Understanding the Corporate Income Tax Return
Filing Corporate income tax return
How to Understanding the Corporate Income Tax Return in Canada? Taxation of companies and the individuals who own them is handled differently than it is under the standards that apply to other types of businesses. According to the legislation, a corporation is considered as an independent legal entity, and as such, it is required to pay taxes that are based on the net income that it has earned.
What factors influence a company’s taxable income?
The amount of profit that remains after all business expenses have been subtracted and before any dividends are issued to the corporation’s investors is referred to as the income of the company. This amount is known as the net income of the company. To be more precise, the income that is subject to taxation for a corporation is equal to the revenue less the elements listed in the following clause:
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