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 much 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". New 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, here's a link to CRA's page. http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-e.html
- The best way to KEEP CRA off your back is to make sure ALL your deadlines are met! File HST returns, T4 returns and Corporate taxes ON TIME to help avoid 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.
- Pay dividends to children over 18 from your corporation. Have your adult children subscribe to shares of your corporation at fair market value using their own money. You can then pay them dividends out of your corporation to those children. With tuition and no other employment income, those children can receive up to $50,000 without additional tax. Not a bad deal! *** NOTE: the Liberal government has announced certain tax changes that will have a significant impact on the ability to pay dividends to family members. We will know the extent of these changes when the federal budget is released in early 2018.
- 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, 2017 is the deadline for filing corporate income tax returns with a December 31, 2016 year end. Filing by this date will avoid late-filing penalties. Need help? .... give me a call or fill out my contact form.
Welcome to my site! I am a 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, 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 let me tell you... So... you're looking for an accountant!