Chartered Professional Accountants Providing Tax Planning & Compliance Services to Clients in Burlington and Throughout Southwestern Ontario

Tax compliance for both personal and business matters is inherently complex and demands a high level of technical experience. Regulatory requirements can be extensive, and tax mitigation strategies are often intricate. Filing deadlines are strictly enforced, and non-compliance can result in significant financial penalties. That’s why choosing an accounting firm with the appropriate knowledge, experience, and professionalism is critical to you and your organization’s success.

At Edelkoort Smethurst CPAs LLP, our fully licensed Chartered Professional Accountants offer a strong understanding of tax regulations and can provide comprehensive strategies for both individuals and businesses. We are a tech-savvy, progressive firm dedicated to delivering responsive solutions using innovative technologies to ensure you achieve your best outcome.

Personal Income Tax Solutions – T1

Personal income tax rules are generally based on residency. Individuals who are considered full-time permanent residents are typically taxed on their worldwide income. To report personal income and related deductions, we prepare Form T1 and related schedules. This can include:

Sole proprietorship income
Investment income
Unincorporated rental properties

You can rely on us to guide you through the complexities of personal tax obligations, ensure filings are accurate and timely, minimize tax wherever possible, and, most importantly, provide peace of mind.

Comprehensive Tax Solutions for Sole Proprietors – Form T2125

To report business income and expenses, we prepare Form T2125, Statement of Business or Professional Activities, which forms part of the T1 personal income tax return. This form is used to report business or professional income and expenses, including self-employed commission sales.

Tax rules and regulations affecting sole proprietorships can be complex. You can rely on Edelkoort Smethurst CPAs LLP to understand these rules, keep you compliant, and help you take full advantage of all allowable deductions, such as:

Capital cost allowance (CCA)
Home office expenses

Bookkeeping services are also available for clients who need assistance recording transactions throughout the year.

Corporate Income Tax – T2

Corporations, including non-profit organizations, tax-exempt corporations, and inactive corporations, are generally required to file a T2 corporate income tax return for each tax year, even when no tax is payable. The only exceptions to this rule are provincial Crown corporations, Hutterite colonies, and corporations that were registered charities throughout the year.

Our tax professionals work with a number of Canadian-controlled private corporations (CCPCs) owned by small and medium-sized businesses, providing comprehensive support with corporate income tax compliance and planning.

Rental Properties – Form T776

To report rental income and expenses, we prepare Form T776, Statement of Real Estate Rentals. Rental income includes income earned from renting property you own or have use of, whether alone or jointly with others. This may include:

Houses or apartments
Rooms or office space
Other real or movable property

In most cases, rental income is considered income from property when only basic services are provided, such as heat, light, parking, or laundry. Providing additional services, such as cleaning, security, or meals, may mean the rental activity is considered a business, which carries different tax implications.

Edelkoort Smethurst CPAs LLP ensures compliance with applicable tax rules while helping clients maximize allowable deductions, including capital cost allowance (CCA).

Voluntary Disclosure Program

The Voluntary Disclosure Program encourages taxpayers to voluntarily correct past errors or omissions in their tax filings. A valid disclosure generally requires payment of outstanding taxes and interest, but can provide relief from penalties and prosecution that might otherwise apply.

Voluntary disclosures may be used to correct:

Inaccurate or incomplete filings
Unreported income
Ineligible expense claims
Failure to remit source deductions or indirect taxes
Missing information returns

Edelkoort Smethurst CPAs LLP has years of combined experience preparing and submitting voluntary disclosures on behalf of taxpayers. We manage the process and communicate with tax authorities on your behalf.

Foreign Tax Credits

Foreign tax credits may be available when income is earned outside your country of residence, and foreign income or profits taxes have been paid on that income. Tax treaties between countries can affect eligibility and the amount of credit that may be claimed.

In most cases, the foreign tax credit available for each country is the lesser of:

The foreign income tax actually paid, or
The tax otherwise payable on the net income from that country

The appropriate forms are prepared to support these claims and ensure correct reporting.

U.S. Tax Services

At Edelkoort Smethurst CPAs LLP, we assist individuals and businesses with U.S. tax compliance, particularly where there are cross-border considerations. This includes:

U.S. personal income tax returns
Reporting requirements for U.S. citizens and residents living abroad
Cross-border income, investments, and business activities
Coordination with domestic tax filings to avoid double taxation

Our team understands the interaction between U.S. and foreign tax systems and helps ensure obligations are met accurately and efficiently.

International Tax Services

International tax matters can be complex, especially where income, assets, or business activities span multiple countries. We provide guidance and compliance support for:

Foreign income reporting
International tax credits and treaty considerations
Cross-border investments and business operations
Coordination of multi-jurisdictional tax filings

Our approach focuses on compliance, risk management, and practical tax planning in an increasingly global environment.

Trusts and Estates – T3

Trusts may be testamentary or inter vivos, each with distinct tax rules. Our practice focuses primarily on the estates of deceased individuals, which are commonly testamentary trusts.

The final personal income tax return reports income up to the date of death
Income earned after death is reported on a T3 Trust Income Tax and Information Return

T3 returns may also be required in other trust situations. We provide support with estate planning, trust compliance, and ongoing tax filings.

Contact Edelkoort Smethurst CPAs LLP in Burlington for Comprehensive Assistance with Tax Compliance

Edelkoort Smethurst CPAs LLP in Burlington ensures clients are in full compliance with tax obligations, while also working to maximize returns wherever possible. Our CPAs are highly skilled and serve individuals, families and businesses throughout Burlington and the surrounding area. To speak with one of our knowledgeable Chartered Professional Accountants, please contact us online or by telephone at 905-517-2297.