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Frequently Asked Questions: Business

Welcome to the McIntyre & Associates frequently asked questions page. We update this section as new questions arise. Click on a question to be directed to the answer. To scroll through all of our business FAQs, click here.

Automobile

• What is the maximum deductible for car allowance paid to employees?

• Does the Income Tax Act restrict the cost of a car or lease?

• Should my company buy or lease my vehicle?

Books and Records

• How long do I have to keep my records?

Corporate Tax

• What amount of income qualifies for the small corporate business tax rate?

• Can McIntyre & Associates call the government for me?

• How can I get a business number / GST number / payroll number?

• How do I save tax when I sell my business?

• Is there a way to claim multiple $750,000 capital gains exemptions?

• When do I have to file my corporate income tax returns?

• When do I have to file my T4/T5s?

• Should I incorporate?

• When does my corporation have to pay tax instalments?

• What are the prescribed interest rates that apply to amounts owed to CRA, and to amounts CRA owes corporations?

• What are the Ontario Corporate tax rates?

• What is the SR&ED Program?

• What is Form T1135, Foreign Income Verification Statement?

• What is the apprenticeship job creation tax credit?

• Can I remit source deduction payments to CRA directly?

• What is form T5018, Statement of Contract Payments?

Professional Corporations

• Which professionals can incorporate in Ontario?