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A taxpayer is responsible for their tax return’s accuracy. Unfortunately, anyone can be a “tax preparer” in Canada, so choose your accountant wisely. Look for a reputable accountant and ask questions if you notice any discrepancies. Remember, a refund isn’t always positive. If you have concerns, don’t hesitate to ask or consider changing accountants.
Taxpayers bear ultimate responsibility for the accuracy of their tax returns, regardless of who prepares them, as affirmed by the CRA and court decisions. Blindly relying on tax filing services without due diligence can lead to legal consequences.
CRA audits can be stressful and time-consuming. While some CRA audits are random, most are triggered by red flags. The good news is that you can reduce the chance of an audit by following best practices. Here, we discuss strategies for minimizing the risk of tax audits.
Navigating HST/GST-related questions can be a challenge, even for seasoned business owners. The lack of clarity can result in significant consequences, including bills from the CRA for uncollected taxes, coupled with interest and penalties. It is crucial to have a comprehensive understanding of your obligations regarding HST/GST.
The death of a taxpayer can result in additional tax liabilities, potentially creating financial challenges for surviving families. In this article, we explore the tax implications of a taxpayer’s death and the associated filing requirements.
Employers need to hire good talent and, pay them correctly and timely. Here are various responsibilities and choices employers have when it comes to payroll. Remember you are not just dealing with your employees; you are dealing with multiple stakeholders like CRA, WSIB, Employee Health Tax, Ministry of Labor, employees, and their lawyers, to name a few.
Congratulations, you have decided to take a difficult and bold decision to start your business which opens the doors for potential big rewards. Of course,
Corporate Law: Ontario removes director residency requirement & reliefs shareholder resolutions in writing -making it easy to incorporate & operate in Ontario
As a CPA firm in GTA, our team specializes in small and medium-sized businesses and is a highly trusted tax firm in Toronto (as reflected by hundreds
Various tax planning and income-splitting strategies can be used by incorporated and non-incorporated businesses to lower the tax bill.
