Our fees are based on the specific services you require and the complexity of your financial situation or tax return. We offer transparent pricing and provide customized quotes after an initial consultation.

Contact an accountant as soon as you start thinking about your business. An accountant can help with business organization, tax planning, operations, pricing, profit margins, and personal tax concerns.

Deciding whether to handle tax planning yourself or seek expert advice depends on your comfort with tax laws, financial situation, and the complexity of your taxes. Here are some points to consider:

Doing Tax Planning Yourself

Pros:

• Cost-Effective: It's usually cheaper than hiring a professional.
• Learning Opportunity: You can improve your financial literacy.
• Simple Situations: If your taxes are straightforward, self-filing can be efficient.

Cons:

• Complexity: Tax laws are complex and frequently change.
• Risk of Errors: Mistakes can lead to penalties or missed opportunities.
• Time-Consuming: It requires significant time and research.

Getting Expert Advice

Pros:

• Expertise: Professionals have specialized knowledge and experience.
• Tax Optimization: They can help you save on taxes legally.
• Compliance: They ensure you're following all tax laws, reducing risk.

Cons:

• Cost: Hiring a professional costs money.
• Dependency: You might not fully understand your own finances.

When to Consider Expert Advice

• Complex Finances: Multiple income sources, investments, or business ownership.
• Tax Law Changes: Significant changes in tax laws.
• Business Owners: Especially for corporations or self-employed individuals.
• Estate Planning: Involves complex tax implications.
• Maximizing Savings: To identify tailored tax-saving strategies.

In summary, If your taxes are simple and you understand tax laws, you might manage on your own. For complex situations, significant tax law changes, or maximizing savings, consulting a tax professional is wise. Choose based on your comfort level, financial goals, and need for accuracy.

Yes, we offer year-round tax planning services to help you optimize deductions, credits, and strategies to reduce your overall tax burden.

Absolutely. We have experience representing clients during CRA audits and can guide you through the process to ensure your rights are protected.

Yes, we can assist you in preparing and filing past due tax returns and help you navigate any penalties or interest that may be applicable.

Tax planning involves analyzing your financial situation to ensure tax efficiency. It is important to minimize tax liabilities and ensure compliance with tax laws.

Our tax planning services can help you save money by identifying tax-saving opportunities, ensuring compliance with tax laws, and providing peace of mind.

Yes, client confidentiality is a top priority. We adhere to strict privacy policies and professional standards to protect your financial information.

Contact us through our website or phone to schedule a free consultation. We'll discuss your needs and how we can best support your financial success.

Personal tax returns are generally due on April 30th, unless you or your spouse are self-employed (then the deadline is June 15th). Corporate tax returns have varying deadlines depending on the fiscal year-end. We'll keep you informed of your specific deadlines.

It's a letter you get from the CRA after filing your taxes. It's like a receipt that says:

• They got your tax return
• How much tax you owe or are getting back
• Any changes they made to your return
• How much you can put in your RRSP

Why is it important?

• It's proof you filed your taxes.
• It helps you spot any mistakes.

What should I do with it?

• Review it carefully.
• Keep it with your tax records.

You can lower your taxes with:

• Tax deductions: These reduce the amount of income you're taxed on. Examples include RRSP and TFSA contributions.
• Tax credits: These directly reduce the amount of tax you owe. There are different kinds for various situations.

• Deduction: Lowers your taxable income, meaning you're taxed on less money.
• Credit: Directly lowers the amount of tax you owe.

The CRA could find out and make you pay what you owe, plus interest and maybe penalties.

Your province or territory of residence as of December 31 determines if you need to pay tax instalments based on your net tax owing:

• Residents outside Quebec: If your net tax owing is over $3,000.
• Quebec residents: If your net tax owing is over $1,800.

Tax instalment payments are due by the following dates (except farmers and fishers who have one due date on December 31):

•  March 15
•  June 15
•  September 15
•  December 15

Yes, we provide comprehensive start-up services, including business registration, structure selection (sole proprietorship, partnership, corporation), and initial financial setup.

