Most students are entitled to the following tax credits:

– Tuition and education credits
– ETextbooks and ancillary costs
– Exemptions for scholarships, fellowships, and bursaries
– Deductible interest on student loans – Moving expenses
– Child care costs

Canadian senior citizens are eligible to receive a wide range of tax benefits:

– Age amount
– Pension income splitting
– Medical expenses
– Disability amount
– Workforce credit
– Ontario Healthy Homes Renovation Tax Credit
– Several other tax credits and benefits to which you may be entitled, depending on your situation

According to a Fraser Institute report, Canadians pay 42% of their income to the government as tax. This is more than they spend on food, shelter, and clothing combined. Most people are not qualified as accountants — it is important that you consult a professional to make sure that you are taking advantage of every deduction to which you are entitled. To help us maximize your refund and ensure that you get every possible tax credit and deduction, please collect and supply us with all of your receipts and income records.

We understand that running a successful business takes a great deal of hard work and commitment, and we are dedicated to helping you as much as we can. We have the expertise to complete tax returns for:

– Self-employed individuals
– Small-business owners
– Commission-only salespeople persons

You might be a self-employed trucker, an incorporated trucker, or an employee of a carrier — each tax situation is unique. There are a number of fees and expenses related to trucking that are tax deductible, depending on your situation: meals and lodging, office supplies, cell phones, Internet connections, association dues, Comdata/Comchek fees, computer software, cleaning supplies, medical exams (physicals, or drug tests), postage fees (for invoices, or bills of lading), real estate expenses (mortgage interest, or real estate taxes), safety gear (steel-toe boots, work gloves, or cargo straps), trucking-business-related subscriptions (load board subscription fees, or trucking industry magazines), uniforms (dry-cleaning charges for uniforms or protective clothing), insurance, and permits and licenses.

If you receive income from a Canadian source but are not a resident of Canada, you may still have to pay tax on that income. Whether you are required to file an income tax return and what type of tax you must pay depend on the type of income you receive. Generally, Canadian income received by a non-resident is subject to Part XIII tax or Part I tax.

The most common types of Canadian income subject to Part XIII tax are: dividends, rental and royalty payments, pension payments, old age security pension, Canada Pension Plan and Quebec Pension Plan benefits, retiring allowances, Registered Retirement Savings Plan payments, Registered Retirement Income Fund payments, annuity payments, and management fees. The interest that you receive or that is credited to you is generally exempt from Canadian withholding tax if the payer is unrelated (arm’s length) to you.

If you own a rental property, you can deduct many expenses: mortgage interest, property taxes, utility costs, insurance, maintenance costs, advertising, and property management fees. If you rent out only a portion of your home, you can deduct only a portion of those costs. If your rental property is in another country and costs exceed $100,000 Canadian, then you must declare this property on your income tax return.

In order for us to complete your tax return, we will need all of your receipts and income records. These include:

– All T4 slips and other information slips T3, T5, T4E, T4A, T4AP, T4RSP…
– RRSP contributions
– Professional fees or Union dues
– Medical expenses
– Charitable donations
– Political contributions
– Child care expenses
– Interest paid on student loans
– Universal Child Care Benefit confirmation
– Northern residents deductions
– Notice of Assessment from the previous year
– If you want direct deposit of your income tax refund, Canada Child Tax Benefit, or GST/HST credit, please sign in to your CRA account and update bank information

Corporate tax preparation is not bookkeeping. It’s a once-a-year job not covered by our regular bookkeeping prices. That’s why we have a fixed price for corporate taxes.

In this type of business organization, you are fully responsible for all debts and obligations related to the business, and all profits are yours alone. Because you are sole owner of the business, a creditor can make a claim against your personal or business assets.

Advantages:

– A sole proprietorship is easy and inexpensive to form
– It has the lowest amount of regulatory burden
– It gives you direct control over decision making
– It allows you to deduct business losses from your personal income
– All profits will go to you directly

Disadvantages:

– You have unlimited liability (if you have business debts, personal assets can be taken to pay them off)
– Income is taxable at your personal rate, and if your business is profitable, this may put you into a higher tax bracket
– There will be a lack of continuity in your business if you need to be absent

A partnership is a good business structure choice if you want to operate a business with a partner and do not wish to incorporate. In a partnership, financial resources are combined and channelled into the business. You can establish the terms of your business with your partner and protect yourself in case of a disagreement or dissolution by drawing up a partnership agreement. As partners, you will share the profits of your business according to the terms of that agreement.

Advantages:

– The partnership’s start-up costs are shared equally between you and your partner
– You each have an equal share in management, profits, and assets
– You and your partner can deduct business losses equally from your personal incomes

Disadvantages:

– A partnership is similar to a sole proprietorship in that there is no legal difference between you and your business
– You have unlimited liability (if you have business debts, personal assets can be taken to pay them off)
– There is the possibility of a conflict developing between you and your partner
– You will be held financially responsible for business decisions made by your partner (for example, a broken contract)

A corporation (also called a “company”) is a legal entity with its own legal personality that is distinct from its owners (called “shareholders”) and the individuals who manage and run its affairs (called “directors” and “officers”). As a shareholder of a corporation, you are not personally liable for the debts, obligations, or acts of the corporation.

Advantages:

– With a corporation, you have limited liability
– Ownership is transferrable
– The company has continuous existence
– There are possible tax advantages, as taxes may be lower for an incorporated business

Disadvantages:

– It is more expensive to incorporate than it is to create a partnership or sole proprietorship
– Extensive corporate records are required, including records of shareholder and director meetings, and documentation must be filed annually with the government
– There is the possibility of a conflict developing between shareholders and directors
– There can be problems with the residency of directors

In a cooperative business structure, the business is owned by an association of members. It is the least common form of business structure, but it can be appropriate in situations where a number of persons or businesses decide to pool their resources in order to fulfill their common needs, such as product or service delivery, product or service sales.

Advantages:

– A cooperative is owned and controlled by its members
– It is run democratically (one member, one vote)
– Its members have limited liability
– It has profit distribution

Disadvantages:

– There is the possibility of a conflict developing between members
– The structure necessitates a longer decision-making process
– Members must cooperate in order to achieve success
– Extensive record keeping is required
– There is less incentive to invest additional capital

If you plan to register a business with a complex ownership structure and different share classes, it is wise to seek legal advice. However, if you are planning to register a business that does not have a complex structure, we can assist you. We could, for example, help you to incorporate if you are the company’s only shareholder, if you have just a few partners, or if there are no restrictions on the share transfers, quantity of shares, and the maximum number of shareholders.

We can register your company with the minimum requirements permitted by law. However, should you later decide to restructure your company, you can always seek legal advice on how to proceed

INCLUDED IN OUR PRICES:

– Company registration
– Registration of your GST/HST account
– Registration of your payroll deduction account
– Registration of your corporate income tax accounts
– Registration of your import-export account

NOT INCLUDED IN OUR PRICES:

– Company minute books
– Shareholder agreements (complex company structures, legal advice is recommended).