Category Archives: Tax Accountant

A Tax Accountant Can Cut Your Bills

Even though everyone knows that taxes have to be paid, it can still be a nasty shock when the bill comes in. The most sensible thing to do will be to set aside a little money each week and hopefully by the time the bill has to be paid there will be most if not all of it ready to be paid. Unfortunately, life often gets in the way and the money is spent on other things, and for this reason it will be a good idea to have a tax accountant.

When you get your tax bill there is an expectation that you will pay it off quickly and therefore not owe anything to the government.  The reality is that there will be times when that cannot happen and you will start to incur penalties and charges. Interest will be added to the bill the longer that it is not paid and this can mean you soon have a substantial commitment that cannot be met. A tax accountant will be able to help and show you that there is light at the end of the tunnel.

The auditors working within the CRA are under instruction to get the money that is owed and there will be times that without the help of a tax accountant, you could agree to pay more than you have to and be in financial straits when there is an alternative. It is important that you sort out your finances and again this is where a tax accountant can help. If they can show you where you are paying too much tax then the bill will be lower, there is more chance that you will be able to pay and there is less chance of there being an penalties incurred.

It has been calculated that there are people who are paying up to three times more in penalties than they are actually paying in tax. That cannot be right and it is going to make it much more difficult to get out of the situation and just get back to paying the normal amount each year. A tax accountant will be able to help you and often can get the amount owed reduced. You can be sure that they will never judge you or push you to pay more than you can afford.

If you decide to deal with a tax accountant, do some homeworks before you do. Firstly, find out if they are prepared to give you a free consultation. You don’t want to pay someone to tell you that they can’t or won’t help you. Next, read up on them and see if there are any comments left by previous users. People love to give an opinion and if they feel let down they are bound to write about it. If you find a tax accountant that does not have any bad reviews, then you should be fine to pass your accounts over to them. The cost of the work they do for you will be swallowed up by the savings they could arrange.

Any tax accountant that tells you they can make all your problems disappear is probably best to be avoided. If they tell you that they will do their best for you, have experience in the area that you are struggling with, and have a lot of success due to the knowledge and experience they have, then you will be safe trusting them.

Why You Should Hire a Tax Accountant

When it comes to hiring a tax accountant. Hiring an inexperienced accountant with no expertise and knowledge specifically in taxes will not in any ways help you rather at points can harm your overall situation alright.

Filing your tax returns every year is an obligation on every citizen and every year it is the same question asked by numerous individuals on whether they should hire professional help to file their returns? Will hiring a tax accountant or tax consultant help in any way? The answer is a definite yes. First things first every tax situation is different from the other and in order to avail all amnesties applicable on your tax situation, a tax accountant will work to your benefit as he or she is a professional of the field and has far more experience of dealing with taxes and many of us do.

The best way to hire a tax accountant for yourself is to look for certified professionals who are experienced in the tax area as they are the ones who on a daily basis deal with several tax cases and situations and know best what will work out for you. There are often times when people suffer consequences owing to incomplete or improper filing of returns which is why a tax accountant should be chosen for the job to avoid any severe actions on behalf of the CRA.

Also when it comes to paying your taxes and availing every amnesty that you are eligible for, hiring a tax accountant will help especially in regard that new tax laws are governed almost every year and not knowing them and how they will work in your favor is a big loss on your part. Only a tax expert who on a daily basis caters to cases and situation is well aware of what to do in what circumstances. Also since these professionals are always dealing with the CRA they are more informed on how CRA would react to a certain stimuli by the debtor and what a tax payer should do in case CRA objects o him in any way.

You can look for reputed services companies that offer professional tax accountant services and consult friends and family members to find the best tax accountant for yourself.  You can however also check on the reputation of the accountant you are choosing for your tax matters and ensure that the selected candidate does not have any complaints registered against him or her.

Besides individuals, small and large businesses too benefit a lot when it comes to hiring a Canadian tax accountant as not only can they manage employee taxes and payrolls but can also help in making the most of available money while getting the best of the tax breaks for you. You can always opt to file your returns yourself; however any mistake will ultimately take you to the doors of a tax accountant, so why not make a wise decision on time.

