TAX SERVICES

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SOLE PROPRIETORSHIP AND PARTNERSHIP

A sole proprietorship is an unincorporated business which is owned entirely by one individual, whereas a partnership is an unincorporated business which is owned by more than one individual. No matter which one of these you are a part of, your income must be included on your T1 Tax Return and is reported in the Statement of Business or Professional Activities.

Services include:

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• T1 Tax Returns

• Tax Planning

• Adjusting Prior Year Tax Returns

• HST Registrations and Remittances

 

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CORPORATIONS

All corporations must file a tax return every year, even in the event that there is no tax payable. This includes non-profit corporations, tax-exempt corporations and inactive corporations. Tax return for a corporation is due 6 months after the corporation’s tax year. Corporation must file a return no later than three years after the end of a tax year to receive a tax refund.

Services include:

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• T2 Tax Returns

• Tax Planning

• SR&ED Advisory Services (Including Other Funding Programs)

• Adjusting Prior year Tax Returns

• Sales Tax Returns

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ESTATE

An estate or trust is considered a person for taxation purposes in Canada. An estate tax year begins the day the person passes away and continues for one year. Any income earned by the estate during the tax year is reported on a T3 Tax Return, and is set off against available deductions and exemptions just as it is for a living person. Capital gains, dividends and interest can be taxed.

When the estate is wound up and all of its assets have been distributed to the beneficiaries, the executor should request a Tax Clearance Certificate from Canada Revenue Agency to show that all taxes owing have been paid.

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T3 Tax Returns can be very complicated and thus it is advisable to consult an accountant, preferable one that is a certified Chartered Professional Accountant (CPA).

 

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CRA AUDIT SUPPORT

The Canada Revenue Agency is a governing body of with the authority to audit yourself or your business at any given time. If you have been asked by the CRA requesting an audit – including proof of expenses – make sure you are prepared. Don’t be overwhelmed – be ready.

 

Services include:

• Representation with CRA

• Assistance with HST Audits

• Assistance with Tax Audits

• Adjusting Prior Year Returns with CRA