We take the fear out of accounting, auditing & taxation
Employees, Employers, Businessmen and Investors must have some knowledge in accounting and taxation to understand the growth, continuity and existing obligation of their own business or Investments.
Spending 2 days rather than 30 days of hard-work, participating in seminars and social events, learning management techniques and adopting modern technology, which are necessary for a smart investor.
Employers, Businessmen and Investors spend at least one day in a month to verify and validate their business’s accounting records and Income-tax payments. They should discuss and clarify with their accountant how the Accounting and Income Tax is prepared.
Personal Income Tax [T1]
Immigrant, Emigrant and Non-Resident income Tax
Corporation income Tax [T2]
Trust income Tax [T3]
Charity Returns [T3010]
Taxation Plays a Major Roll to the Rich!
Active Income vs. Passive Income [how Rich get Richer]
How to pay legally possible lowest tax under Income Tax Act?
How your business is legally structured?
Corporations pay lower Income tax than individual taxpayers!
Salary vs. Dividend ratio to reduce income tax!
Special Issues in Taxation
Non-resident Income Tax
Any person who lives out of Canada and owns property or business in Canada must file income tax in Canada every year to avoid heavy penalty, Interest & taxes
Non-resident who sells their property in Canada Visit an Accountant before selling the property to avoid heavy penalty & taxes.
Deemed-resident Income Tax
Any person who works out of Canada, having family in Canada, must consider this ruling, Deemed residence has different consequences to factual residence. Deemed-resident have to pay Federal tax only to keep the ties in Canada. example work as a member of the Canadian Forces, work as an ambassador or worked internationally as a representative of Canada
Immigrant / Emigrant Income Tax
New Immigrants coming to Canada or Emigrants leaving Canada must consider this ruling
Resident Income Tax
All Canadian residents age 18 and over must file Income-tax
An illegal practice
Tax-preparer and or Taxpayer Intentionally avoids paying income tax. This is subject to criminal charges and heavy penalty. This includes applying improper deductions from taxable income. Improperty deductions such as fales donation and vehicle, interest expenses which are not directly incurred to earn the income.
Legally possible practice
Tax-accountants apply this method to reduce Income tax owed by claiming deductions and credits, and by claiming expenses which are incurred to earn the particular income
Business, Property or Investments owned by a Limited Company [corporate charter]
Shareholders MUST File T2-Corporation Income Tax every year
If the Limited Company is dissolved by the Ontario or Federal for non-compliance, the shareholder may lose the assets to the Provincial or Federal Charter.
Charity Information Returns!
Charities must file information returns every year before deadline
Charity status may be revoked by Charity doctrine for non-compliance/non-filing
It is very difficult to reinstate the status if it is revoked
Professional advice is needed for charity accounting