Summary

 

Hiring services of a tax accountant helps in moving away from several taxes related issues that can arise later due to a mistake or having no knowledge of a certain tax related issue. Tax accountant can help in saving you precious money, time and hassle that you will spend with the CRA in absence of a tax accountant.

Filing of Corporation Income Tax Toronto

For corporations in Canada who want to claim the small business deductions when filing corporation income tax Toronto or other Canadian cities such as Calgary, Vancouver, the net tax rate effective from January 2012 has been 15%. The corporation is a popular business structure form in Canada. This is because the distinction in liability protection for  corporations offers as against a sole proprietorship concern. Canadian corporations are taxed slightly differently than the other business categories when filing the corporation income tax Toronto or other Canadian cities such as Calgary, Vancouver.

The important tax change when considering corporation income tax Toronto or other cities is that the corporation is a legal entity within its own rights and is taxed separately from individual proprietorship. There are different kinds of corporations in Canada. The type will determine whether or not a corporation can claim certain deductions and rates. An important type of corporation in Canada is the Canadian Controlled Private Corporation (CCPC). It has to be incorporated in Canada. The shares of its capital stock are not listed by class on any designated stock exchange. A public corporation is defined by getting its category of shares listed on a Canadian stock exchange which is designated as a public enterprise.

Canadian corporations have multiple methods to reduce the income tax amounts in Canada. They have to either follow some tax guidance which will help earn them some tax credits or they will have to take advantage of income corporate tax credits.

As all corporations are distinct legal entities, they have to complete and file a T2 Form every year. This is applicable to all corporations operating in Toronto or other Canadian cities even if the corporation happens to be an inactive one. The one exception to the rule is if the corporation is a registered charity enterprise.

Corporation Income Tax applies to all corporations with a T2 Short Return Form if they are a Canadian controlled private corporation through the tax period. The corporation could have a nil net income or a loss for the purpose of income tax. The corporation also should have a permanent establishment in only one territory or a provincial region. The corporation should not be claiming any refundable tax credits in addition to the refund of installments that it has paid. For a T2 Short Return Form, it is also mandatory that the corporation not receive or also pay out any taxable dividends. The corporation has to report its accounts in Canadian currency. In absence of all these conditions, a corporation has to file a regular T2 Return.

It is recommended that the Corporation Income Tax returns be prepared by experienced and professional tax experts as completion of a T2 Corporation Income Tax form will require usage of the General Index of Financial Information (GIFI) and it is more complex than the T1 Personal Income Tax Return.

Corporation Income Tax in Toronto or other cities has to be filed within half a year of the end of the fiscal year. If the year-end date for filing taxes is March 31st, it has to be filed before 30th September of that year.

Corporation Income Tax in Toronto or other Canadian peer cities can be filed electronically through an eFile and this applies to even non-resident corporations. If a corporation has any balance outstanding due on its corporate income tax, that balance has to be paid within a period of two months after the close of the tax year.

 

All Taxpayers in Canada Need Reliable a Tax Accountant

When the tax deadlines loom every year, Canadians are busy looking for a tax accountant in order to help reduce their tax load. Certain legislative changes in the past few years have allowed a specialized tax accountant to be more involved with CRA tax troubles. Knowledge and expertise of a specialized tax accountant comes in handy when there is a dispute with the CRA concerning tax assessment.

tax accountant is bound by a code of ethics in his or her profession. Constrained by law to disclose confidential information regarding a client, the tax accountant will not disclose clients information to any third party without written consent from clients.

Canadians require the services of a tax accountant when the CRA starts to challenge them with taxes problems. It is not easy to fight your own battles when it comes to negotiation and settlement of taxes. If you run a small business operation, the services of a good tax accountant will be invaluable. He or she will be able to help you find a way through the labyrinth of tax rules and provide the financial guidance that you require to manage your small business operations. A reliable accounting firm will not only handle audits and settlement of taxes for you but it will also keep you apprised of all the latest changes or developments in tax laws.

How do you go about finding a reliable tax accountant?

