Cost To File Business Taxes
We charge one affordable pre-agreed flat-rate based on your business income and years behind on tax filings. No hourly fees. Count on reliable online communication with a professional business accountant when you need it most.
Average Price for Filing Business Taxes:
$1,000 - $2,500*, one-time pre-agreed rate
What can I expect my cost to file business taxes?
Typically, the main factor to determine the cost to file business taxes depends on your sales revenue. For businesses earning between $1 – $500,000, the price for filing business taxes can range between $1,000 – $2,500. For more details, please refer to the table below for a more accurate estimate when choosing to work with Sansar Solutions.
| Revenue Range | Tax Filing Cost |
|---|---|
| $0 | $500 (solid) |
| $1 - $80,000 | $1,000 |
| $80,000 - $200,000 | $1,500 |
| $200,000 - $350,000 | $2,000 |
| $350,000 - $500,000 | $2,500 |
| $500,000 - $700,000 | $3,000 |
| $700,000 - $900,000 | $4,000 |
| $900,000 - $1.1M | $5,000 |
| Above $1M | $1,500 for each additional Million |
*All prices shown above for tax filing cost is an estimate and may not be accurate for your specific tax situation. Please contact Sansar Solutions for a more accurate estimate to understand the exact cost to file your business taxes.
WARNING: Filing your business taxes is the only way to avoid the legal consequences and frustrations of a demand to file or arbitrary assessment.
Get an Estimate for the Cost to File Business Taxes in as Little as 1-month or Less
When you choose Sansar Solutions to file your business taxes, you can rest assured that your taxes are filed professionally while being reviewed by a CPA accountant before filing. No hourly fees, just one pre-agreed upfront price.
When is the time to file tax in Canada?
In Canada, the deadline for most individuals to file their income tax return is April 30th of the year following the tax year. For example, for the 2022 tax year, the filing deadline would be April 30, 2023. However, if April 30th falls on a weekend or a public holiday, the Canada Revenue Agency (CRA) may extend the deadline to the next business day.
For self-employed individuals and their spouses or common-law partners, the filing deadline is extended to June 15th. However, it’s important to note that if you owe taxes, the payment is still due by April 30th to avoid interest charges. This means that even though self-employed individuals have until June 15th to file, any taxes owed should be paid by April 30th to avoid interest.
For corporations, the filing deadline is six months after the end of the corporation’s tax year. The tax year of a corporation is its fiscal period, and the due date for the return is determined by the end of this fiscal period.
It’s always a good idea to check the Canada Revenue Agency’s website or contact them directly for the most current information, as deadlines can sometimes change due to special circumstances or policy updates.
Do I have to report cash income Canada?
Yes, in Canada, you are required to report all sources of income, including cash income, on your tax return. This is in accordance with the Income Tax Act. All income, regardless of its form, must be reported to the Canada Revenue Agency (CRA). This includes money earned from employment, self-employment, tips, and any other sources of income, even if it was paid in cash and not reported on a T4 slip or any other tax form.
For self-employed individuals or those earning income from freelance work, including cash income, it’s important to keep detailed records of all transactions. This includes invoices, receipts, and any other documentation that can verify the income received. These records are crucial not only for accurately reporting income but also for substantiating expenses and deductions that may be claimed.
Failing to report cash income can lead to penalties, interest, and even prosecution for tax evasion. It’s important to comply with Canadian tax laws by accurately reporting all income to ensure you’re paying the correct amount of taxes and to avoid any legal issues with the CRA.
Can I file my personal and business taxes separately in Canada?
In Canada, if you are a sole proprietor or a partner in a partnership, you cannot file your personal and business taxes separately because the business is not considered a separate legal entity from you, the owner. Instead, you report your business income or loss on your personal income tax return (T1) using Form T2125 (Statement of Business or Professional Activities). This form is part of your personal tax return and details your business income and expenses.
However, if your business is incorporated, it is considered a separate legal entity. In this case, you must file a separate corporate income tax return (T2) for the business. As an individual, you would still file your personal income tax return (T1) to report any salary, dividends, or other income you receive from the corporation, along with any other personal income sources.
It’s important to accurately report all income and understand the distinction between different business structures to ensure compliance with Canadian tax laws. For sole proprietors and partnerships, integrating business income into the personal tax return simplifies the tax filing process but requires careful documentation of business activities. For corporations, the separation of personal and corporate taxes reflects the distinct legal status of the corporation.
Is it hard to file your own taxes self-employed?
Filing your own taxes as a self-employed individual in Canada can be more complex than filing as an employee, but it’s not necessarily hard if you are organized and understand the tax rules that apply to self-employment income. The complexity arises from the need to accurately report your business income and expenses, calculate your net profit or loss, and understand which deductions and credits you’re eligible for.
Here are some key points to consider:
Record-Keeping: Keeping detailed and accurate records of all your income and expenses throughout the year is crucial. This includes invoices, receipts, bank statements, and any other documentation related to your business activities.
Form T2125: You’ll report your business income and expenses on Form T2125 (Statement of Business or Professional Activities), which is part of your personal income tax return. This form requires detailed information about your business, including gross income, net income, and the expenses you’re claiming.
Deductions and Credits: Understanding what you can deduct is vital for reducing your taxable income. Common deductions for self-employed individuals include home office expenses, vehicle expenses, supplies, advertising, and insurance. You may also be eligible for various tax credits.
GST/HST: If your business earns more than $30,000 in a 12-month period, you’re required to register for, collect, and remit GST/HST. This adds another layer of complexity to your tax situation.
Installment Payments: If you owe more than $3,000 in taxes in the current tax year and either of the two previous years, the Canada Revenue Agency (CRA) may require you to make quarterly tax installment payments.
While it’s entirely possible to file your own taxes as a self-employed individual, the process does require a good understanding of tax laws and diligent record-keeping. Many self-employed individuals choose to use tax software designed for self-employment income, which can guide you through the process and help ensure accuracy.
Alternatively, consulting with a tax professional can provide peace of mind and ensure that you’re taking advantage of all available deductions and credits, as well as complying with all tax obligations.
Subscribe For Business Tax Tips & Insights
Get the update on business news, tax deadlines, and new insights to stay on top of your taxes.
