Burlington Chartered Professional Accountants Assisting with Personal & Corporate Tax Compliance
As the old saying goes, nothing in life is certain but death and taxes (and the jury is still out on which of the two cause more pain and confusion). The rules are complex and ever-evolving. Any person or entity earning an income in Canada is required to regularly account for that income and pay taxes when necessary. Failing to remain compliant with the current laws and pay the taxes owed can result in large fines or other disciplinary action. The best way for any individual or corporation to ensure they are in compliance with all tax rules and regulations is to entrust an experienced accountant to review your situation and establish an appropriate tax plan. This is also the best way to know that you have taken advantage of all allowable deductions, credits and other tax-saving strategies.
ESS CPAs LLP in Burlington is a firm comprised of dedicated and experienced Chartered Professional Accountants with over 50 years of combined experience providing tax planning and guidance to individuals and businesses in Burlington and the surrounding Halton region. We will assist with all personal and corporate tax filings to ensure our clients pay what they owe while benefiting from all allowable credits and deductions. Should a client be directly engaged by the Canada Revenue Agency for a review or audit, we can interact directly with the CRA on their behalf to provide the necessary information and protect our client from any negative repercussions.
Personal Income Tax Preparation and Planning Services in Burlington
Most people resident in Canada will be required to file personal tax returns every year, as most people generate income of some kind in any given tax year. If an individual is a full-time permanent resident of Canada and earns income in other jurisdictions, they will also be taxed on their worldwide income in Canada. Income is more than just what you may earn on your paycheque. Income can be generated in multiple ways, including:
- Rental property income;
- Support payments;
- Capital gains;
- Employment insurance and other benefits;
- Scholarships or research grants;
- Social assistance payments; and
- Income from self-employment.
Our clients rely on us to prepare their annual tax filings with precision and accuracy while ensuring that they have benefited from every available tax incentive and credit to minimize their obligations. Our trusted Chartered Professional Accountants have decades of experience providing personal tax services to clients in even the most complex financial situations, and we pride ourselves of our record of excellence.
Individual Business Income
Reporting income earned via self-employment can become complicated. There are many potential deductions available for business expenses, but they differ depending on the nature of the business. For example, sometimes the line between a legitimate business expense versus a personal expense can become blurred when a person is self-employed and works exclusively out of their home.
To report your business income and expenses, you must complete Form T2125, a Statement of Business or Professional Activities for each separate income stream. This form is part of the T1 income tax filing and is used to report business or professional income and expenses. CRA rules and regulations pertaining to calculating gross and net income, as well as allowable deductions, can be quite complex. As a result, the reporting and filing process is extremely time-consuming. Further, if anything is reported inaccurately or if insufficient information is provided, this may trigger the CRA to conduct a review or audit.
You can rely upon ESS CPAs LLP in Burlington and their staff to prepare all required tax filings for your business and professional income accurately and efficiently to keep you on-side with the CRA. We will also ensure that you are taking full advantage of all allowable deductions such as capital cost allowance (CCA), and home office expenses. Bookkeeping services are also available for clients requiring assistance with recording transactions throughout the year.
Voluntary Disclosure Program
The Voluntary Disclosure Program promotes compliance with Canada’s tax laws by encouraging taxpayers to voluntarily come forward and correct previous omissions in their dealings with the CRA. Taxpayers who make a valid disclosure will be allowed to pay the taxes or charges plus interest, without penalty or prosecution that the taxpayer would otherwise be subject to under the federal Income Tax Act. Taxpayers can make disclosures to correct inaccurate or incomplete information, or to disclose information not previously reported. For example, taxpayers may not have met their tax obligations if they claimed ineligible expenses, failed to remit source deductions or the GST/HST, or did not file an information return.
ESS CPAs LLP in Burlington can assist in preparing and submitting Voluntary Disclosures with CRA on behalf of taxpayers. Our accountants will review your filing history with you to determine whether the Voluntary Disclosure Program may be right for you and will assist you with ensuring compliance going forward to get you back on track.
Corporate Income Tax Services
Corporations resident in Canada – all corporations including non-profit organizations, tax-exempt corporations, and inactive corporations—have to file a T2 return for every tax year, even if there is no tax payable. The only exceptions to this rule are provincial Crown corporations, Hutterite colonies, and corporations that were registered as charities throughout the year.
Filing the first corporate tax return after incorporation is particularly significant, as this is when certain information will be determined that will have long-lasting effects, such as deciding on the corporation’s tax year-end. Depending on when the year-end falls, this will also determine the timing requirements for filing the corporate tax return.
We regularly assist Canadian Controlled Private Corporations (CCPCs) in complying with their tax filing obligations. We will advise newly incorporated businesses with respect to establishing the tax year-end and related filing requirements. For all of our corporate clients, we will prepare precise and detailed corporate tax filings and ensure that all federal and provincial regulations are met. Further, we carefully ensure that each corporate client has the benefit of every available tax incentive to minimize its obligations and maximize profitability.
Assistance with Canada Revenue Agency Reviews and Audits
Receiving a notice that your personal or corporate tax filings are under review or audit by the CRA can be extremely stressful. In recent years, there has been a sharp increase in the number of taxpayers subjected to the review process as the agency steps up enforcement efforts. First, it is important to note that a review is different from an audit. A review generally consists of the CRA asking for additional documentation or seeking more information with respect to certain aspects of your return. A review can be carried out before or after the CRA provides a Notice of Assessment. Most reviews are resolved once the requested information is received.
An audit, on the other hand, is much more involved. An audit means that the CRA will be examining your tax filings and financial records in extreme detail, possibly going back multiple years. This will generally involve a review of all financial holdings, income reporting, and tax filings, and will require you to provide extensive documentation. Whether you have been contacted regarding a review or an audit, ESS CPAs LLP in Burlington has decades of experience helping clients through both processes. We will provide guidance on how to respond, and even engage directly with the CRA on your behalf to resolve any inquiries as quickly as possible, ensuring you pay only the taxes you rightly owe.
Providing the Services You Need, When and How You Need Them
At ESS CPAs LLP we customize the level of assistance based on our client’s specific needs, whether that be providing transaction-based services or taking a more collaborative approach. We work with each client to determine their requirements then increase our involvement as needed or requested.
We are a fully modern accounting firm, making use of the most up-to-date technology and accounting software. Our extensive use of innovative tools allows us to adjust our approach to best serve the needs of our clients while enabling us to efficiently provide accurate and reliable results. Every business is accustomed to tracking and managing financial information in a specific manner, and we will adjust as necessary to make the process convenient while assisting with modernization and efficiency where possible.
Contact ESS CPAs LLP in Burlington for Comprehensive Assistance with Personal and Corporate Tax Compliance
ESS CPAs LLP in Burlington ensures clients are in full compliance with all personal and business-related 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.
Corporate Accounting Services
We offer a full range of corporate accounting services including ongoing bookkeeping & accounting, production of financial reports as well as compilation services.
Assurance Services: Audits And Reviews
Offering peace of mind to organizations through a full audit and review of your company’s reporting environment, financial statements and internal controls.
Cross-Border Tax Services
From real estate to income tax, we guide clients on both sides of the border through their U.S. and Canadian tax filing requirements and help to minimize their obligations.
Canadian Tax Planning And Compliance
Providing experienced and proactive management of personal and corporate tax compliance in Canada, while advising clients on effective tax minimization strategies.