All business entrepreneurs can begin by asking their business associates about good accounting firms. It is crucial that you select a tax accountant who is familiar with your business requirements and your tax situation. For example, if your business is software or internet related, then you will have to seek accounting firms who are familiar with software skills and fluent in the language of e-commerce. If you are an exporting firm, then the accountants have to be conversant with all export laws and strategies.

It is not easy to be conversant with all laws pertaining to the filing of your taxes, even in a self reporting system of taxes. A good Tax accountant will be able to help in performing due diligence and in the correct filing of taxes. CRA cannot be given the excuse about ignorance of laws for not filing the taxes or filing them incorrectly.

CRA expects all taxpayers to be aware of the tax filing deadlines so that they can file on time. The accounting firm will be able to prepare and take care of prompt filing. A tax accountant will also keep a taxpayer informed about several credits that are available to the individuals. These credits can be claimed on the T1 Personal Income Tax Returns Forms. The credits help in the reduction of the final tax figure that is due to the CRA. There is a tendency among taxpayers to under claim some Tax Credits that are most challenged by the CRA as some accountants may not be asking the right questions and thus the chance of being denied the tax credits by the CRA increases.

Responsibilities of a Tax Representative

tax representative has to cover for his client as a tax consultant, accountant, and an expert witness; all rolled into one. An authorized tax representative has to protect the interests of his or her clients. The representative has to agree that there will be no information disclosed concerning a client to a third party and also will not disclose any information that is provided to him or her by the CRA to anyone else in the absence of the taxpayer’s consent.

The tax representative has to make sure about the privacy of all the transactions that are conducted on behalf of a client or a taxpayer. All the documents have to be disposed of properly so that the confidentiality of a taxpayer is protected. The representative has to comply with all applicable legislative provisions like the Income Tax Act or the Goods & Services Tax Act and the Excise Tax Act. It has to be remembered that the CRA has the right to revoke the privileges of an authorized tax representative if he or she fails to comply with the terms and conditions governed under the contract of negotiation between the CRA and the taxpayer.

The tax representative has a responsibility of providing accurate information to CRA. There is a penalty if false information is provided intentionally under subsections 239(1) of the Income Tax Act.

When selecting a tax representative, you require someone who is specialized in tax resolution as tax dealing is a very broad topic. A specialist as a tax representative could be a good option based on any tax situation. If any tax activities involve some element that can be described as tax avoidance and the representative happens to be a specialist who is conversant with all CRA procedures, it would help the taxpayer a great deal.

Tax accounting firms assign a tax representative who is a licensed accountant as well as a tax specialist. The chances of facing an audit by the CRA will reduce if your representative is a tax specialist and a licensed accountant who can handle the toughest tax returns. Even if there is an audit by the CRA, the tax representative will be in a position to explain how the numbers have been arrived at on the returns.

The track record of a tax representative is of high importance. The credentials of a tax consultancy firm have to be high. An interesting standpoint with these tax consultancy firms is that they can be aggressive in their dealings with the CRA as they do not have the fear or the risk of losing their licence. If the consultants deal regularly with CRA, the taxpayer should not have any hesitation in placing full trust in their capabilities.

The tax representative can act as an expert witness also and defend a taxpayer in General Procedures in tax courts. The function of a tax representative as an expert witness is to help the court by providing an independent opinion about tax matters within his or her expertise. The evidence given by the expert witness when called to testify is an independent testimony and cannot be influenced by the CRA.

Tax Preparation for Individuals and Businesses

Canadian tax rules and guidelines seem to change each year. It seems that tax system is forever complicated. Tax doesn’t have to be a hassle, in fact, with the right tax preparation team, tax season can be downright rewarding. If you live in Toronto or other cities in Canada and are concerned about your tax preparation, here are some tax preparation tips to help make filing your taxes easier. 

 

Toronto Tax Preparation for Individuals

According to the Canada Revenue Agency, some things that could help your tax preparation run a bit smoother are: set up direct deposit, save dependent care receipts, save charitable donation receipts, save retirement savings documents, save student tuition receipts, save first time home buyers documents, and more.

