Prior work experience with the Audit Division of Canada Revenue Agency has given Janet E Helm CPA, CGA insight as to what Tax Auditors look for when examining small business tax returns. As your representative we will discuss and negotiate with the tax officials on your behalf so that your best interest is taken care of. We know the intricacies of tax legislation and keep up to date with the changes as they occur so that you can take advantage of all that is available to you. Some of the tax areas that we specialize in are:
Individual Personal Tax Returns
Individuals are required to file Canadian tax returns by April 30 of each year. We recommend that you don’t wait until April 30 to start your tax planning. We electronically file your tax return and respond to any questions that the Canada Revenue Agency may have following the filing of your return.
We recommend that you start your personal tax planning in October. During October, estimate your tax liability – are there things that you can do to reduce your tax liability before the end of the year, for example increase your RRSP, add to charitable donations, take advantage of child fitness deduction/tax credits, and make use of home accessibility tax credits. October is also a good month to assess your overall financial plan and goals with your financial planner. Ask us for more information about financial planning for you and your family.
Rental Tax Schedules
If you rent a suite in your home, or you own a rental condo or house you will need to report the income on a rental tax schedule. These schedules are included in the filing of your personal tax return. We can assist you with gathering all of the information and documents needed to maximize your deduction. In addition, we can keep you apprised of all the tax implications of changing the status of your rental operation.
Capital Gain Tax Schedules
If you sell investment property you will need to complete a Capital Gain Schedule to report the income. We can assist you to determine your capital gain. We often calculate our clients estimated tax before the end of the year so they can take advantage of other tax strategies to offset their tax liability.
Business and Professional Tax Schedules
If you are a proprietorship or in a partnership, you will need to file your business tax schedule with your personal tax return. Our professional team will help guide you in finding the best system for keeping your books in order. We know the challenges small businesses face so we will find a system that is the best match for your skills and budget. In addition, we will alert you to if and when you should consider incorporating your business.
GST and PST Returns
Our monthly, quarterly or annual bookkeeping services include preparation of GST and PST returns. Our professional team will calculate and file your GST and PST online so you will avoid costly penalties and interest. We will also alert you to trends in your business and industry so you can adjust your business practices if needed before problems occur.
T4, T5 and other information returns
Information returns (T4’s and T5’s) are due to be filed by the end of February each year. Our professionals will calculate and file your returns for you.
Most trust tax returns are due by the end of March each year.
Executors of an estate may need assistance in determining what tax returns are required after a loved one has passed away. We can assist you with both the Final Tax Return and subsequent Trust Returns if required.
Charity and Not-For-Profit Returns
We have extensive experience with charities and not-for-profit organizations. Many of our not-for-profit organizations also receive gaming funds and are required to file tax returns with the Gaming Commission. We can help you stay within the guidelines required by your funding organization and the provisions of your Charity Registration by filing the right information, in the right way and on time.