As an experienced Toronto CPA firm, SDG Accountant offers the best value in proactive tax planning and error-free taxation preparation for businesses and individuals. Our constant dedication to providing high-quality taxation services and outstanding customer support at affordable rates has won us a fine reputation for excellence. Find out why small businesses and individuals trust the SDG Accountant for Canadian tax services.
INCOME TAX PREPARATION FOR INDIVIDUALS
Don’t be led to believe that the latest taxation software is all you need for accurate income tax preparation. Get the financial benefits of having a real taxation professional with years of experience prepare your tax return.
Make sure your business is taking advantage of all available taxation breaks allowed per the Income Tax Act and let us help you comply with the Income Tax Act. We prepare corporate tax returns and will make sure your business never overpays through our strategic tax planning. We will adjust your financial statements for accounting purposes so they can be correctly entered in schedule 100 (Balance Sheet) and schedule 125 (Income Statement). We can E-File your corporate returns so they are delivered promptly. Some of our tax planning considerations for corporations involves calculating optimal mix of salary vs. dividends, loss carry forward & carryback application, claiming and tracking Capital Cost Allowance (depreciation for tax purposes), section 85 rollover, winding up of a business, related and associated corporations, adding & removing shareholders, and acquiring/selling a business.
TAX PLANNING SERVICES
We utilize tax credits and deductions in conjunction with a comprehensive tax planning strategy to minimize tax obligations for businesses and individuals.
CRA TAX PROBLEM RESOLUTION
We confront CRA tax problems head-on! If you’re experiencing tax problems, contact us right away for assistance with filing back taxes, releasing a lien or levy, reducing tax penalties, and more.
SALES TAX (PST, GST, HST)
We can assist you in determining if you are required to be an HST registrant. We can help you determine your filing frequency based on your business needs. Choosing between the quick and regular methods can affect the operating cash flows of your business. We can help to determine what is eligible to be used as an input tax credit and ensuring you claim them to the maximum.
WHAT IS THE TIME LIMIT TO CLAIM YOUR ITCS?
Registrants generally claim their input tax credits (ITCs) when they file their GST/HST return for the reporting period in which they made their purchases. However, you may have ITCs that you did not claim when you filed your return.
Most registrants can claim those ITCs in any future reporting period that is within four years of the reporting period in which the ITC could have first been claimed. The time limit for claiming ITCs is reduced to two years for:
- listed financial institutions (other than a corporation that is considered to be a financial institution because it has an election in effect to have certain supplies deemed to be exempt financial services); and
- persons with annual revenues from taxable supplies of goods and services of more than $6 million for each of the two preceding fiscal years.
HOW LONG SHOULD YOU KEEP YOUR BOOKS AND RECORDS?
We use books and records to refer to various documents detailing your income and expenses. Usually, you have to keep all sales and purchase invoices and other records for your business operations and GST/HST for six years from the end of the year to which they relate. However, we may ask you to keep the invoices for longer than six years.
For more information, see GST/HST Memoranda Series, Chapter 15 – Books and records.