TAX RETURNS
Corporate Tax Returns
We provide corporate tax filing services for small to medium size businesses, including regular tax return preparation for Canadian Controlled Private Corporations, Holding Companies, Private Corporation, Personal Service Businesses (Incorporated Employees), and Investment Corporations.
Personal Tax Returns
Filing personal tax return becomes a challenge with increasing CRA pre-assessment reviews and post assessment audits.
Lack of understanding of what you can claim as employment expenses and how to maximize the tax refund becomes another challenge. Transfer of credits between spouses and disability credits from dependants becomes complex when multiple returns are involved. With changing tax credits and deductions, we keep ourselves up to date as required of a professional tax practitioner. It can make a huge difference on your tax bill or your tax refund.
Our years of hands-on experience working on complex returns allows to see what others cannot. We make sure and explain to you each line item on your tax return before submitting it to Canada Revenue Agency. At the end, it is you who is responsible what is in your tax return if CRA reviews your tax return or send you an audit letter. We pride ourselves and say that the chances of tax returns prepared by us of being audited are considerably less compared to any other tax or accounting firm in Canada and we stand with you behind our work in case of any audit or if you receive any letter from Canada Revenue Agency. We make your tax return as much transparent to you, so you have a complete idea about what's being reported to Canada Revenue Agency.
The deadline to file your personal tax return is April 30 of every year unless it is a weekend or statutory holiday in which case it is the next official business day. But if you are self-employed individual, then the deadline is June 15, but any taxes due must be paid by April 30. Otherwise CRA would charge interest from May 1 to the date you file your tax return.
Estate Tax Returns
When someone dies, their legal representative must file a final T1 Income Tax and Benefit Return, called the Final Return, to report the deceased person's property, investments and other taxable income, and can file other optional T1 returns if the person who died had eligible income.
A T3 Trust Income Tax and Information Return (T3 Return) might also need to be filed for the estate of the person who died.
The legal representative may be able to claim deductions and credits in these returns to reduce amounts that the person who died or their estate might owe.
Types of returns
Depending on the situation, you may need to file more than one tax return:
- •T1 Income Tax and Benefit Returns
- •Final Return for income earned up to the date of death
- •Optional T1 returns to include income that would otherwise be reported on the Final Return, which may reduce or eliminate tax for the person who died
- •T3 Trust Income Tax and Information Return for income earned after the date of death that hasn't been paid to beneficiaries
- •Previous year returns that were not filed by the person who died
- •Provincial and territorial tax
ACCOUNTING/BOOKKEEPING
Our Accounting and Bookkeeping Services
We provide the following Accounting and bookkeeping services, but not limited to:
- •Book-keeping services (monthly, quarterly and yearly basis)
- •Preparing GST/HST Returns
- •Monthly Payroll Services/CRA Payroll Remittances
- •Paystubs (Weekly or Bi-Weekly) and T4 Returns
- •T5018/T4A Slips and Returns
- •T5 Slips and T5 Returns
- •NR4 Slips and T3 Slips for Trusts (Testamentary or inter vivos trust)
- •Record of Employment - ROE's
- •Employer Health Tax Returns
- •WSIB Return Quarterly Filing and Reconciliation
- •Preparation of In-House Financial Statements with Notice to Reader
Required Documents for Accounting
We need the following documents in most cases for accounting purposes:
- •Articles of Incorporation
- •Bank Statements
- •Sales Invoices
- •Expenses Receipts
- •Accounts Payable/Receivable Listing
- •Year End Inventory Listing
- •Investment Certificates/Account Statements
- •Legal Fees Invoices
- •Bad Debt Listing
- •Vehicle Purchase/Lease Agreements
- •Bank Loan Agreements
- •GST/HST Returns prepared In-House
- •T4 Returns prepared In-House
- •WSIB Returns/Notices Issued
- •Notices issued by CRA
- •Copy of Last Year Tax Return
Small Business Package
If you run a small business or starting a new business:
We can offer you a package where we can handle all your bookkeeping needs and prepare all your year end tax returns (Corporate Tax, Personal Tax, HST & Payroll Return) making sure you are covered from all aspects of accounting. Our motto is "client success is our success" and we have a zero-tolerance policy against penalties and interest charged by Canada Revenue Agency on late filed tax returns.
Need professional tax return preparation or accounting services? Contact us today at 905-605-4775.