- December 4, 2020
- Posted by: admin
Your Personal Tax Accountant Toronto, Mississauga, Ottawa, London
Taxes are required for any individual who receives income throughout the year. Yet, the ever-changing regulations can make the filing tax overwhelming. Get the help that you need with a personal tax accountant Toronto, Mississauga, Ottawa, London.
Our expertise ensures that you pay the appropriate taxes at the right time. As a result, you avoid expensive interest and penalties. You also get the full refund that you are entitled to. No matter your unique situation, our CPA specialists can help you prepare and submit your Canadian tax returns.
So, contact us today to set up your appointment with your own personal tax accountant Toronto, Mississauga, Ottawa, London.
What Our Personal Tax Accountant Can Do for You
Our personal tax accountants will work through every penny of income and each expense for the calendar year. If you have an inheritance or receive money from the government, then we will evaluate it all.
We specialize in personal taxes for clients in higher tax brackets, sole proprietorships, and non-resident returns. Our expertise as your personal tax accountant will help you maximize your deductions and reduce your tax payment.
Valuable Tax Tips from Our Experts
Minimizing Late Filing Penalties
Life happens and sometimes your taxes may not be paid on time. The best course of action is to go ahead and file your documentation and acknowledge the tax due. In fact, this can help you to avoid late penalties even if your tax obligation is not paid on time.
Understanding Federal Tax Rates
Canada has a progressive tax system. Generally, federal tax varies from 15-29% based on your income. If you have questions about tax rates, we are here to guide you. Here is an overview of the 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.
Understanding Provincial Tax Rates
In addition to federal tax, Canadian citizens are required to pay provincial tax. Our CPA specialists are here to guide you to ensure your correct payment. Here is the overview of 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
Compile and Keep Appropriate Records
Income, expenses, and deductions, are all used to determine your tax liability. It’s important to keep complete records for six years. These include original receipts as well as cancelled checks or bank statements. The CRA may request documents as proof of any deductions or credits that you have claimed.
You don’t have to manage it all alone. Instead, contact us today for specialized assistance from your personal tax accountant Toronto, Mississauga, Ottawa, London.