We provide full personal tax services to our clients.
Our firm specializes in doing personal taxes for clients in the higher tax brackets and sole proprietorships, non-resident returns, multiple years, Real Estate, Death and Trust returns.
We look to maximize your tax deductions that you can claim.
If you owe tax for 2015 and do not file your return for 2015 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2016 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
If CRA charged a late-filing penalty on your return for 2013, 2014, or 2015 your latefiling penalty for 2016 may be 10% of your 2015 balance owing, plus 2% of your 2015 balance owing for each full month your return is late, to a maximum of 20 months.
Even if you cannot pay your full balance owing on or before April 30, 2017, you can avoid the late-filing penalty by filing your return on time.
Federal Tax Rates:
- 15% on the first $45,282 of taxable income, +
- 20.5% on the next $45,281 of taxable income (on the portion of taxable income over $45,282 up to $90,563), +
- 26% on the next $49,825 of taxable income (on the portion of taxable income over $90,563 up to $140,388), +
- 29% on the next $59,612 of taxable income (on the portion of taxable income over $140,388 up to $200,000), +
- 33% of taxable income over $200,000.
Provincial Tax Rates:
- 5.05% on the first $41,536 of taxable income, +
- 9.15% on the next $41,539, +
- 11.16% on the next $66,925, +
- 12.16% on the next $70,000, +
- 13.16 % on the amount over $220,000
How long must you keep your records?
Keep your supporting documents for six years. Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep them in case we select your return for review. CRA may request documents other than official receipts as proof of any deduction or credit you claimed, such as cancelled cheques or bank statements.
It is very critical for Sole Proprietors to separate business and personal income and expenses. The structure and setup must be done correctly from the beginning.