FAQ

Can I write off my home office?

If you use a portion of your home as either your principal place of business or solely as a place of business you can usually deduct a portion of household expenses.

 

What do I need to bring to have my corporate year end completed if there is no bookkeeping done?

  • Bank statements
  • Cheque stubs or canceled cheques
  • Cash and Visa receipts
  • Last year’s corporate tax return
  • Payroll records
  • Any correspondence from CRA for the last year
  • List of business expenses paid out of personal account;(Cash and Visa receipts)
  • GST returns for prior and current year

 

I am several years behind on filing taxes, what should I do?

It is important to take that first step and get in contact with an accountant and plan a course of action that is best for you. Although it may seem like a difficult task, we can help you plan a step by step approach that can help you get back on track. The end result will be the peace of mind that comes with knowing a realistic plan is in place and your issue is dealt with.

 

Paying yourself and/or family members

Your company is making money and you need to pay yourself and/or your family members. There are two basic ways:

  • Dividends
  • Wages

Of course the pros and cons to each have to be considered depending on your current needs and your projected future income. CRA is now requiring slips for all types of income, management fees and wages.

 

Contact us today for more information and/or a quote!