A personal tax accountant can help you calculate the amount of taxes you’re liable to pay. Our personal tax services are available for all individuals living in Canada, Markham, and Richmond Hill.
Whether you’re an individual or a business operating in Canada, Markham, or Richmond Hill, our personal tax accountant can use their konwledge in tax and accounting to help you file the correct amount of personal tax returns, depending on whether you’re a resident, an immigrant, or whether or not you’ve taken any loans, etc.
Taxes can be tricky, no matter where you are in the world. But when it comes to filing for taxes in Canada, taxpayers often make common mistakes without realizing them. That’s why having a team of bookkeeping experts and Canadian tax and accounting services on your side can make all the difference! From missing important deductions to…
From salary income to capital gains from assets, everything is taxed. Whether you pay a lump sum by April 30th or use installments, taxed percentages on your income can be discouraging without tax credits. We understand that the tax season is hard on everyone. Here are a few personal tax tips for Canada that help reduce…
Rapid inflation has resulted in a significant increase of 6.3% to personal income tax and benefit amounts for 2023. For example, the income level at which OAS repayments commence is now $86,912 (from $81,761), the capital gains exemption for the sale of certain small businesses is now $971,190 (from $913,630), and the annual TFSA contribution…
As a business owner, you understand how important it is to stay profitable. One of the ways to maximize your profits is by minimizing your expenses, and one of the most significant expenses for any business is taxes. Taxes can be a complex subject. But, with the help of professional corporate tax services, you can…
In 2022, 31,231,522 people in Canada filed taxes. Whether you’re a resident or a nonresident of Canada, you will have certain tax liabilities. The good news is, you don’t have to pay tax on everything. That’s a relief, isn’t it? There are two kinds of things that are not taxed: zero-rated and exempt. Zero-rated items are…
Everything we did before on paper is now done online in this digital era. From paying bills to filing taxes, it’s all a click away now. However, the increased use of the internet also comes with its downsides: security risks. Scams, hacking, etc., have become common and put our personal information at risk. Therefore, it’s…
Filing taxes in Canada is crucial, whether you are a business or an individual. All Canadians must file their tax returns each year. For instance, the citizen had to pay the tax returns by April 30th, 2022 for the financial year 2021. There is a set deadline each year to file tax returns, which needs to…
Did you know Canada’s tax to GDP ratio increased to 34.4% in 2020? This indicates that more Canadians are filing taxes and joining the tax bracket. Even though the number of taxpayers is increasing, many Canadians are still not a part of the tax system because they find it challenging to file taxes on their own.…
Tax is a mandatory financial charge imposed by the government on all profit-driven businesses. The taxes paid by businesses are used to carry out state functions. All taxes are collected by the state’s revenue agencies and then processed accordingly. The criteria and amount of tax vary from business to business. Businesses with huge profit gains are…
A total of 29,629,657 returns were filed from February 8, 2021, to August 15, 2021, in Canada. There are several benefits of filing for income tax returns in Canada. One of the most important ones is that you can claim tax deductions. There are different tax credits and deductions available to help maximize our tax returns.…
New to filing taxes? Let us help you out!From calculating your income tax to understanding what falls under the tax benefits umbrella, there’s so much that we don’t know about taxes. To top that off, the government has also revised the benefits and made other changes to the taxation policy to help Canadians get through…
Sinking under heavy taxes? Here are three ways our tax planning services in Canada can help you legally minimize the taxes you pay.
How buying pre-construction condos can minimize the tax implications if one decides to sell the property as an assignment before closing.
Join us to learn more and fill out the form to save your spot today!
Changes to CRB amounts and eligibility period limits: apply for a total of 25 periods & Payment amounts will change to $600 ($540 after taxes withheld).
The government of Canada would provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
If you are eligible for the Canada Recovery Benefit (CRB), you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Are you curious about what’s new for 2020 Personal Tax and how COVID-19 Government Benefits affect your personal tax?
Join the webinar with us and fill the form to save your spot today!
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!
Keep yourself stress-free during tax season by following these steps.
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Check out our 2021 tax rates, including PERSONAL MARGINAL TAX RATES (Combined Federal & Ontario) AND MORE
Did you know…
Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions or credits including:
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Did you know…When you’re divorced or separated, if in the four year period,
Did you know… There is only one month left for some year-end tax planning.
Did you know…If you rent out your cottage on a partial basis. You might be able to partially deduct certain costs.
Did you know… If you become eligible for EI benefits on or after September 27, 2020
The BC Recovery Benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.
Get short term financial support, Max $733/month if you are in a crisis or an emergency situation and don’t have enough money for things like food and housing.
The Canada Emergency Rent Subsidy (CERS) would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
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.
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!
The government of Canada will introduce the Canada Recovery Caregiver Benefit (CRCB) effective from September 27, 2020 for one year.
The Gov of CA changes to the Canada Student Loans Program (CSLP) to allow more students to qualify for support and be eligible for greater amounts.
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).
The government of Canada will introduce the Canada Recovery Sickness Benefit (CRSB) effective from September 27, 2020 for one year.
As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario. Accounting Plus can help!
You can now sign up for CRA direct deposit through many Canadian financial institutions’ websites. Register to get your payments faster and directly into your account. How to sign up 1. Online You can sign up yourself if you are registered for My Account. If you are not yet registered, why wait? My Account can help…
If you have questions about EI or don’t know how to apply. You can fill the web form below and ask for a call back from Service Canada Web Form>>
Special one-time tax-free payment for certified holders of the Disability Tax Credit, up to $600.
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
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…
If you moved at least 40km closer to your educational institution or work
Employment Insurance (EI): Temporary Changes – Eligibility changes as of September 27, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
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.
Expecting a baby? See if you’re eligible for some benefits
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Wondering what COVID19 support is available to you? Check our website for details
I forgot to apply for a previous period of CESB. Am I too late?
One-time tax-free payments for seniors eligible for Old Age Security, the Guaranteed Income Supplement and the Allowances will be issued automatically the week of July 6.
If you applied to both Employment Insurance (EI) and CERB, it’s important that you keep track
If you owe money to the CRA, ensure you file your taxes and pay your owing on time
Employees can deduct expenses for the employment use of a work-space at home
You will be able to apply to receive up to 24 weeks if you’re still unemployed and cannot find employment as a result of COVID-19.
The Government of Canada is providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).
If you need to repay a Canada Emergency Response Benefit (CERB) payment, you can do it with a few simple clicks using My Account. You can also mail a cheque or money order to the CRA.
Benefits payments for eligible Canadians to continue until Fall 2020
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
As tax season approaches, it is important to be vigilant of CRA scams.
Sign Up for Direct Deposit: So Get Your Money Quicker
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
You may have mistakenly applied for the CERB twice. Don’t worry, CRA will contact you shortly. Any other combination of payments means you were paid accurately.
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child. Check our website for details
Wondering what COVID19 support is available to you? Check our website for details
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.
File your tax returns as soon as possible; you’ll get your money sooner
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Canada is providing financial support to those affected by COVID-19.
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From the Government of Canada in response to COVID-19
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
You may transfer RRSP fund from one RRSP to another without getting taxes.
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
Here are some tax audit triggers you should know about!
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest on the money you borrow in many cases is not deductible.
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
As tax season approaches, it is important to be vigilant of CRA scams.
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Did you know…After-school programs might can qualify as an eligible childcare expense?
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
We are experienced in corporate taxation, working hard to decrease the amount of tax you legitimately need to pay.
We provide a complete accounting solution that helps you succeed as an individual and grow your business.
By getting behind your numbers, we get behind your business to give you the support you need to grow.
