Many people think that accountants only file taxes once a year and that is the extent of the services offered. There are several other items to consider asking your Accountant Toronto about. Review Engagements Licensed Public Accountants in Toronto are able to perform review engagements for clients. This is where the accountant will assess the …
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One of the most common tax planning tools use by accountants, but fairly unknown by anyone outside of the industry is the S. 85 rollover. The S. 85 rollover allows an eligible transferor and transferee to jointly elect to move assets or property on a tax free basis. The transfer would be done at an …
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A major tax benefit for someone who is a self-employed independent contractor is the business-use-of-home deduction, but many people do not understand the rules. The first thing that taxpayers in Toronto need to understand when they are working as independent contractors is whether or not they actually meet the criteria for being a self-employed contractor, …
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Choosing a dental accountant to work with is crucial to Dentists in Toronto and here are a few things that the Dentist should keep in mind when making the choice... Experience It is important to with with a dental accountant that has experience working with Dentists and medical professional services in general. There is specific knowledge …
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Many small business owners start to accumulate money in their corporate bank accounts, and want to invest the funds, but do know or understand if there are tax implications... It is perfectly acceptable to invest excess funds within a corporation. The new rules in 2018 caused some new implications of investing within a Canadian Controlled …
Continue reading Can I Own Stocks and Investments in My Corporation?
People often simply search "Accountant Toronto" and pick a firm to call... There is much more to choosing a accountants in Toronto than simply looking at Google reviews. While the reviews are important, they are only a small piece of the puzzle. Some important considerations when selecting a Toronto Accountant for your small business are: …
People often talk about "not wanting to get audited" when they are preparing their books for the year-end tax return of their small business in Toronto... What most people do not realize is that any penalties and interest resulting in audit findings are only one potential "cost" associated with the audit (assuming there were errors …
Continue reading What Happens During a CRA Audit for a Small Business in Toronto?
Many people don't seem to understand the value of hiring a professional bookkeeper for their small business... Hiring a professional bookkeeper can add a lot of value to your small business. Simply purchasing the best cloud accounting software such as QuickBooks Online does not suddenly make the business owner a professional bookkeeper. Some of the things that …
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Here are some things you may want to know that can lower your tax bill as a business owner in Toronto... Salary vs. Dividends Generally speaking, dividends have a lower tax rate than salary, are not subject to Canada Pension Plan (CPP) and the first $34,000 of dividends can be received tax free. Salary creates …
If you live in Ontario, Canada, then you are certainly familiar with pay taxes; however, what are all the different taxes we must pay? The Canadian government(s) collects money from both individuals and companies at the federal, provincial and municipal government levels. The most common types of taxes in Canada are: Personal income taxes Corporation …
Small Business Accountant Toronto Tips & Blog 
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