Almost all corporations in Canada have to file a tax return every year, even if they didn't make any money or don't owe any taxes. This includes:

• Resident corporations: These are companies incorporated in Canada or those whose main business decisions are made here.
• Non-profit organizations: Even if they are not taxed on their profits, they still need to file.
• Inactive corporations: If a company hasn't dissolved, it still needs to file a return.
• Tax-exempt corporations: Certain corporations like charities have special rules, but they still need to file.

Your corporate tax return is due six months after the end of your company's tax year.

• If your tax year ends on the last day of the month: Your return is due on the last day of the sixth month after that. For example, if your year ends on December 31st, your return is due on June 30th.

• If your tax year ends on any other day: Your return is due on that same day, six months later. For example, if your year ends on March 15th, your return is due on September 15th.

You must register for GST/HST if:

• Your business earns $30,000 or more per year and you're located in a participating province (Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia, or Prince Edward Island).
• You're a self-employed taxi or ride-sharing driver, regardless of your income.

Even if your business earns less than $30,000 per year, you might want to register voluntarily if:

• You sell zero-rated goods or services. While you don't charge GST/HST on these items, you can still register to claim the GST/HST you pay on your expenses as input tax credits, potentially leading to a refund.

Note:

• Businesses that sell exempt goods or services (like financial services or music lessons) are not required to register for GST/HST, and they cannot claim input tax credits.

Deciding whether to receive a salary or dividends as a shareholder depends on your financial goals and the company's situation. Here’s a simple comparison:

Salary:

• Steady Income: A salary provides regular and predictable payments, which is useful if you rely on this income.
• Taxes: Salaries are subject to income and payroll taxes, which can reduce your take-home pay.
• Tax Deductions: You might be able to deduct certain work-related expenses, lowering your overall tax bill.
• Retirement Benefits: Receiving a salary may make you eligible for retirement benefits like an RRSP or pension plan, if offered.

Dividend:

• Tax Benefits: Dividends are usually taxed at a lower rate than salaries, which can mean lower taxes overall.
• Passive Income: Dividends are considered passive income, suitable for shareholders who prefer not to be involved in daily operations.
• No Payroll Taxes: Dividends aren’t subject to payroll taxes, which can lower your total tax burden.
• Less Involvement: If you want to avoid day-to-day company operations, dividends allow you to benefit from ownership without being actively involved.

In summary, whether to choose a salary or dividends depends on your personal financial situation, tax preferences, and involvement in the company. For the best choice, consult a tax professional or financial advisor based on your specific needs.

The GST/HST credit is a tax-free payment you receive every three months to help with the GST or HST you pay. It’s for people and families with low to modest incomes and might also include additional payments from provincial or territorial programs. When you file your taxes, you’re automatically checked to see if you qualify for this credit.

The Ontario Trillium Benefit helps with energy costs and sales and property taxes. It combines three credits:

• Northern Ontario Energy Credit
• Ontario Energy and Property Tax Credit
• Ontario Sales Tax Credit

To get the Ontario Trillium Benefit, you need to qualify for at least one of these credits.

The Canada Carbon Rebate (formerly known as the Climate action incentive payment (CAIP)) is a tax-free amount to help eligible individuals and families offset the cost of the federal pollution pricing. It applies in provinces without their own carbon pricing systems that meet federal standards - specifically Ontario, Manitoba, Saskatchewan, and Alberta. It consists of a basic amount and a supplement for residents of small and rural communities.

The Canada Child Benefit (CCB) is a monthly, tax-free payment from the Canada Revenue Agency (CRA) to help families with the cost of raising children under 18. The CCB can include the child disability benefit and related provincial or territorial programs.

The Canada Workers Benefit (CWB) is a refundable tax credit for individuals and families with low incomes who are working. It has two parts: a basic amount and a disability supplement. You can claim the CWB when you file your income tax return. There is a net income level above which you are not eligible for the CWB.