Record, Classify and organize every financial transaction:
Corporate and Business Tax Returns
At Oakbank Tax Services, we provide comprehensive accounting and tax solutions designed to support your business at every stage — from start-up to growth and beyond. Whether you operate a corporation, partnership, sole proprietorship, or manage rental properties, our team ensures your filings are accurate, compliant, and optimized for tax efficiency.
Corporations & Business Tax Returns and Bookkeeping/Accounts Management
For corporations, we prepare and file detailed corporate tax returns (T2), managing everything from bookkeeping and accounts to year-end financial statements. A corporation is a legally separate entity from its owners, meaning it must report income and expenses on its own return, typically based on a chosen fiscal year end — not the calendar year. We’ll help determine the best year-end structure to support your cash flow and long-term goals.
From corporate filings and bookkeeping to personal business and rental taxes, Oakbank Tax Services provides the guidance, accuracy, and year-round support you need to stay organized and financially confident.
Sole Proprietorship/Partnerships/Small Businesses
If you’re a sole proprietor, partner, or operate a small business that’s not incorporated, your business income is reported as part of your personal tax return (T1). We make sure your business expenses are properly recorded to maximize deductions and reduce your overall tax burden.
Rental Property Owners
For rental property owners, we handle the full reporting process as well — preparing detailed statements of rental income and expenses, which are also filed with your personal return.
If you would like additional Information on filing taxes for unincorporated businesses or rental properties, please see our ‘Personal Income Tax Filing‘ page.
Corporate/incorporated tax filing
What Is a Corporation in Canada?
A corporation in Canada is a legal entity that is separate and distinct from its owners (shareholders). Once incorporated under federal or provincial law, the corporation has many of the same legal rights and responsibilities as an individual — it can own property, enter into contracts, borrow money, hire employees, and pay taxes in its own name.
This separation provides limited liability protection for its shareholders, meaning their personal assets are generally protected from the debts or obligations of the business.
Corporations in Canada must file a T2 Corporate Income Tax Return each year with the Canada Revenue Agency (CRA). Unlike sole proprietorships or partnerships, corporations can choose a fiscal year-end that best aligns with their operations, allowing for more flexible tax and financial planning.
At Oakbank Tax Services, we help new and existing corporations stay compliant, plan strategically around their fiscal year-end, and structure their finances to maximize tax efficiency and long-term success.
Understanding the Different Types of Corporate Structures
At Oakbank Tax Services, we work with a wide range of corporate entities — each with unique goals, obligations, and tax strategies. Whether your business is active, asset-based, or community-driven, our team ensures your structure is managed efficiently and compliantly.
1. Active / Operational Corporation
Definition:
An active or operational corporation is a business that earns income through ongoing operations — selling products, providing services, or conducting day-to-day business activities. These corporations are separate legal entities, meaning they file their own corporate tax returns (T2) and can retain profits for reinvestment.
How We Help:
At Oakbank Tax Services, we manage everything from bookkeeping and payroll to corporate tax filings and financial planning. Our team ensures your business stays compliant while maximizing deductions, managing expenses efficiently, and developing long-term strategies to reduce taxes and support sustainable growth.
2. Non-Profit Corporation
Definition:
A non-profit corporation operates to benefit its members, community, or a specific cause rather than to generate profit for shareholders. While non-profits may earn income through memberships or activities, funds must be reinvested into their operations and objectives.
How We Help:
We assist non-profits in maintaining accurate financial records, preparing annual returns, and ensuring compliance with CRA non-profit reporting rules. Our team provides ongoing support with bookkeeping, budgeting, and audit preparation, so you can focus on delivering your mission with confidence.
3. Charity
Definition:
A charity is a special type of non-profit organization registered with the CRA that operates for the public good, such as advancing education, relieving poverty, or supporting the community. Charities can issue official donation receipts and must follow specific CRA filing and reporting requirements.
How We Help:
Oakbank Tax Services provides full charity compliance support, including registration assistance, T3010 filings, and donation receipting setup. We also help with bookkeeping, annual reporting, and strategic planning, ensuring your charity remains compliant and retains its charitable status.
4. HoldCo / InvestCo
Definition:
A Holding Company (HoldCo) or Investment Company (InvestCo) is a corporation created to hold assets such as real estate, shares, or investments. These entities don’t typically conduct business operations but instead manage income and investments in a tax-efficient way.
How We Help:
We help structure HoldCos and InvestCos to optimize tax efficiency and wealth preservation. Our services include dividend and investment planning, intercorporate transfers, and capital gains strategies — ensuring your corporate structure works cohesively with your personal and family wealth goals.
5. Trusts
Definition:
A trust is a legal arrangement in which a trustee holds and manages assets for beneficiaries. Trusts are often used for estate planning, wealth protection, or tax efficiency and must file annual T3 trust returns to report income and distributions.
How We Help:
Our team provides trust tax preparation, planning, and administration support. We assist with T3 filings, income allocation, and tax strategies designed to minimize overall tax exposure while ensuring the trust fulfills its legal and financial obligations.
Bookkeeping and Accounts management
We prepare all source documents for your business transactions, operations and other events:
- Record all your business transactions
- Classify and organize all your financial events
Stress Free Bookkeeping Services:
No matter your business, proper Bookkeeping is essential for ensuring the proper functioning of your business. Bookkeeping is referred to as the backbone of the entire accounting system and it is highly important to make sure that you have accurate, error-free, and up-to-date information.
What are the benefits to having a Tax Planning Firm keep your books?
When your bookkeeping and tax planning work hand-in-hand, every financial decision becomes smarter and more strategic. By having Oakbank Tax Services manage your books, you gain:
Accuracy and Compliance: Your records stay organized and audit-ready year-round, reducing errors and CRA concerns.
Tax-Efficient Strategy: We don’t just record transactions — we analyze them for opportunities to minimize tax and maximize savings.
Better Cash Flow Management: Regular insights help you plan expenses, payroll, and growth with confidence.
Seamless Year-End Filing: With your books already in order, corporate and personal returns are faster, smoother, and more accurate.
One Trusted Team: You save time and money by having one point of contact for bookkeeping, tax filing, and long-term financial planning.
At Oakbank Tax Services, bookkeeping isn’t just about balancing numbers — it’s about building the foundation for smarter tax decisions and sustainable business growth.
Our bookkeeping process:
1. Payroll:
Let us take care of you payroll processes.
We can organize, record, and execute your company’s payroll. From creating income statements to tracking and converting hours. Ask us for more information!
2. Tax Filings:
Let us organize your company’s taxes.
From ensuring proper taxes on transactions and invoices to reporting and organizing every step of your company’s taxes – we have you covered! Get in touch with a representative today to learn more on how we can best assist you!
3. Transactions and Invoices:
Let us handle your transactions and invoices.
Ensure your invoices are created accurately and paid without losing track of them! We make your business run smoother, and get you the money you are entitled to for purchase orders and invoices. Talk to us today to learn more about how we can customize our bookkeeping service to suit you!