Tax support for incorporated business owners in Ottawa

Respect the separate taxpayer

The corporation’s bank balance is not automatically the owner’s personal money. Payments between the company and owner need a documented purpose, whether payroll, an approved dividend, reimbursement, funding or another transaction requiring review.

The year-end package also includes assets, loans, inventory and prior tax information. Associated-company relationships and unusual changes are identified early because they can affect the corporate preparation. A small revenue figure alone does not establish every small-business tax entitlement.

An owner-payment example

Consider an illustrative Ottawa company that transfers $9,000 to its owner during a quarter. The records support $3,400 of reimbursed company expenses, while the remaining $5,600 needs classification under the actual arrangement. Entering the whole payment as an expense would obscure both the corporate result and possible personal reporting.

Use a calendar for each obligation

T2 filing, the corporate balance, instalments, payroll slips, GST/HST and registry annual returns can have different dates. The personal return is another part of the owner’s schedule. We identify who is responsible for each item and retain evidence of completion.

The preparation review explains material changes and remaining questions before the agreed filing step. Complex reorganizations, shareholder transactions or contested tax positions are referred for separately confirmed advice. A clear record package helps that adviser work from actual documents rather than assumptions about how the company operated.

Questions about this work

Put this into practice

• T2 preparation →
• Corporate record package →
• Corporate tax dates →