Are you a few years behind in filing your corporate tax returns? It’s time to catch up! Not filing can get you in trouble! Contact me to discuss your options.
- The BIG QUESTION: Use an accountant or do it yourself? The ANSWER: There are many benefits of using accountants. We are trained and have good knowledge about the system from many years of schooling and many years of practice! We know what you should do and how you should do it. We help plan ahead to save you tax dollars and execute those plans. We help keep CRA away!
- Attention IT and other consultants on “contracts“. Tax rules for PERSONAL SERVICES BUSINESSES can be costly if you don’t know how to avoid the implications. Here’s a LINK to a great article in the National Post. CALL ME if this is you.
- Are you paying too much in HST? The Quick Method may be a good option for you. Call me to find out what it’s all about. But for now, check the CRA’s page.
- The best way to KEEP CRA off your back is to make sure ALL your deadlines are met! File HST returns, T4, T5, and other information returns as well as corporate taxes ON TIME to help avoid an audit. CALL ME! I can HELP!
- Consider paying a spouse or a child a reasonable salary based on their involvement in your business. The salary should be a reasonable amount considering the type of work performed and should be comparable to what a third party would be paid to perform the same type of service.
- Pension splitting is a major change to Canadian personal tax. Up to 50% of pension income from a higher income spouse, can be transferred to a lower income spouse. This can result in significant tax savings for the couple as a whole.
- You can no longer pay dividends to children 18-24 years of age from your corporation without triggering possible Tax on Split Income, or TOSI – the new tax rules introduced in 2018 eliminate the ability to split income with university aged kids. However, you can definitely pay them for work that they do in your business.
- Consider selling investments with accrued capital losses so that you can carry-back those losses against previous or current capital gains.
- The following are some expenses that are deductible if they are paid before the end of the year: * moving expenses, *child care expenses, *charitable donations, *political contributions, *medical expenses, *spousal support, *union and professional dues, *interest and carrying charges, and *transit passes.
- Corporate tax returns are due six months after your fiscal year end. For example, June 30, 2020 is the deadline for filing corporate income tax returns with a December 31, 2019 year end. Filing by this date will avoid late-filing penalties. Need help? … give me a call.
Welcome to my site! I am a Chartered Professional Accountant (previously called Chartered Accountant) who believes that my clients deserve great service!
I provide accounting and tax services to small and mid-sized businesses, individuals, and entrepreneurs.
I serve the Toronto, Mississauga, and York Region areas including Thornhill, Richmond Hill, Concord, Markham, Vaughan, Newmarket and Aurora.
My services are knowledgeable, professional and affordable. (They’re also friendly!)
If you are a business owner, entrepreneur or a self-employed individual who is…
- tired of not getting your calls returned by your accountant
- tired of feeling like the little guy in a pool of larger clients
- tired of waiting forever to get what you are paying for
- tired of paying expensive accountant’s fees that go up every year
Then give me a call!