Corporate Tax Services
YOUR CORPORATE TAX Professionals
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
This about moving on? When you are ready to finish up with your business, there are a few options:
- Sell your Shares OR Sell your Assets
- Sell/Give to your heirs (Share Freeze)
- 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.