The Canada Revenue Agency requires that corporate tax returns be filed within six months of the corporate year end. Failure to do so may result in significant penalties and interest charges levied by the Canada Revenue Agency. For accurate and timely filing to avoid such penalties, contact me to arrange a free consultation.
Financial statements serve several purposes including:
- Submission to the Canada Revenue Agency along with corporate tax returns
- Disclosure to the bank to continue or secure a loan facility
- Disclosure to potential buyers
Many businesses involve substantial amounts of inventory, goods to be sold or raw materials. The money spent on this inventory is an investment. It is critical to know the return on that investment. Contact me for an analysis of the flow of inventory through your business and the potential savings and tax implications.
Timely payments to your hardworking employees are vital. Also critical is meeting all the governmental requirements for taxes and payroll deductions, which can be complicated and change as often as twice a year. Overpayment of certain taxes and deductions can be very difficult to recover from the Canada Revenue Agency. For accurate and timely payroll paperwork, contact me to arrange a free consultation.
Late- or slow-paying customers can leave your business without the cash necessary to cover its own financial obligations. Contact me to help determine the impact your accounts receivable is having on your cash flow.
Filing personal income tax returns accurately and on time will help you avoid penalties. Expert assistance from a Certified General Accountant will help you identify all possible tax credits and deductions, potentially saving you considerable taxes paid. Contact me for a free consultation. To assist you in capturing and organizing all the necessary paperwork, please click here for a free personal tax organizer.
Canada Revenue Agency provides a special tax credit to individuals who are disabled. The CRA standard for disability covers many ailments and conditions. If you are unsure whether you qualify, call me now to arrange a free consultation.
The child tax benefit is a tax credit for any individuals with one or more children. It is dependent on family income and must be properly applied for via a personal income tax return. If you have children and are not receiving the benefit, call to have your personal tax return reviewed for free (this offer does not apply Feb thru April).
The changes in our lives such as death and marriage breakdown can have significant tax implications if not planned for properly. If you would like to plan for the unexpected, let me review your life situation and provide options to minimize current and future taxes.
Income splitting, where allowed by the Canada Revenue Agency, permits couples to reduce their total tax burden by applying income to the lower earning spouse, thus reducing the overall tax rate. To ensure you make the most of available tax splitting options, call me for a free consultation.
There are 3 types of businesses that offer different advantages and disadvantages.
- Sole proprietor
- Corporation
- Partnership
The choice of business structure impacts your personal taxes; business valuation; credibility with potential customers, creditors and vendors; liability issues; and the ability to make decisions important to your business in the future. If you are unsure which structure is best for you, call me for a free consultation.
The Canada Revenue Agency requires that businesses register with the Canada Revenue Agency and apply for a business number, HST account number and possibly a payroll account number. Ensure that the proper paperwork is completed so that your business gets off to a great start.
Business owners are faced with the decision of how to convert their hard work into funds for themselves and their families. Depending on your business structure, tax planning is critical. A professional accountant can help clarify your options so that the most tax effective strategy is created specifically for you and your business.
Keeping track of the paperwork related to building a business, including receipts, transactions, and letters from the Canada Revenue Agency can be overwhelming. Managing this paperwork is key to your business’ success. To ensure that you take advantage of every deduction and are safe from penalties, your books and records must be organized, complete and accurate.
Individuals
- February 29 – Deadline to contribute to an RRSP
- March 15 – Personal tax instalment due (if applicable)
- April 30 – Deadline to file a personal income tax return and pay any balance owing without incurring interest
- June 15 – Deadline to file a personal income tax return for self employed individuals and their spouses – (payment of any balance owing is still due on April 30)
- June 15 – Personal tax instalment due (if applicable)
Businesses
- February 29th – Deadline to file T4, T4A and T5 tax slips with the Canada Revenue Agency
Contract Payments
- Payments to subcontractors for construction services must be reported within 6 months of the corporation’s year end. A T5018 must be filed for each subcontractor for the labour only component.
Corporate Income Tax Return
- A corporation must file a tax return no later than 6 months after the year end. Any tax owing is due 3 months after year end.
The 2011 Budget introduced a new non-refundable tax credit to help parents with the costs associated with children’s artistic and cultural development.
Not to be confused with the Fitness Tax Credit, this credit covers programs such as:
- Art lessons
- Music lessons
Up to $500 of eligible fees per child for qualifying programs is available starting in the 2011 tax year. It is important to note that there are limits and conditions with respect to this tax credit. For a complete description visit the Canada Revenue Agency website http://www.cra-arc.gc.ca/
The Hiring Credit for Small Business is a one-time credit of up to $1,000 based on the increase in an employer's employment insurance (EI) premiums paid for 2011 over those paid for 2010. It’s objective is to stimulate new employment and support small businesses.
To qualify, your 2010 EI premiums were $10,000 or less and you experienced an increase in premiums in 2011. There is no application form to complete. The Canada Revenue Agency will automatically calculate the credit based on your 2010 and 2011 T4 filings. The credit will be first applied to any outstanding balance on your payroll account and the remaining portion of the credit will be transferred to the current year.
The content on this site is intended for general information purposes only. Laws and regulations pertaining to tax and accounting change frequently. It's important you understand that their application is dependent upon your specific circumstances.
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