Corporations are taxed differently in Canada than other types of businesses. This is because, in Canada, corporations are viewed as separate legal entities from their owners. As a result, corporations have to prepare and file their own income tax reports. It is necessary for business owners of Canadian corporations to file their T1 personal income tax returns, in addition to their T2 corporate income tax forms on behalf of their corporations. Corporations that fail to file their T2 corporation income tax returns on time may be subject to fines and other severe legal repercussions.

Businesses in Canada that sell taxable products and services are obligated to collect the goods and services Gst Consulting Services. Large fines can be imposed on businesses that fail to collect and remit GST, as well as fail to file their tax returns on time. Therefore, for businesses, it is critical to know whether or not they are subject to the federal Goods and Services Tax (GST).