  • Direct Deposit
    Setting up direct deposit helps you be ready when you file your taxes. In some cases, it can even provide a quicker return. File on time to prevent late penalties and delays. 
  • Dependents
    The activities you sign your kids up for may provide additional tax savings, as well as, caring for dependents with physical or mental impairments, so be sure to save your receipts. 
  • Students
    You may be eligible to claim tuition, textbook, education amounts, and student loan interest, so be sure to save your school tuition statement. 
  • Charitable Donations
    Cash, goods, and land donations etc., made to a registered charity may be eligible for tax credits, so be sure to save all donation receipts. 
  • Retirement Savings Plans
    Contributions to your RRSP are tax deductible, so be sure to save all RRSP tax forms. 
  • First Time Homebuyers
    Homebuyers may be able to get tax credits for the purchase of their first home, so be sure to save all paperwork. 

 

Toronto Tax Preparation for Businesses

According to the CRA, business records, whether paper or electronic, must be reliable and complete, contain correct information you need for fulfilling your tax obligations and entitlements, and be sustained by supporting documents such as appointment books, log books, income tax, sales tax, GST/HST returns, tax/harmonized sales tax, scientific research and experimental vouchers and records, and certain accountants working papers. So, be sure to keep accurate accounts of these documents for tax preparation.

 

Tax Accountant Toronto

We are Tax 911 Now, we’re located in Greater Toronto Area, and we have a professional team of tax consultants. Our dedicated team of experienced tax professionals cover a wide range of individual and business tax services including tax return Toronto, late tax filing Toronto, CRA audit Toronto, Tax audit help Toronto, VDP Toronto, tax evasion Toronto, tax amnesty Toronto, tax lawyer, Toronto tax problems, Toronto cra tax appeal Toronto, tax objection Toronto, tax payment plan, Toronto CRA collection Toronto, CRA garnishments Toronto, CRA bank freeze Toronto, tax relief Toronto, taxpayer relief Toronto, and tax consultant Toronto, and more. At Tax 911 Now, we understand all about Toronto’s tax issues, rules, and regulations and are prepared to help you avoid the costly tax preparation mistakes that may trigger an audit. Tax 911 Now services the Toronto, York Region, Durham Region and other regions of Canada. Call us for tax help today for free consultation.

Tax 911 Now
129 Telson Road Suite #100
Markham, Ontario
L3R 1E4
1-877-918-2991

Tax Audit Help in Toronto

Tax audit risks

Every business and individual in Canada who pays taxes can be selected for an audit regardless of whether there are irregularities in their tax returns or not. Audits are conducted for a number of reasons, including those with tax return problems and others who are randomly selected by a computer program. In general, the risk of being selected for a CRA audit are greatly reduced if you work with a professional tax preparation service who has tax audit expertise. Equipped with years of tax audit expertise, Tax 911 Now, with offices in Toronto, York and Durham regions, prepares the tax returns of the business or individual with the mandate of audit risk control in mind.

 

Need tax audit help? 

If you’ve received a audit notice and need help, Tax audit help can be found by using a Tax 911 tax consultant in Toronto. When a CRA audit begins the taxpayer is contacted directly by the CRA; Tax representative at Tax 911 Now can start to represent you in the audit and help to schedule meetings and ensure all the required documents are assembled and complete before being presented to a CRA agent.

 

We are Tax Audit Experts

For tax audit help, Toronto taxpayers can choose one of two options for completing an audit, which are to assemble and send required documents to a CRA office or to allow a CRA agent to audit the business at its place of business. Tax 911 will ensure the audit goes well by providing tax audit help effectively and professionally. Tax audit help starts with a negotiation with CRA agents on the scope, the time and the location of the audit and then organizing all meeting times and locations. For an audit to be completed successfully a number of documents are required by the CRA agents, including sales ledgers, bank account statements and invoices, etc. Tax 911 Now can provide tax audit help Toronto businesses need by checking all the documents required for the audit are complete; when required a tax professional will usually attend the audit at the meeting place or place of business to ensure all the auditor’s requirement are met. By being present throughout the audit, the tax professional can ensure correct procedures are followed and any questions the auditor has are answered quickly and correctly without disclosing information unnecessarily.

