Service Category

27 posts

Tax Planning

When you have any of the following questions or concerns: I’m a shareholder of a business being acquired, how can I legally achieve tax efficiency on the capital gain of my share sale? I’m a shareholder of a business that is acquiring another business, what is the best practice of taxation […]

Information needed to calculate capital gain in property sale

To ensure the tax optimization of filing your individual’s tax when you have sold an investment property, please provide your accountant with the following information: Related to property purchase: Purchasing cost – please provide Final Statement of Adjustment (SOA) Land transfer tax amount – please provide Land Transfer Deed Lawyer’s […]

Payroll Audit & Appeals

Out of the three major business audit categories: Income audit (suspicious income or expenses claim) HST audit (non-compliance of sales tax) Payroll audit The penalties on payroll audit are way more heavy than the others. So let’s take a closer look at payroll audit. What causes a payroll audit? Late […]

Business Tax Audit & Appeals

How the CRA selects a file for an audit The CRA’s risk-assessment systems identify tax returns that are considered to be at high risk for non-compliance. When a return is identified as high-risk, a CRA officer will review information from various sources to determine whether an audit is needed to […]

Voluntary Disclosure Program

What is the Voluntary Disclosure Program (VDP)? The Voluntary Disclosures Program (VDP) gives you a second chance to correct a tax return you previously filed or to file a return that you should have filed. If you file a VDP application and it is accepted by the Canada Revenue Agency […]

TFSA Over-contribution

There are many penalties from CRA to Canadian individuals but we just have to mention this one specifically. Why? because TFSA over-contribution happens very often. Let’s first get a quote from a CRA spokesperson who appears to be saying that the TFSA contributions will be forgiven if it is an […]

Tax/Penalty Relief

There are several types of penalties to individuals from CRA: late-filing penalty Repeated failure to report income penalty false statements or omissions penalty Most likely the last one is a killer as it is always the 50% of the understated tax and/or the overstated credits related to the false statement […]

Representation to individual audit and appeals

Macbeth said: There would have been a time for such a word, tomorrow, and tomorrow, and tomorrow. Okay, it’s from William Shakespear. Yes sooner or later we’ll all receive the word from CRA which is a notification of the start of the audit process. Speaking for the audit formats and […]

Transfer Pricing Study

In the present economic environment, transfer pricing studies require more attention than ever before. As your business expands across borders, the business owners must understand the complexities of transactions between divisions, subsidiaries and companies that are under the same ownership but operate in different tax jurisdictions. In recent years, some […]

HST Review

When your business deals with products and services with different GST/HST rate, furthermore when you have a business in multiple provinces across Canada where each province has its own jurisdiction for the sales tax, it’s time to involve us to conduct HST review or internal sales tax audit. We found […]

Information Technology – Architect & Consulting Services

A small-to-midsize business owner often has the following questions: How can we get our own domain name for email addresses? How can we get our own website up and running? If I will need to add online sales to my store, should I go for Shoptify, eBay, Amazon, or maybe […]

Payroll Services

Once I sincerely asked a question to a payroll supervisor in person: How is it possible for your small team to handle all these tedious processes and millions of trivia tasks? She paused a bit and she answered: You have to love it to do it. But in reality, not […]

Month-End & Metrics Reporting

The month-end and quarter-end closing procedures get heavier and heavier along with your business’ development. The organizations have their own regulations for the month-end closing processes, but all of them contain the following 6 basic steps: Summarize accounts receivables summarize accounts payables Bank reconciliation Accounts adjustments Reporting Closing As a […]

Bookkeeping & Accounting Services

Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses overlook to implement this integral process, or they wouldn’t put a concern to bookeeping until they are audited by CRA. Besides the fact all business are required under the law, mainly the Income Tax Act and […]

Non-resident Determination

A person’s tax residency status at CRA is separate from their nationality registered at CIC. A Canadian citizen could be a non-tax-resident (or simply “non-resident”); while an international student could be Canadian tax resident. There are two major obligations as a Canadian tax resident: Disclose their global assets File tax […]

Housing Evaluation

Many times our clients need to have an evaluation report to their real estate property for taxation purpose. For their convenience we integrated the assessment service to provide the FMV (fair market value) report. We always accommodate clients’ requests and have some price adjustments within the scope of reasonableness on […]

HST New Housing / Rental Propety Rebate

Anyone who purchases a new property from the builder in Ontario needs to pay HST on top of the property price. Having said that, both the federal and provincial governments issue rebates to the new house purchasers in order to promote the housing economy and to help release the tension […]

NRST Rebate

Effective April 21, 2017, A “foreigner” has to pay an extra 15% tax on top of the real estate purchased if it is located in the Greater Golden Horseshoe region, this is called NRST (non-resident speculation tax). The official and complete information of NRST can be found from the Ministry […]