Still accepting new clients! Call (866) 681-2140
Dimov tax specialists logo.

Tax Compliance and Reporting Services

Speak with a Specialist

Establishing a fully tax compliant status with the current regulations is vital for both individual taxpayers and enterprises that conduct operations in Canada. Dimov Tax presents professional tax compliance and reporting services in Canada in order to address such necessities. Our team of experts focuses on aiding taxpayers by fulfilling relevant taxation obligations, minimizing the potential risks and avoiding penalty payments.

Tax Compliance in Canada

The Canada Revenue Agency (CRA ) has strict obligations in terms of tax reporting that establishments and individual taxpayers should adhere to. In the case of failure to comply with such requirements, penalty payments, reputational damages and audits might occur.

Major Tax Reporting Requirements in Canada

We present major tax reports below that individuals and businesses should file to secure a tax compliant status:

1. Personal Tax Reports

ReportDescription
T1 General (Personal Income Tax Return)It is required for individuals to document their personal income and deductions as well as credits.
T1135 (Foreign Income Verification Statement)Mandatory for taxpayers holding foreign assets that exceed $100,000 CAD.
RRSP Contribution ReportsSummarizes Registered Retirement Savings Plan (RRSP) contributions for tax deductions.
T4 (Statement of Remuneration Paid)It is used to report employment income as well as tax deductions for salaried employees.
T5 (Statement of Investment Income)Reports interest, dividends, and investment income earned in Canada.

 

2. Business and Corporate Tax Reports

ReportDescription
T2 (Corporate Income Tax Return)It is required for all incorporated businesses to document income as well as expenses.
T5013 (Partnership Information Return)This form is used by partnerships to document their business income alongside partner distributions.
GST/HST ReturnsThese are mandatory for businesses registered under Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
T4A (Statement of Pension, Retirement, Annuity, and Other Income)This form is issued for self-employed income and commissions or contract payments.
T2125 (Statement of Business or Professional Activities)It is required for self-employed individuals, freelancers, and independent contractors.

 

3. Cross-Border & International Tax Reports

  • T1134 (Foreign Affiliates Report): This form is used for corporations with ownership in foreign subsidiaries or affiliates.
  • NR4 (Statement of Amounts Paid or Credited to Non-Residents of Canada): It is required for businesses that issue payments to non-residents.
  • Foreign Tax Credit Reports: It documents taxes paid to foreign jurisdictions to claim tax credits in Canada.

4. Payroll and Employee-Related Tax Reports

  • T4 Summary & Slips: Employers should file a T4 summary for all employees that outlines wages alongside deductions.
  • ROE (Record of Employment): ROE is Issued by employers for employees who leave their jobs. It is needed for EI benefits.
  • Payroll Source Deductions (PD7A): Monthly tax remittance report for employers that includes information like income tax, CPP and EI deductions.

Our Tax Compliance and Reporting Services

1. Timely Tax Filing and Reporting

We make sure that all necessary documentation is prepared on time with maximum accuracy in order to establish full tax compliance with Canadian regulations. Our services can be outlined as follows:

  • Completing and submitting Canada tax return documents for both individual taxpayers and business establishments.
  • Corporate and business tax return filings.
  • GST/HST, payroll and other required tax filings.

2. Regulatory Compliance Updates

Tax regulations are updated constantly. Considering such a fact, staying informed is critical. In this context, we present:

  • Updates regularly on changes in Canadian tax laws as well as reporting requirements.
  • Custom-tailored compliance strategies smartly to both enterprise and individual taxation matters.

3. Risk Mitigation and Audit Support

Preventing penalty payments and costly errors is a priority for every taxpayer. Our audit support services can be outlined as below:

  • Full scope tax compliance assessments to locate risky areas.
  • Professional representation in the case of tax disputes with authorities.

4. Compliance for Cross-Border Entities

Establishing a fully compliant status in multiple jurisdictions is challenging for business establishments and individual taxpayers. In this context, our solutions cover:

  • Full support for enterprises that conduct operations in both Canadian and international markets.
  • Professional assistance with foreign income reporting and tax treaty applications.
  • Smart planning strategies to handle cross-border tax liabilities.

Why Choose Dimov Tax for Compliance and Reporting?

  • Expertise in Canadian Tax Laws: Our team of professionals has more than a decade of expertise with Canadian tax regulations.
  • Proactive Approach to Compliance: We don’t just file tax returns—we proactively take actions in terms of monitoring updates in the legislation and adapt smart strategies to present protections to our clients from surprise risks.
  • Custom-Cut Service: We acknowledge that every client has a distinct taxation status. Such a customized approach makes sure that taxpayers receive the specific solutions they require.

Get Started with Dimov Tax

Don’t let challenges with compliance matters impact your economic well-being. Partner with Dimov Tax to simplify Canadian tax compliance and relevant reporting obligations.

Contact us today to secure full compliance with tax laws effective in Canada.