Business tax primarily deals with the kind of tax levied on corporations, partnerships, companies with limited liability, and sole proprietors. According to the tax laws of Canada, this type of tax includes business registration, sales and use tax, motor fuel tax, withholding tax, financial institutions tax, corporate income tax, and corporate franchise tax.
It should be noted that not all types of businesses may be required to register for all the said business tax subcategories. Moving on, a common notion of most Canadian people, when confronted with the topic of business tax, is to associate it with an accountant.
However, with regard to legal issues, there is another individual who is capable of helping and establishing your business and assisting you in concerns relating to business tax. This person is known as the business tax attorney. What are the duties and responsibilities of this type of Canadian tax lawyer, and what are the advantages of hiring one? Let us find out. First of all, a business tax attorney can assist a company in drafting a business plan, setting out an effective accounting system in coordination with an accountant, and getting the most out of business tax deductions. It is definitely a wise decision to acquire the legal aid of someone who is well aware of the technicalities within the tax laws while pushing forward with significant business moves, so that disputes with taxing authorities and other businesses can be avoided.
Furthermore, a business tax attorney can also help you in preparing and completing business forms, contracts, document templates, expense reports, and legal agreements to help you start, manage, and analyze your business. Moreover, a business tax attorney also strives to reduce the amount of business tax, which a company has to pay through carefully analyzing business tax laws while concurrently examining the structure of the company and the forms and reports it submits to authorities.
Lastly, a business tax attorney can serve as someone who notifies and keeps the company aware of the changes and modifications which constantly occur in the Canadian tax law and how the said changes can affect the company’s business in general.
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