It is important for businesses to hire a great accountant (1) to help them maximize their right to tax credit, benefit and deductions under tax laws, (2) to make sure compliance to government and avoid missed tax obligations leading to massive tax owing in the future and lastly, (3) to help business owners, to give their time more focus on what they do best, on their business while we take care of all accounting and tax matters.<\/p>\n
io.<\/p>\n[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”In corporation, is the annual return same as corporation income tax return?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]\n
An annual return is not the same thing as a corporation income tax return. An annual return must be filed within 60 days of the anniversary date of the corporation \u2014 the date on which the corporation was incorporated, amalgamated with another corporation or continued into an act administered by Corporations Canada. Corporation income tax return must be filed with the Canada Revenue Agency within 6 months of the year end of the corporation.<\/p>\n[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”Can you provide your services online or remotely? If so, please add details.”]
Yes, we can provide our services online and remotely as our services were for all over Canada. In fact, we have currently long term clients from different provinces in Canada, in Nova Scotia, Ontario, British Columbia, Yukon, Saskatchewan and Alberta, and we still look forward to having clients from other provinces as well nationwide. Our clients send information via safe email communication and discuss in virtual meeting like zoom or phone call if needed.<\/p>\n <\/div>[\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”What changes have you made to keep your customers safe from Covid-19?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]\n
Changes have made to keep customers safe from Covid-19 include electronic signatures, virtual and phone call appointments, by appointment only rule and safe email communication.<\/p>\n[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”Do I need to file income tax return when I have zero income?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]To continue getting your benefit and credit payments, you need to do your taxes on time
\nevery year, even if your income is tax exempt or you had no income at all. Filing a return is
\nthe only way to receive refunds as well as certain benefits and credits, including the Canada
\nchild benefit, the Canada workers benefit, the goods and services tax\/harmonized sales tax
\ncredit, the Guaranteed Income Supplement and related provincial and territorial payments.[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”What is a non-refundable tax credit?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]A non-refundable tax credit reduces the tax you may owe. However, if the total of your non-refundable tax credits is more than what you owe, you won\u2019t get a refund for the difference[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”How long do you need to save your tax supporting documents?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]\n
As a general rule, you have to keep all supporting documents for at least six years from the end of the last tax year they relate to. However, if you filed your income tax and benefit return late, keep your documents for six years after the day you filed your return. These documents help support any deduction or credit you claimed. If you are self-employed or a sole proprietor, you may need to keep some of your business records for a longer period of time.<\/p>\n[\/nectar_responsive_text][\/toggle][toggle color=”Default” heading_tag=”h3″ heading_tag_functionality=”default” title=”What are the penalties for filing your income tax and benefit return late and for not paying what you owe to the Canada Revenue Agency on time?”][nectar_responsive_text font_size_min=”14px” font_size_max=”20px” font_size_desktop=”1.1vw” font_line_height=”1.6″]\n
If you have a balance owing for the year and do not file your income tax and benefit return on time, you will be charged a late-filing penalty. The penalty is 5% of your balance owing that remained unpaid when the return was required to be filed, plus an additional 1% for each full month your return is late (up to a maximum of 12 months). If you were charged a late-filing penalty on any of your returns for 2019 to 2021 and you have been sent a demand to file a tax return for 2022, your late-filing penalty for 2022 may be higher. The penalty is 10% of your balance owing that remained unpaid when the return was required to be filed, plus an additional 2% for each full month your return is late (to a maximum of 20 months).<\/p>\n[\/nectar_responsive_text][\/toggle][\/toggles][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"
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