Personal taxes are as unique as the people filing them. The unique demands of the customers are understood and approached as necessary. Canadian income tax is applied to worldwide income earned by residents of Canada. In addition to deductions for overseas taxation on revenue collected from non-Canadian sources and foreign tax credits, Canada’s international tax laws also offer relief against double taxation.
On income generated from work within Canada, income from operating a company here, and revenue from the sale of eligible Canadian property, non-residents are liable to Canadian income tax.
The federal tax liability is calculated by deducting personal tax credits and the dividend tax credit. My services will help you get maximum personal tax credits and dividend tax credits which ensures sizable savings on tax bills.
GST and HST are taxes imposed on certain services and products that a business offers. This tax is paid to the Canada Revenue Agency usually monthly, quarterly, or yearly, depending on how frequently tax filing periods are selected. If not managed by a corporate tax specialist,
collecting corporate tax on business sales is a tricky situation that might quickly grow out of hand. In reality, small businesses may find that managing the GST and HST payments requires a lot of accounting work. You should hire a tax consultant to make sure that you are paying the
proper amount of tax and making the most of your tax benefits.
Regulators frequently conduct rigorous audits of both public and private enterprises’ financial accounts. They must comply with the rules since material deficient reports and restatements may seriously harm an organization’s credibility in addition to being expensive and
time-consuming.
I collaborate with my clients to guarantee that their income tax provisions are accurate, supported, and understandable. I have several years of experience working with customers of
various sizes across a variety of sectors and following IFRS and ASPE regulations, to resolve difficulties that could be created by complicated, continuously changing tax regulations.
Regardless of whether you are a small provider, you must open a GST/HST account if you are a self-employed taxi driver or commercial ride-sharing driver who provides taxable passenger transportation services. You may often use input tax credits (ITCs) as a GST/HST registered
person to recoup the GST/HST you paid or owe on business-related items including petrol, auto maintenance, and vehicle washes. To support your ITC claims, you must maintain records of the sums you paid or owe.
Additionally, you must complete and submit GST/HST returns following your reporting period. Tax professionals will help you maximize your input tax credits and use the most effective approaches for filing returns.
The disability tax credit is a federal tax credit intended to assist Canadians with disabilities who pay taxes and their families in coping with financial hardships resulting from their impairments. Anyone can apply for the disability tax credit, although a significant portion of Canadians who are disabled have their applications rejected, frequently because they are unfamiliar with the procedure, or the requirements, or they do not have a doctor’s support. I assist Canadians with disabilities in obtaining CPP disability benefits and the disability tax credit, and then I help them maximize their refunds and credits.
This tax credit may be available to those who are in charge of providing in-home care for grandparents, elderly parents, or other family members. You must assist those members of your family who, as a result of your mental and physical limitations, are financially reliant on you. The highest credit could be $6,788 or $4,667 based on the state of the dependant. If the net income of your dependant rises beyond $15,940, the credit amount will be reduced by the equivalent amount, for every dollar. Once the person reaches a family income of $20,607, or $22,748 for a dependant who is ill or disabled, it will be totally phased out.
The tax amount deducted from each paycheck in Canada fluctuates due to the country’s complicated payroll tax legislation. Canadian workers are subject to tax on their salaries, bonuses, and a few perks offered by their employers, such as home office and travel expenditures, life insurance, and any reimbursed expenses reported without receipts.
Employees can anticipate changes in their tax per paycheck in Canada throughout the year since each payroll tax has a maximum. Canada’s provincial payroll taxes differ. The regional and territory rates in 2023 varied from 4% in Nunavut for the minimum tax bracket to 10.8% in
Manitoba for the minimum tax bracket.
Most self-employed and small business owners pay 25%-30% of their annual income in taxes. You may have to pay federal and provincial income tax, CPP contributions, employment insurance, harmonized sales tax, and goods and services tax. Save yourself from hefty taxes by availing maximum credits and deductions. For the self-employed, I offer annual recommendations related to salary, and quarterly tax estimates, and help you with individual and business income tax returns.
If you are a solo owner managing your rental property, the rental income is taxable as personal tax at a personal tax rate. The total rental tax is rental income minus running costs of rental property. Deductible costs consist of insurance premiums, advertising, rates of interest, business costs and fees for professionals. The rental income of corporate-owned rental properties should be taxed at the corporate rate. The taxation rules of rental income is complicated and you need to keep a lot of things in mind including ownership and deductions. Connect with me to get the best advice and accounting services that will ensure you pay minimum rental income tax.
