Frequently asked questions

We're an accounting and tax firm for small and owner-managed businesses. We handle corporate tax returns (T2), bookkeeping and financial statements, GST/HST filing, payroll, tax planning, incorporation, CRA support and business advisory.

No. You can meet us at our office in Mississauga or St. Petersburg, or by phone or video. You can drop off your documents or send them by email.

It depends on the size of your business and the work involved. After a first conversation about your books and filings, we agree on the scope and fees before any work starts.

Yes. We request your prior-year files from your previous accountant, set up our authorization with the CRA and pick up where they left off.

Your last tax returns and Notices of Assessment, recent financial statements or bookkeeping files, and any letters from the CRA. Our checklists list everything in detail.

Six months after your fiscal year-end. Any tax owing is generally due two or three months after year-end, depending on your company.

Yes. Every resident corporation must file a T2 for every tax year, even if it had no tax payable or no activity.

It's often worth considering once you earn more than you need to live on. A corporation can defer tax on profit you leave in the business, but it adds a T2 return and more bookkeeping. We compare both options using your numbers.

Salary creates RRSP room and CPP contributions; dividends mean no payroll and different tax timing. Many owners use a mix, and the right one depends on your income and plans.

Generally, reasonable expenses you pay to earn business income, such as rent, supplies, advertising, professional fees, and the business share of vehicle and home-office costs. Meals and entertainment are usually 50% deductible. Personal expenses are not.

Once your taxable sales pass $30,000 in a single calendar quarter or over four consecutive quarters. You can also register voluntarily before then so you can claim input tax credits.

Monthly, quarterly or annually, depending on your sales. Businesses with annual taxable sales of $1.5 million or less are annual filers by default and can choose to file more often.

They're the GST/HST you pay on business purchases, which you can claim back on your return if you're registered. Keeping your receipts is what supports the claim.

For most small employers, by the 15th of the month after you pay your staff. Late remittances attract penalties, so we put every one on a calendar.

It depends on the working relationship: who controls the work, who supplies the tools and who carries the financial risk. What the contract calls them isn't enough on its own, and getting it wrong can mean back payroll and penalties.

April 30 for most people. If you or your spouse are self-employed, the filing deadline is June 15, but any balance owing is still due April 30.

If your net tax owing is more than $3,000 this year and was also more than $3,000 in either of the two previous years, the CRA generally expects quarterly instalments on March 15, June 15, September 15 and December 15. We'll tell you whether they apply and how much to pay.

Don't ignore it, and note the deadline in the letter. Send it to us, and we'll explain what it means and respond for you as your authorized representative.

Yes. We prepare the missing returns, deal with the CRA on your behalf and set things up so it doesn't happen again. Late-filing penalties grow the longer a return is late, so it pays to start soon.

Generally six years from the end of the tax year they relate to. The CRA can ask to see them during that time.