E-File is an automated system that allows registered service providers to submit income tax return information directly to CRA. Majority of Canadians are eligible to use E-File. Usually CRA 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 of E-File
- Fast refund – usually 10-14 working days since some manual steps cut.
- Paperless – tax return information is transmitted directly to CRA 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 CRA may ask to see them.
Business Tax Preparation
Self-Employed/Contractor/Home-based business taxes
If you receive any remuneration for services or products you provide, for your own account, you are self-employed. Such income can be earned from a business that you solely own or partnership share. Self-employment income is reported on your personal income tax return (T1- Income Tax and Benefit Return).
A person can report their business income based on a fiscal period, typically the tax year. You can deduct expenses made throughout the fiscal year as long as the expenses were directed towards income earning. It is therefore pertinent that you maintain proof of your self-employment expenses to support your claims and avoid tax penalties. We do provide guidance on deductible items.
A self-employed person should pay any outstanding taxes before April 30th. However, Income tax Return is due, at Revenue Canada no later than June 15th. Our tax professionals are prepared to handle all your tax filing so that you can devote more time and energy into the growth of your business. We will do our best to ensure your Return does not result in tax audits. If it does we will confidently defend your claim and Return.
Corporate Tax Preparation
All corporations must file income tax return every year (T2- Corporation Income Tax Return). A corporation must file their corporate income tax return, within 90 days from the end of the fiscal year regardless of tax liability. The Return includes a complete financial statements and the necessary schedules complementing the T2 return.
It is important to keep accurate and complete records as your corporate income tax return depends largely on the structure and accuracy of its bookkeeping records. For this reason, ABS strives to help company’s maintain a solid foundation in bookkeeping. We are confident that our services will provide you with sound knowledge and diligence to prepare a solid corporate income tax return.
Our professionals have the knowledge and experience to minimize corporate tax payable amounts. Corporate tax planning takes into account a substantial 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 ABS, we can help you analyze the tax impact of business decisions and select the best formation for your projected transactions and new investments.