Individuals and families Express NOA delivers an instant message regarding a filing, and then, within 24 hours, delivers the notice of assessment directly into EFILE-certified tax preparation software. Ask us if you need this service with applicable fees. Four child tax credits will no longer available this year: arts, fitness, education and textbooks in 2017. However, parents of children under the age of 16 can pre-pay 2017 arts and fitness programs to claim them on 2016 tax returns as long as total spending for 2016 does not exceed $250 and $500 limits, respectively. Reporting the sale of your principal residence On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence. Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your

Why Should I incorporate my small business ?

Meals and Entertainment Expenses: Tips and Traps

Many of us already know that if we earn business or employment income, we may be eligible to get a deduction for meals and entertainment expenses as much as 50%. We wish this could be that simple the way it sounds. Even we have spoken with many seasonal tax preparers who also has fallacy about how it can be eligible or what actually need to be done if we want to claim this as an expense. What is the audit risk here? Yes, there are some simple but mandatory things we can do to eliminate the risk of getting audited and disallowed by auditor. The expenses for food, beverages or entertainment, in order to qualify as a deductible expense, we (taxpayer) must be prepared to demonstrate that the amount was incurred for the purpose of earning income. Canada Revenue Agency insists that records be maintained of the names and business addresses of the customers or other persons being entertained, together with the relevant places, dates, times, business reasons and amounts supported by such

what is my 2014 tax brackets ?

We often get question from our clients: “what is my 2014 tax brackets?” In Canada, we have marginal tax rate applicable to individual tax payers. This means the higher income you have you will have to pay more taxes. While filing your 2014 tax return, many of the low income earning families won’t pay any taxes up to an income of $26,786, versus a higher income family would pay 42.18% of taxes in Ontario. Therefore, medium to high income earning families such as dentists, doctors, professional engineers, IT consultants etc. in Canada especially in Ontario should take the opportunity of tax planning. Planning your taxes reminds me an old saying: “Prevention is better than cure”. If you wait till the last moment (at filing your tax returns), there are very few things you can do to minimize of defer your tax burden. Whereas taking the correct steps on time would give you the peace of mind of staying on top. To learn more about the tax planning in Canada, you may contact

Tax Planning Canada

The tax system in Canada provides for a two-level system for taxing corporate income: first in the corporation, and then in the hands of the shareholder when dividends are received from the corporation. Dividends received from a corporation resident in Canada by an individual are subject to a specific tax treatment based on the principle of integrating the income of the corporation and that of the shareholder. A shareholder may also be an employee or executive of the corporation and, in this capacity, receive remuneration in the form of salary. A shareholder-manager of a private corporation may therefore remove funds from the corporation in the form of salary or dividends. The method of distribution chosen will generally be that which maximizes net after-tax cash in the hands of the shareholder, after taking into consideration the income tax payable by both the shareholder and the corporation. However, this does not mean that the shareholder may avoid personal income taxes on the

No More Torture: Make February A Time Of Singing

Every February, it happens again. Tax time rolls in. It’s as certain as the turning of the planets, the barking of a dog, the rising of tomorrow’s sun. Taxes.   Did you know that there are people who love working with figures and making sense of other people’s finances? Bringing those finances in line with the Canada Revenue Agency’s requirements, and helping individuals or businesses pay their taxes? No, really, there are. People who enjoy doing it enough that they’ll do it for their job, day in and day out. When they finish one man’s paperwork, they move on to the next. That mind boggling nest of figures you’d think no one unrelated would touch for love or money; they’ll take it, they’ll make sense of it, and they’ll spit it out, ready for the most severe auditor.   Utilizing a Toronto accountant may be the way out of your book-keeping nightmare. February doesn’t have to mean torture to you. Give your unruly financial secrets to someone

You, An Accountant, And Your Toronto Tax Return

If Canada’s tax code was straightforward and simple, you might not need help from a Toronto accountant. You would be able to turn in the very minimalistic paperwork yourself, make any required payments, and that would be that. You wouldn’t stay awake, ever, worrying about taxes, wondering how to file them correctly, wondering how to stay on top of the paperwork, wondering how to find the money you need to pay the CRA. Well, that’s another world. In this world, the tax code is not straightforward or simple. It takes hours and hours of concentrated time to make sense of it, and you might very well be working yourself into a headache without making any real progress. Facts and figures are jiggling around in your head, and it’s hard to see quite which number goes in which box. How do you know for certain that that number that comes out of the end is right, after all you’ve gone through to come up with it? You don’t, ofcourse, unless you go through and check it again,

HST New Home Rebate

An HST rebate is available under the GST/HST system to recover amounts paid in error or where the rebate is intended to provide specific relief to the taxpayer, such as the HST New Home Rebate. What is New Home HST Rebate? The HST New Housing Rebate (or HST new home rebate) is available to an individual who buys a new home (or a substantially renovated house) from a builder or hires a builder to build a home for them on their existing property.  For such purchasers, there are two components to the HST New Home Rebate: the federal and provincial portions of the rebate.   For the 5% federal portion of the HST, the HST new home rebate is clawed-back for homes with a purchase price above $450,000. Ontario, on the other hand, has its own HST new home rebate, called the HST New Housing Rebate that applies to the provincial portion of the HST (8% part) on new or substantially renovated homes used by the purchaser, or their relatives, as a primary place of residence.  The HST new

Can Small Business Owners Prevent CRA Audit

If you are operating a small business you already know that it is usually a lot of work for you to do everything from sales to services and everything in between. A tax audit is the last thing that an owner needs. There are many fine ways to avoid any problems with the Canada Revenue Agency if you are cautious and keep good records. Doing this, along with some other tips can help small business owners to be sure that when it is time to deal with taxes they have everything in order so that the CRA is reassured that a business is in compliance with tax laws. There are some simple steps a business can take to be certain they are in agreement and can prove this where the CRA and taxes are concerned. Record everything; file the right forms, keep contractors straight and a few more important details can keep a small business from being put through a CRA audit. The following steps should be a few steps for small business owners to follow in order to be sure that when it is time to deal

Bookkeeping Service Toronto

Bookkeeping Service is fairly important for small enterprise in Toronto. For most modest organization taxes are the largest value. But numerous little organizations have no strategies to lessen the volume of taxes payable. It is crucial that tiny companies can decrease their tax charges so that you can aggressive and worthwhile. Under are ten tips Tax that your tiny business need to employ: 1. Expenses for House As a small business proprietor, you can compose off expenditures linked to office of your property, if you operate from residence. These expenses contain: O lease o House loan curiosity o Utilities o Charge Condominium o Residence taxes O Upkeep and repair The following formula is utilized to create the charges of a home workplace deducted for tax cost: Costs connected with the original listing more than x (Area Complete Residence / Room Residence Workplace very first) You should seek advice from your account in Toronto before deducting
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