2020 Tax Season – Letter to Our Clients
Tax season is right around the corner, and it’s that time of the year to file your 2020 Canadian personal income taxes. Accounting Plus Financial Services is ready to help!
LEARN MORE >
Rest easy in the knowledge that you have an accountant who is working hard to decrease the amount of tax you legitimately need to pay.
Canadian Corporate Tax Specialists
As specialists in Canadian taxation, we advise corporations on their tax affairs based on their figures.
Year-round Tax & Accounting Advice & Support
Accounting Plus are ideally-placed to aid local business growth throughout a variety of industries in the Greater Toronto Area, with year-round tax and accounting advice and support. Our corporate tax accountants will work with you to help you determine how much you should be paying in taxes. Avail our corporate tax services in Markham and rest assured you’re only paying the amount you owe.
Our Corporate Tax Services
- Corporate Tax Return (T2) Preparation and Filing
- Professional Corporation Tax Returns
- Tax Return Adjustments, Appeals, Reviews and Relief
- Trust Returns (T3)
- Annual Notice to Reader Financial Statements
- Year-end Adjustments
- Corporation Tax Instalment Remittance
- T5 and T5018 Preparation and Filing
- Salary vs Dividend Analysis and Recommendation
- SR&ED Application
Related Knowledge Base Articles
Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee: Feb 1, 2021 to Jun 30, 2021
Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
2021 Tax Rates
Check out our 2021 tax rates, including PERSONAL MARGINAL TAX RATES (Combined Federal & Ontario) AND MORE
Ontario Small Business Support Grant: Apply Now
Eligible small businesses will receive up to $20,000 through the new Ontario Small Business Support Grant. Applications are now open!
Canada Summer Jobs: Employers Can Apply Now
Not-for-profit employers are eligible to receive funding for up to 100% of the provincial or territorial minimum hourly wage. Public and private sector employers are eligible to receive funding for up to 75% of the provincial or territorial minimum hourly wage.
Canada Emergency Business Account (CEBA): Guaranteed 60K loans with $20K forgiveness*: Dec 4, 2020 Update
Canada Emergency Business Account will provide interest-free loans of up to $60,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Canada Emergency Rent Subsidy (CERS) – Apply Now
The Canada Emergency Rent Subsidy (CERS) would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
Ontario’s Main Street Relief Grant: PPE support
The Government of Ontario is helping small businesses with the unexpected costs of PPE.
Ontario’s Property Tax and Energy Bill Rebates
Businesses that were required to shut down or significantly restrict services due to provincial public health measures (in areas with modified Stage 2 restrictions or categorized as control or lockdown) can apply for rebates, provided in the form of grants, to help with their fixed costs.
Personal Real Estate Corporations (PREC): Intro
Did you know… As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario.
Individual Ontario real estate agents will now be able to incorporate their business.
Webinar: Personal Real Estate Corporation (PREC): To Know
Are you a real estate agent in Ontario?
Have questions about Personal Real Estate Corporation PREC?
Join the webinar with us and fill the form to save your spot today!
After Incorporation, What’s Next?
After Incorporation, What’s Next? Let’s find out how to do it right!
CANADA UNITED SMALL BUSINESS RELIEF FUND: $5,000 for PPE
Successful applicants will receive a relief grant of up to $5,000. We intend to support local businesses of all kinds from across the country (from retailers to barbershops to farmers).
Ontario Personal Real Estate Corporations (PREC): To Know
As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario. Accounting Plus can help!
Minimum wage rates in Ontario will increase to $14.25 on October 1, 2020
New: Minimum wage rates in Ontario will increase on October 1, 2020. Under the Making Ontario Open for Business Act this increase is tied to the Ontario Consumer Price Index for 2020. The increase to the general minimum wage will be 25 cents, which will bring the new rate to $14.25 an hour. The general and specialized minimum wage…
Buying a Business
There are a few ways accountants can help when you’re purchasing a business.
Income Tax Payment Deadline: Sep 30, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Commercial Rent Assistance (CECRA): Extend to Sep 2020
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Canada Emergency Student Benefit (CESB): Apply before Sep 30, 2020
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
Record of Employment
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Canada Emergency Wage Subsidy (CEWS): What the changes are
Applications for claim period 5 (July 5 to August 1) will open August 17, 2020.
Canada Emergency Wage Subsidy: Gov pay 75% of salary: Extended to Dec 19, 2020
Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
Canada Emergency Business Account (CEBA): Guaranteed 40,000 loans: Eligible Non-Deferrable Expenses
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
COVID-19 Support Finder for your business.
Support for your business.
Find COVID-19 support and other programs and services.
Find The Support You Need for Your Business
Find the support you need for your business by answering a few questions to get a personalized list of support.
How to Sign on PDF form Electronically
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
COVID-19 Scam Alert!
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Business Income: RRSP vs Incorporation
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
T4 Filing – Employer Needs to Know
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Business Income vs. Family Business
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Now is the Time to Record Your Vehicle’s Odometer Reading!
More Accounting & Business Services
Personal Tax
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
LEARN MORE >
Accounting & Bookkeeping
We provide a complete accounting solution that helps you succeed as an individual and grow your business.
LEARN MORE >
Business Advisory & Tax Planning
By getting behind your numbers, we get behind your business to give you the support you need to grow.
