Any business, individual, and/or organization in Toronto needs to be aware of their true business and individual tax obligations. Of course, this is common sense to most people. The only problem is that in Canada and Toronto especially, the tax and regulatory landscape is always changing. This being the case, new business start-ups, individuals, and even charitable organizations can fall foul of different tax issues from time to time.
Are you starting a new business? If so, you need to liaise with a Toronto business tax lawyer to make sure that you are fully aware of your true business tax obligations. However, by consulting with a business tax lawyer, you can also benefit from valuable advice in regard to how to structure your company in the first place. In this case, you will be able to benefit from much more preferable tax rates and incentives, as well as significantly reduce your company’s overall tax burden.
Why you Might need a Business Tax Lawyer
If you are starting a new business, it is essential that to have a business tax lawyer in order to help you structure your company as outlined above. However, a tax lawyer in Toronto won’t just help you form and structure your business. Rather, a tax lawyer can provide you with tax advice in regard to everything from new mergers and acquisitions to new real estate investments.
Business Tax Minimization
Whether in Toronto or anywhere, every business owner and individual would ideally like to minimize their overall tax liabilities. The only problem is that while it is possible to minimize tax liabilities in full accordance with the Canadian tax law, those without extensive know-how in this area can risk not paying tax which they are still liable for.
Thankfully, at GK Law, we are tax minimization experts. This being the case, we can work with you to employ strategies which will minimize your overall returns. In the case of small business owners, for example, it might be possible to implement an income splitting strategy between you and your partner or spouse which will reduce your business tax liabilities. Meanwhile, for both small and larger business operations in Toronto, everything from setting up private employee pension schemes to selling capital assets after a business year end can help significantly reduce your overall tax liabilities.
Business Tax debt Support
Is your Toronto business in the process of being audited? Alternatively, has the Canadian Revenue Agency already discovered unpaid business taxes and is about to start enforcing collection of money owed?
If your business has been found to owe back taxes, a worst case scenario can entail your assets and bank accounts being frozen. As a result, your business can be immediately prevented from going about its daily activities. The good news, however, is that we can effectively represent you during CRA audits and investigations. At the same time, we may be able to suspend collections of tax owed, as well as arrange more preferable payment options on your behalf, ones which will not result in your assets and bank accounts being seized or frozen.
Toronto Voluntary Disclosure & Tax Litigation Support
Because the Canadian business tax landscape can be so confusing, it is relatively common for businesses of all sizes to realize that they might have made an error when filing a previous tax return. Given that such errors can result in audits and collection enforcement actions it is, therefore, imperative for a business to notify the Canadian Revenue Agency of any discrepancies as soon as possible. Thankfully, a business tax lawyer can help you file a voluntary disclosure, as well as represent you throughout any subsequent investigation or litigation process.
Are you a Toronto business owner? If so, engaging with the right business tax lawyer should be seen as imperative in order to help you both make savings and operate as compliantly as possible with all relevant tax laws. This being the case, if you would like to benefit from professional business tax assistance, make sure to reach out to us at GK Law today in order to start discussing your own circumstances in a little more detail.