All self employed individuals and rental property owners must file their tax returns with Canada Revenue Agency. This can include businesses that are home based or transportation based (taxis, limousines, couriers, etc).As for your rental incomes, if you are renting a portion of your house or you have an additional property anywhere in the world, consult with us to gain an understanding of your tax liabilities.
As a chartered professional accounting office in Toronto, we focus on each client individually and assess your needs & objectives. We ensure that we minimize your tax liability within the relevant framework of the Income Tax Act. We are highly knowledgeable and have several years of experience and we will use this knowledge and experience with integrity to provide you with solutions for all your tax needs. We are available for advice at any time during the year.
As a self employed individual, generally you do not remit income taxes to CRA on a regular basis. So, at the end of a year, you are required to complete your bookkeeping and accounting as it relates to your micro business, file a special form T2125, and remit any applicable income taxes. If you are registered for GST/HST, a relevant GST/HST return must also be filed.
If you own one or more rental properties, it is considered passive income. At the end of a year, you are required to complete your bookkeeping and accounting as it relates to your rental properties, file a special form T776, and remit any applicable income taxes.
For several years, we have helped our clients and their families execute effective tax strategies. Strategies that can have an immediate impact on your taxes this year, and continue to help you and your family save money for years to come.
Whether your tax concerns relate to your personal, corporation, estate, or trust returns, we offer you in-depth tax advice and professional service to help you minimize taxes while maximizing your income and investment returns.
Since tax legislation is rapidly changing, effective personal and corporation tax advice is a must for any business. Effective tax advice can give your business a competitive advantage. Our accountants are knowledgeable and can advise you how to keep more of what you or your business earns.
Tax planning is an essential element of the tax preparation process.By making tax planning part of your overall business strategy, you can use our experience and access to the most current tax development to minimize your tax liabilities.