Effective tax management is a key component of good business management. If you do not address tax issues in a timely and efficient manner, you can create problems that seem to blossom at an exponential rate.
We will assist you in creating and implementing effective procedures that will solve the many and penalty costs related to improper recording and filing of:
• HST Returns
• Corporate and Personal Tax Returns
• Sole Proprietor/Partnership Personal Tax Return
• Property Rental Tax Returns
The HST is now in effect in Ontario. It is applied on most purchases of taxable supplies of goods and services in Ontario at a rate of 13%, consisting of the 5% federal portion and an 8% provincial portion. Businesses in Ontario that were registered for GST are now required to collect and report the HST according to their previous GST filing frequency.
Corporate and Personal Tax Returns
Our team and associates provides income tax planning that will help your company, and your family minimize taxes at a time when our government’s legislation is becoming incredibly complex.
Sole Proprietor/Partnership Personal Tax Return
A sole proprietorship is a non-incorporated business entirely owned by one person that is run in the hope of obtaining a profit. A partnership is usually the relationship between persons who conduct a business in common in the hope of obtaining a profit.
(REMEMBER! When you are filing a sole proprietor or partnership business activities, this information is filed on your personal tax return. You have up until June 15th to file your return along with your spouse, however, be careful if you owe tax as this has to be paid by April 30th.)
Property Rental Tax Return
Our team will prepare all rental tax returns for you or your company. There are some limitations in compiling this information and you should make sure you are fully aware of these. We prepare many rental property tax returns so be sure to give us a call at tax time!
Did you know?
You can deduct outlays and expenses you incur for eligible disability-related modifications made to a building in the year you paid them, instead of having to add them to the capital cost of your building. Eligible disability-related modifications include changes you make to accommodate wheelchairs. You can also deduct expenses paid to install or get disability-related devices and equipment.
We have used Kelly’s firm for over 17 years and have always been incredibly impressed by the quality of work and outstanding service we have received. We have referred many others over the years and they too have been equally impressed!
This is a question I have been asked many times by small business owners during my 26 years as a Chartered Professional Accountant. The answer, however, is not a straightforward one. Recent tax law changes have removed some of the benefits but there are still some key...