Archives

  1. July 2018
unfiled-returns-back-taxes-canada-and-us

Our Accountant firm in Mississauga and Toronto specializes also in filing multiple years of taxes both with CRA and the IRS

Employed

If you were employed and have lost T4 and RRSP slips there is no problem. We can easily retrieve them from the CRA. The important thing is that you file immediately especially if you owe money or are entitled to certain benefits.

Arbitrary Assessments

CRA can assess years of unfiled taxes and even commence legal action against your ass...

incorporating-for-medical-professionals

Lower Tax Rates

Medical Professionals are in the highest income tax bracket, paying over 53% marginal tax rate in Ontario. By incorporating your medical business you can manage and defer taxes for a lower corporate tax rate of 13.5%

Tax Free Dividends

Annually, you could receive up to 50,000 a year worth of tax free dividends from your corporation.

Shareholder Loans

All loans for shareholders must be returned by the end of the following fiscal year. So i...

death-and-estate-taxes

Will

A will should be in place with an executor assigned for the estate. If a will is not in place a lawyer and accountant should be immediately consulted.

Estate Trust Number

Upon death an application to CRA for a estate trust number should be done by the accountant with a copy of the registered will to establish the executor of the estate.

Death Return

If the death occurred between January 1 and October 31 inclusive, the due date for the final return i...

cra-calling-cra-audits

Increasingly CRA is auditing many firms in the area's of: 1. Payroll: Maintaining payroll records are essential. Filing the appropriate slips whether they are T5, T4, T4A, etc are critical. Any paid over $500 should be issued a T4 or T4A slip depending on the nature of the work and arrangements. Our clients get this service as part of their package so if the CRA calls an Audit we are ready without any costs to the existing clients provided we did the bookkeeping. 2...