Personal Tax
Personal taxes are as unique as the people filing them. The unique demands of the customers are understood and approached as necessary. Canadian income tax is applied to worldwide income earned by residents of Canada. In addition to deductions for overseas taxation on revenue collected from non-Canadian sources and foreign tax credits, Canada’s international tax laws also offer relief against double taxation.
On income generated from work within Canada, income from operating a company here, and revenue from the sale of eligible Canadian property, non-residents are liable to Canadian income tax.
The federal tax liability is calculated by deducting personal tax credits and the dividend tax credit. My services will help you get maximum personal tax credits and dividend tax credits which ensures sizable savings on tax bills.
GST Tax
GST and HST are taxes imposed on certain services and products that a business offers. This tax is paid to the Canada Revenue Agency usually monthly, quarterly, or yearly, depending on how frequently tax filing periods are selected. If not managed by a corporate tax specialist,
collecting corporate tax on business sales is a tricky situation that might quickly grow out of hand. In reality, small businesses may find that managing the GST and HST payments requires a lot of accounting work. You should hire a tax consultant to make sure that you are paying the
proper amount of tax and making the most of your tax benefits.
Corporate Tax
Regulators frequently conduct rigorous audits of both public and private enterprises’ financial accounts. They must comply with the rules since material deficient reports and restatements may seriously harm an organization’s credibility in addition to being expensive and
time-consuming.
I collaborate with my clients to guarantee that their income tax provisions are accurate, supported, and understandable. I have several years of experience working with customers of
various sizes across a variety of sectors and following IFRS and ASPE regulations, to resolve difficulties that could be created by complicated, continuously changing tax regulations.
Taxi tax Returns
Regardless of whether you are a small provider, you must open a GST/HST account if you are a self-employed taxi driver or commercial ride-sharing driver who provides taxable passenger transportation services. You may often use input tax credits (ITCs) as a GST/HST registered
person to recoup the GST/HST you paid or owe on business-related items including petrol, auto maintenance, and vehicle washes. To support your ITC claims, you must maintain records of the sums you paid or owe.
Additionally, you must complete and submit GST/HST returns following your reporting period. Tax professionals will help you maximize your input tax credits and use the most effective approaches for filing returns.
Disability Tax Credit
The disability tax credit is a federal tax credit intended to assist Canadians with disabilities who pay taxes and their families in coping with financial hardships resulting from their impairments. Anyone can apply for the disability tax credit, although a significant portion of Canadians who are disabled have their applications rejected, frequently because they are unfamiliar with the procedure, or the requirements, or they do not have a doctor’s support. I assist Canadians with disabilities in obtaining CPP disability benefits and the disability tax credit, and then I help them maximize their refunds and credits.
Caregiver Tax Credit
This tax credit may be available to those who are in charge of providing in-home care for grandparents, elderly parents, or other family members. You must assist those members of your family who, as a result of your mental and physical limitations, are financially reliant on you. The highest credit could be $6,788 or $4,667 based on the state of the dependant. If the net income of your dependant rises beyond $15,940, the credit amount will be reduced by the equivalent amount, for every dollar. Once the person reaches a family income of $20,607, or $22,748 for a dependant who is ill or disabled, it will be totally phased out.
Payroll Tax
The tax amount deducted from each paycheck in Canada fluctuates due to the country’s complicated payroll tax legislation. Canadian workers are subject to tax on their salaries, bonuses, and a few perks offered by their employers, such as home office and travel expenditures, life insurance, and any reimbursed expenses reported without receipts.
Employees can anticipate changes in their tax per paycheck in Canada throughout the year since each payroll tax has a maximum. Canada’s provincial payroll taxes differ. The regional and territory rates in 2023 varied from 4% in Nunavut for the minimum tax bracket to 10.8% in
Manitoba for the minimum tax bracket.
Self-Employed & Rental Income Tax
Most self-employed and small business owners pay 25%-30% of their annual income in taxes. You may have to pay federal and provincial income tax, CPP contributions, employment insurance, harmonized sales tax, and goods and services tax. Save yourself from hefty taxes by availing maximum credits and deductions. For the self-employed, I offer annual recommendations related to salary, and quarterly tax estimates, and help you with individual and business income tax returns.
If you are a solo owner managing your rental property, the rental income is taxable as personal tax at a personal tax rate. The total rental tax is rental income minus running costs of rental property. Deductible costs consist of insurance premiums, advertising, rates of interest, business costs and fees for professionals. The rental income of corporate-owned rental properties should be taxed at the corporate rate. The taxation rules of rental income is complicated and you need to keep a lot of things in mind including ownership and deductions. Connect with me to get the best advice and accounting services that will ensure you pay minimum rental income tax.