 

Tax help for all over the Greater Toronto Area GTA

For many Toronto, York and Durham residents, employing a professional tax preparation and accounting services, such as Tax 911 Now, gives them peace of mind that their taxes and potential tax audit problems are handled correctly. By handling the CRA tax audit for individuals and business for many years, Tax 911 Now has the expertise to make sure that tax returns are audit proof to reduce the risk of audit problem for future.

 

For help with taxes from Tax 911 Toronto individuals and businesses can call 1-877-918-2991 or call into the office at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4.

Professional Canadian TAX Accountants

Are you facing any of the following tax issues?

  • Issues on back taxes, late taxes, unfilled taxes?
  • Personal, self-employed business, Corporate and business tax issues?
  • Unreported Income, under-reported income?
  • Issue with tax audit (Income tax, GST/HST, PST, payroll, WSIB)?
  • International tax issues?
  • Overwhelmingly large tax bill?
  • Income garnishment, tax lien?

That is our specialty as Canadian Tax Accountants!

When you have complicated Canadian tax matters, there are very few Canadian tax accountants and lawyers who can handle the task. Most of them, due to the complexity of the issues, will stay clear from this filed. However, solving complicated tax problems is all we do!

Tax 911 Now has experienced Canadian Tax Accountants who practice exclusively on special tax field providing tax services to tax clients who have urgent or complicated tax issues such as those we listed above.

To better help clients, we provide full services so that clients can solve their complicated tax problems under one roof. We can prepare your bookkeeping in house; we can prepare your tax returns in house, be it personal, be it self-employed business, be it corporation, be it payroll, we represent you to deal with the taxman, we negotiate tax settlement, etc. as experienced Canadian Tax Accountants, we do it all.

Our satisfied clients are pleased as we provided them with exceedingly high quality of tax services on tough tax problems. Those clients would not even dream of dealing with a complex tax matter without our professional Canadian tax accountants’ help.

Do you have “Impossible”? “Unsolvable” tax problems? Tax 911Now’s team of tax experts and tax accountants will help.

We are excited about the challenge of trying to solve “impossible” or “unsolvable” Canadian tax problems.

If you have a complicated Canadian tax issue, you do not want to wait for long time to get some help as most of those tax problems are serious and urgent in nature – you probably want to fix it as soon as possible by effective tax accountants!

We strive to provide fast resolution to your tax problems! For example, in most cases, if we get a client with tough tax issue, we will start to take action immediately in the first appointment. It is a rewarding experience for us to see that clients walking in appearing stressed and walk out with sign of big relief!

Tax 911 Now’s Tax Service Range

Our Tax services include Tax Help, CRA Tax Help, Help with tax problems, CRA Tax Relief,  Tax Relief ASAP, CRA Problem Resolution, Tax Resolution Services, Tax Negotiator, Voluntary Disclosure Program, VDP, Tax Amnesty, Tax Repair, Tax Expert, Tax Issues, Tax Advisor, Tax Help by Licensed Tax Professional, Efile, Efiler, Tax Attorney, Accountant Help, Sales Tax Help, CRA Audit Help, Tax Audit, Tax Problem, Tax Lien, CRA Help, Back taxes, Unfiled tax returns, Past Due Returns, Emergency Tax Help, Tax Return Preparation, Payroll Tax Problem, Tax Levy Release, Wage levy Relief, Wage garnishment release, CRA Problem Solver, CRA Tax Settlement Negotiation.

What You Need to Do Immediately to Fix Your Tax Problems?

If you feel you will be caught by CRA pretty soon or you have received letters or calls or personal visit from the tax man, then you cannot afford to wait any longer! Do something to resolve your tax problems.

The first step is to stop procrastinating and running. Take action today!

Hire seasoned tax accountants who are qualified and have the experiences to help you solve tax problems. Many people try to handle their tax problems themselves and failed terribly.

Get Tax help TODAY by calling Tax 911 Now team at 877-918-2991 or go to Contact page.

Our Free No Obligation Consultation & Rate Guarantee

To begin with, we offer first time RISK FREE unlimited time consultation just to help you to understand the depth and complexity of your tax problems. We will also provide you the recommended steps to take to fix your tax problems. It is no obligation and thus it is completely up to you to decide what to do from there.

If you do decide to engage us to fix your tax problems, we provide price match guarantee within the entire tax negotiation industry.