Corporate Tax

All too often we think of corporate tax advisors as a once-a-year requirement, brought in at the conclusion of the corporate year end to prepare financial statements and corporate tax returns. While they can definitely add value at year end, there are a number of other ways that a corporate tax advisor in Toronto and Hamilton can help you and your business throughout the year:

Corporate Tax Advisors Can Support You Through Growth

As your business grows and changes, your tax strategies have to evolve. A tax strategy should support your business objectives, adapting after you pass one milestone to prepare you for the next.

Different corporate structures are ideal at different stages of a company’s life cycle. To cite a few examples:

• Corporate structure impacts your Capital Gains Exemption and how much can be extracted from a future sale of the company.
• Corporate structure also impacts your ability to isolate certain assets from liability
• Corporate structure can impact your ability to split income with family members

Long-term, ‘big picture’ planning should be an essential component of your overall tax strategy. Implementing corporate tax strategies or structures in isolation can have far-reaching tax consequences.

Corporate Tax Advisors Can Proactively Identify Tax Minimization or Deferral Opportunities

If kept appraised of your specific circumstances, your Toronto corporate tax advisor can identify special tax credits and incentives for which your business may be eligible, such as the Scientific Research & Experimental Development credits.

A well-informed corporate tax advisor can also identify other exemptions or opportunities – like income splitting – which you could miss out on altogether if you fail to implement them ahead of time.

Corporate Tax Advisors Can Help You Avoid Cross-Border Tax Complications

There are a number of reasons why businesses cross borders: importing raw materials, exporting goods, and opening satellite offices to name a few. Taxes tend to get complicated when a business crosses national borders, regardless of the reason.

Cross-border corporate tax advisors can help you keep on top of cross-border tax issues and reporting requirements, ensuring your business remains compliant, and avoiding headaches down the road.

Corporate Tax Advisors are an Important Component in your Advisory Team

The ultimate goal of a corporate tax advisor is to help you make the most of your business, leveraging every possible opportunity to minimize or defer taxes, and protect your assets. When working in conjunction with the rest of your advisory team, corporate tax advisors can make sure that your tax strategy is aligned with your business strategies, particularly with respect to growth, expansion, and even succession planning or preparing the business for sale.

To learn how our corporate tax advisors can help your business reach its long-term goals, contact us for a complimentary consultation.