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Taxation

The Kotamarti Group provides effective solutions for both individual and corporations. The Canadian Income Tax Act is dynamic with amendments and new provisions being added year after year. We are passionate about taxation and always ensure we keep abreast of the latest changes in order to provide the best possible tax solutions for our clients.

Our taxation services include:

Corporate Taxation

Canadian resident corporations are subject to tax on their worldwide income. All resident corporations (except tax-exempt Crown corporations, Hutterite colonies and registered charities) have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes

  • non-profit organizations;
  • tax-exempt corporations; and
  • inactive corporations.

We offer the following corporate taxation services as stand-alone or along with our accounting services:

  • Preparation and filing of T2 Tax Returns
  • Preparation and filing of HST/QST Returns
  • Preparation and filing of payroll source deductions, along with T4s and T4 summaries

We also have a vast experience in dealing with the Canada Revenue Agency (CRA). We provide the following services with respect to CRA:

  • Responding to CRA notices
  • Liasing with CRA for any audits, including corporate, payroll and HST audits
  • Registering business numbers with CRA and making any necessary changes to clients’ CRA accounts
  • Assisting in appeals and representation for fairness for individuals and corporations in matters relating to personal tax, corporate tax, payroll and HST

Sales Taxes

GST/HST/QST Registrants are entitled to claim input tax credits (ITCs) equal to the amount of sales taxes paid on purchases of goods and services against the sales collected on their sales/serrvices. We are very knowledgeable in this area and have extensive experience assisting our clients with GST/HST/QST.

Our services typically include:

  • Determining whether your business is required to register for GST/HST and if so, we assist you in preparing and completing the HST return to determine whether you need to return or receive a refund.
  • Filing GST/HST returns as per required timeline with CRA
  • Filing public services bodies’ rebates for qualifying not-for-profit organizations
  • Maintaining GST/HST records and assisting with CRA audits if necessary

Individual Taxation

In most cases, an individual’s personal tax situation is unique. As required by the Canadian Income Tax Act, individuals are only required to file an income tax return if:

  • If there is tax owing for any tax year
  • Capital property has been disposed of
  • Non-resident has taxable capital gains or any source of income on which tax has been withheld and remitted or tax is payable by a non resident.or if the non-resident Individual has Home Buyer Plan balance or Lifelong Learning Plan is a positive balance

Our personal income taxation service is tailored to each client’s needs as we assess the various credits and benefits available to that individual, individually and entitlements based on transfers from a family member, and provide effective tax advice along with filing their income tax returns.

Cross-border taxation

In addition to filing Canadian income tax returns, we are also authorized to file US tax returns. We have several Canadian individuals and corporate clients that are still considered resident in the United States and have to file both American and Canadian tax returns. Our knowledge of the income tax system in these two countries is very valuable to our clients who benefit from our advice that helps them effectively plan out their tax strategies and also file returns in both countries.

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