Frequently Asked Questions
FAQs for Individuals
You may qualify for credits such as the Canada Workers Benefit, tuition tax credits, medical expense credits, and home accessibility tax credits. We help identify all credits relevant to you.
Yes, we offer year-round tax planning to optimize RRSP contributions, investment strategies, and tax-efficient retirement planning.
If you work from home, you may be eligible to claim home office expenses, such as utilities, rent, and office supplies. We can determine your eligibility and calculate your claim.
You’ll need records of income, receipts for business expenses, GST/HST filings (if applicable), and information about any employees or contractors you’ve hired.
Yes, we can file prior years’ tax returns, assist with negotiating payment plans for any nbalance owing, and help minimize penalties.
A tax deduction reduces your taxable income, while a tax credit directly reduces your tax owed. We ensure you take advantage of both where applicable.
You must report income from dividends, interest, capital gains, and rental properties. We provide guidance on minimizing the tax impact of your investments.
Income splitting opportunities exist, such as pension income splitting and transferring unused tax credits. We evaluate your situation to maximize these benefits.
We assist with strategies like contributing to RRSPs, Tax-Free Savings Accounts (TFSAs), and using spousal RRSPs to reduce your overall tax burden.
Yes, we provide comprehensive financial consulting, including debt management, estate planning, and investment strategies to help you meet your financial goals.
FAQs for Small Businesses
We provide bookkeeping, payroll, financial statement preparation, GST/HST filing, tax planning, and business advisory services tailored to small business needs.
We can help you utilize strategies such as incorporating your business, taking advantage of small business deductions, deferring income, and maximizing expense claims.
The SBD reduces the corporate income tax rate on the first $500,000 of active business income for Canadian-controlled private corporations (CCPCs). We can evaluate your eligibility and ensure you claim it.
Incorporation offers tax advantages like income splitting, lower corporate tax rates, and limited liability. We can assess if incorporation is right for your business.
We recommend using accounting software such as QuickBooks or Xero and provide training or setup assistance. You can also work with us for regular bookkeeping support.
Maintain records of all income, expenses, invoices, receipts, payroll records, bank statements, and GST/HST filings. These should be kept for at least six years for CRA compliance.
Yes, we assist with GST/HST registration, periodic filings, and ensuring you claim all eligible input tax credits to minimize your liability.
We offer cash flow management solutions, including budgeting, forecasting, and strategies to optimize your working capital.
Common errors include misclassifying employees as contractors, failing to remit payroll taxes on time, not claiming all eligible deductions, and neglecting to file GST/HST returns. We ensure compliance and accuracy.
Yes, we provide guidance on scaling your business, restructuring for tax efficiency, and accessing financing options.
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