Tax Services
In today s economy, effective tax advice and planning can give your business a competitive advantage. DN Accounting-Tax advises clients on strategies for reducing their federal and provincial income taxes.
We work with clients to ensure their business is structured to minimize taxes now and in future, analyze the tax implications of business decisions. We work with clients to maximize the benefits of tax deferrals, prepare tax returns and manage their relation with federal and provincial tax authorities. We respond to audit requests and negotiate with federal and provincial authorities.
Personal Tax Return
Personal Tax DN Accounting-Tax serves to a diversified group of clients with quick, affordable and accurate income tax preparation. Services include planning so that your return is maximized or you pay the possible least amount of tax.
We are not limited in the client base we serve; we do consider our self particularly skilled and knowledgeable in the following areas also:
[gmap width="100%" height="350" address="15 Ingram Drive, Ontario, Canada"]
- Employment income
- Commissioned employees
- Disability and social assistance
- New immigrants and students
- Seniors and retirees
- Rental, truck operators and small business owner
E-File
E-File is an automated system that allows registered service providers to submit income tax return information directly to CCRA. Majority of Canadians are eligible to use E-File.
Usually CCRA provides an acceptance file within three hours after submitting income tax information by E-Filer. It is very important to ensure the accuracy of the preparation of tax return for first-time acceptance.
Benefits
- Fast refund – E-file usually 10-14 working days since some manual steps cut.
- Paperless – tax return information is transmitted directly to CCRA terminals.
- Direct deposit – income tax refund, GST/HST credit payment and Child Tax Benefit could be deposited to taxpayer account directly.
- Greater Accuracy – since series of checks performed by special computer programs and filters
Taxpayer has to show all necessary documents to E-File service provider and keep all information slips, receipts and other supporting documents used to prepare return for six years in case CCRA may asks to see them.
Business Tax Return
DN Accounting Tax prepares business income tax return when your business includes income from any activity you do for profit or with a reasonable expected profit. For example, any income from a service business, rentals, truck operators or profession is business income.
However, a person does not include employment income as business income. In most cases, as a self-employed person, one can report business income by using the accrual method of accounting. With this method, a person: reports his income in the fiscal period he earns, regardless of when he receive the income; and deduct expenses in the fiscal period he incurs them, whether he paid them in that period or not. Incur usually means he either paid or will pay the expense.
Taxpayer should pay their outstanding tax (if any) before April 30th and the business tax return should be submitted to Revenue Canada before June 15th.
Corporate Tax Return
DN Accounting-Tax is knowledge and experience to minimize corporate tax payable. Corporate tax planning takes into account a massive amount of taxes, including income tax, payroll tax and capital tax. We will, of course, organize your tax return and deal with the Canada Revenue Agency as necessary.
At DN Accounting-Tax, we can help you analyze the tax impact of business decisions and select best structure for your proposed transactions and new investments.
It also has to attach complete financial statements, GIFI, CT23, and the necessary schedules to the T2 return. A Corporation pays its outstanding taxes in monthly installment in advance.
Corporation can choose their fiscal ending date for the first year in business. A Corporation must file a corporate income tax return (T2) & CT23 within 180 days from the end of every taxation year, Any outstanding tax may be paid in one time or by installment in advance.
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