What are the basic tax deductions available for individuals?
Some of the more common tax deductions include RRSP contributions, child care expenses, medical expenses, charitable donations, and interest on student loans.
Your BMS advisor can help you find opportunities for other deductions where possible.
What’s the deadline for filing taxes in Canada?
For most individuals, the tax filing deadline is April 30th of the year following the tax year.
If you or your spouse are self-employed, the deadline is extended to June 15th, but any taxes owed are still due by April 30th.
What sort of personal financing records should I keep?
It’s a good idea to keep detailed records of money coming in (income) and going out (expenses). This includes receipts, invoices, and bank statements.
Your BMS advisor will be able to use these to find opportunities to reduce your tax burden.
Should I Add Funds To My TFSA or my RRSP?
The answer is, it depends.
You don’t get a tax break for contributing to your TFSA, whereas you do for your RRSP. However, you’ll have to pay taxes to withdraw from your RRSP. That’s not true of your TFSA.
Your BMS advisor will help you understand which option works best for your situation.
What Returns Do Businesses Need To File?
A corporation is a separate legal entity. So if you’re incorporated, your business will need to file your corporate income taxes at the beginning of the year for the previous year.
You’ll also need to file GST/HST on a monthly, quarterly, or annual basis.
Other common filings include payroll remittance, workers compensation premiums, and employer health tax premiums if you make over $450,000 a year.
Your BMS advisor will help you understand which of these you’ll need to file.
What Do I Do If My Company Is Audited?
If you’ve just learned you’re facing an audit, the first thing to do is take a deep breath.
It can feel overwhelming, but don’t panic. BMS can help.
Your BMS advisor will work with you to put together a response strategy. From there, we can communicate with CRA on your behalf, providing them with the documentation they need.
My Last Accountant/Bookkeeper Made A Mistake. Can You Fix It?
Most likely, yes.
Your BMS advisor will work with you to explore your options.
Can You Do My Accounting For My Out Of Province Business?
Yes, we can offer bookkeeping and accounting services for any business located in Canada.
What’s the difference between bookkeeping vs accounting
Bookkeeping is the process of recording and organizing financial transactions, like tracking income, expenses, and managing ledgers.
It focuses on data entry and keeping accurate records.
Accounting builds on the data from bookkeeping by analyzing, interpreting, and reporting financial information.
It involves preparing financial statements, budgeting, tax planning, and providing insights for decision-making.
In short, bookkeeping handles the record keeping side of things, while accounting focuses on analysis and reporting.
I Have A New Startup. Can You Help Us Incorporate?
Absolutely. There are a number of different ways you can organize a startup in Canada, and incorporating is one of them.
Your BMS advisor will help you understand whether incorporation is right for you. From there, we’ll show you how.
Does My Company Qualify For SR&ED Credits?
Your BMS advisor can help you better understand this, but the answer may surprise you!
Many businesses in Canada qualify for SR&ED credits that can help you reduce your income tax burden. We’ll help you navigate the SR&ED application process.
Can I Do My Accounting Myself?
Technically, yes.
But accounting and bookkeeping can be complicated, tine consuming pursuits. It’s not as simple as it was when you were an employee.
If you’re running a business full time, you may not have the knowledge to be able to take care of your own accounting and bookkeeping. And even if you do, you may not have the time to keep up to date on CRA changes.
Mistakes can be costly. Let BMS handle it for you.
