There are numerous good corporate tax consultants in Toronto. They make complex and difficult tax calculations easier for you.
Today, we’re going to throw some light on international tax-guide for Canadian citizens as well as immigrants from around the globe! This includes every aspect you would want to know about the international taxing system from the Canadian perspective.
This could be a well-defined guide for non-residents as well as for people setting entrepreneurial goals.
What entrepreneurs need to know about international taxing system of Canada?
Foreign Corporations wanting to carry on with their business set-up in Canada are liable to pay Personal-Tax and Sales-Tax. One must not forget to file a return.
Entrepreneurs setting-up their businesses must pay income tax on accrued profits. The term ‘profit’ isn’t defined in Canadian general taxing system. But it should be computed according to the accepted accounting principles.
How should business houses function?
The term business set-up is broadly defined under Canadian Revenue Agency. This might include sales generated in a foreign land to a Canadian citizen. They too are liable under the taxation system.
As you may imagine, this creates administrative headaches. But, do not worry; good tax consultation services in Toronto will ease all your difficulties. Tax experts in Canada pursue full-fledged three-year degree courses specially designed for tax accountants.
Sometimes, taxes are deducted at source; in such cases, the complication in calculations become easier.
Canadian tax return
Entrepreneurs setting up their establishment in Canada should furnish a tax return. In case, you file corporate tax returns, you need to pay a basic income tax of 30 percent on any Canadian Branch Profit.
Business houses that are allowed to run their businesses, but do not own any permanent establishment file treaty-based tax returns.
In case you land a difficult situation, seek expert advice from a Canadian tax consulting service.
Canadian consumers must look after the collection and remission of sales tax also known as value added tax. Different provinces have different value added tax. The calculation of sales tax isn’t difficult at all. They can be taken care of with ease.
A concluding note
At The Accounting & Tax, we have been providing easy tax solutions to corporate clients as well as individual tax payers ever since 2001.
We specialize in generating audits and preparing tax statements. Our accounting service covers Financial Statements, Book-keeping, Payroll-Deductions and Business Registrations.
We provide valuable information on tax-matters. Our services remain extremely affordable. We are at your service 24/7!