?
Corporate tax in Canada is based on taxable revenue after allowable deductions. Federal and provincial rates apply; combined rates vary by province. Businesses calculate federal tax according to the general rate and may benefit from the small business deduction if eligible. Provincial rates depend on location and revenue thresholds.
What is the federal corporate tax rate?
For 2025, the general federal rate is 15%. Qualifying small businesses may pay a lower rate on the first CAD 500,000 of taxable revenue.
How does the small business deduction work?
Canadian-controlled private corporations with taxable revenue below certain thresholds can apply the small business deduction. The limit and rate differ by province, reducing the federal rate to 9% on qualifying amounts.
Which expenses are deductible?
Deductible expenses include reasonable operating costs such as salaries, rent, utility bills, and professional fees. Purchases of equipment or property qualify for deduction under prescribed depreciation schedules set out in the Income Tax Act.
When are corporate tax returns due?
A corporation must file its return within six months after its fiscal year end. Any balance owing is due within two months of year end or three months if eligible for the small business deduction.
How can TaxPrimePath assist my company?
TaxPrimePath offers guidance on tax return preparation, planning strategies, and compliance checks. Our experts stay current with federal and provincial updates to ensure you meet all obligations and optimize tax outcomes within regulatory requirements.
What documentation is required for filing?
Prepare financial statements, details of revenue and expenses, payroll records, and supporting invoices. Documentation for deductions and any tax credits claimed should be organized to support each entry on the return.
Do provincial tax rates vary in Canada?
Yes, each province and territory sets its own corporate tax rates and thresholds. For 2025, Ontario’s combined general rate is approximately 26.5%, while small business rates differ by jurisdiction.
What tax credits are available to corporations?
Corporations may claim credits such as the Scientific Research and Experimental Development credit, apprenticeship job creation credit, and other provincial incentives. Eligibility criteria and application processes vary by program.
How does TaxPrimePath ensure compliance?
We implement systematic review procedures, verify entries against source documents, and monitor regulatory changes. Regular status updates and detailed reports keep you informed throughout the engagement.
What happens if a return is filed late?
Late filings may incur penalties calculated as a percentage of any tax balance owing, along with interest on unpaid amounts. Filing on time and addressing any outstanding amounts promptly helps minimize charges.