Nobody likes paying taxes but unfortunately for everyone, two things are certain in this world: death and taxes!
Montreal is a particularly popular metropolis for SME and larger company owners; several directors in the Montreal region try each year to find a way to facilitate this task, as it can be quite complex for those not familiar with the field of tax accounting.
This article presents a brief overview of different solutions for filing your corporate tax returns for your corporation in Montreal.
1) The use of specialized firms for the filing of corporate returns
Despite the technological advances of recent years, each annual tax season sees a significant proportion of corporations turning to professional tax accounting offices to take on the tax return of their corporation.
While it is true that sometimes it is more comforting to entrust such a crucial task as the filing of your tax return to another credible human being, and it is certain that a good accountant often finds a way to save you money on your corporate tax return, using this traditional solution to fulfill a constitutional tax return and meet the standards defined by the different levels of government, there are also disadvantages that come with this system and it becomes legitimate to ask the following question:
Is the use of an accountant the best solution for my corporation?
• Some administrators are reluctant to entrust certain information on the income and expenses of their corporation to professionals who have no connection to their organization.
• You need to physically move, find an accountant, forward the relevant information and revisit their office once the process is finished. This is an investment of valuable time, and can cause exasperation to some corporation owners.
• Many accountants are extremely competent, but you may still find yourself with a less conscientious one who will blunder opportunities to save on your annual tax return.
We must therefore think carefully before deciding to choose this avenue for your corporate tax return.
2) The use of tax accounting specialized software to complete your corporate tax return
Fashionable in recent years, tax software is an economical way to take care of your corporate tax return in an autonomous way. All you have to do is to input the information requested by the software and let it do the calculations and operations needed to automatically fill your corporate tax return.
In addition to being immune to any human error, accounting software is often a less expensive way to file the tax return of your business when compared to visiting the traditional accountant storefront.
However, the use of this solution to file your company's tax return also has risks and disadvantages:
• It doesn’t always correspond exactly to the needs of your corporation and you will often choose a solution that approximates your needs rather than getting a tailored service for your corporate tax returns.
• The software can be complex to use without prior knowledge of the operation of a computer, or in some cases, specific training in the use of the software.
• The software calibration can be complex and time consuming to perform. The parameters of the latter need to be suitably fixed to produce the most accurate tax return for your corporation.
T2 Inc. is The perfect hybrid solution for filing your corporate tax return in Montreal and elsewhere in Quebec
At T2 Inc., we offer the best of both worlds by allowing you to file your corporate tax return personally, via our online service, while being in constant communication with one of our conscientious and experienced accountants whose skills are officially recognized by the order of CPA in Quebec.
With deep expertise in the field of corporate taxation, we are able to offer the utility and practical side of using software to generate the tax return of your corporation alongside the peace of mind that is provided via constant contact with a specialist experienced in the taxation of your corporation.
In Montreal and elsewhere in Quebec, you can rest assured that the filing of your corporate tax return is in good hands with us… Contact us now!
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
