accounting firm in Markham, ON

For our initial meeting, it would be greatly beneficial if you could bring the following documents:

• Latest Filed Tax Returns: This helps us understand your financial history and current tax situation.
• CRA Correspondence: Any letters or notices from the Canada Revenue Agency (CRA) will provide context regarding your tax obligations and any outstanding issues.
• Financial Statements: If applicable, please include recent financial statements from your business or personal accounts.
• Identification Documents: Bring a form of identification, such as a driver’s license or passport, to verify your identity.

Yes, by filing your outstanding returns, you can potentially access:

• Refundable tax credits such as the GST/HST Credit and the Canada Workers Benefit (CWB)
• The Canada Child Benefit (CCB) and related provincial and territorial benefits
• The Canada Carbon Rebate (CCR), formerly known as Climate Action Incentive payment.
• The Guaranteed Income Supplement (GIS) for those receiving Old Age Security (OAS).
• Any tax refunds you may be owed from previous years.

Additionally, filing your returns will:

• Update your RRSP contribution room, allowing for better retirement planning27.
• Ensure eligibility for provincial benefit programs like the Ontario Trillium Benefit2.
• Allow you to claim and carry forward unused tuition fees or education amounts1.

It’s important to note that while you can file outstanding returns and potentially receive these benefits, some may be time-sensitive. The Canada Revenue Agency (CRA) uses your tax return information to determine eligibility for various benefits, so filing as soon as possible is advisable to avoid missing out on any potential credits or benefits

Yes, we offer comprehensive accounting services remotely, allowing for flexibility and convenience in our interactions. We can conduct meetings via Zoom as needed to discuss your accounting matters, review documents, and address any questions or concerns you may have. This hybrid approach ensures that you receive the support you need while accommodating your schedule.

If needed, you can schedule a Zoom meeting today to discuss your tax situation with us, eliminating the need to travel to our office.

Yes, you can form a corporation even if you are currently operating as a sole proprietorship.

Benefits of Incorporating

• Limited Liability: Incorporation separates personal and business liabilities, protecting your personal assets from business debts or lawsuits246.
• Tax Advantages: Corporations may benefit from lower corporate tax rates, income splitting opportunities with shareholders, and the ability to defer taxes by retaining profits within the company.
• Perpetual Existence: A corporation continues to exist even if ownership changes or the original owner leaves the business.
• Name Protection: Incorporation provides exclusive rights to use the business name within your jurisdiction.
• Professional Image: Operating as a corporation often enhances credibility with clients, suppliers, and investors6.

Disadvantages of Incorporating

• Higher Costs: Incorporation involves higher initial setup costs and ongoing expenses for maintaining corporate records and filing annual returns.
• Separate Tax Filing: Corporations must file their own tax returns, which can add administrative work and professional fees.
• Loss of Personal Control: Decisions in corporations may require input from directors and shareholders, reducing the sole owner’s autonomy.

Balancing these advantages and disadvantages requires extensive professional knowledge. We can help analyze your specific situation and assist you in making the right decision for your business. Our expertise allows us to consider factors such as your business structure, growth plans, risk profile, and long-term goals to provide tailored advice on whether incorporation is the best path forward for you.

Yes, we can assist you with all audit-related issues for your tax filings on a regular basis. We have extensive experience in dealing with the Canada Revenue Agency (CRA). Our team’s expertise, particularly Nigel’s 25+ years of experience working for the CRA, provides us with valuable insights into the audit process.

Our services include:

• Audit preparation and representation
• Reviewing and organizing financial records
• Communicating with CRA auditors on your behalf
• Addressing any concerns or discrepancies raised during an audit
• Assisting with voluntary disclosures if needed
• Filing any necessary adjustments or appeals

If you’re facing an audit, it can be a stressful and overwhelming experience. But don’t panic. With the support of a good accountant, you’ll get through it. Here at Business Minding Services, we’ve helped many business owners through the auditing process.