Category: Accounting & Management

Do I need to keep a logbook to claim motor vehicle expenses on my return? What should I include in the book?

Only motor vehicle expenses incurred during business use is eligible for deduction. The CRA considers travel between home and the principal place of business to be personal use. In order to substantiate your motor vehicle claims, you should keep a detailed logbook to track the business/personal use of the vehicle. The Income Tax Act does … Continue reading Do I need to keep a logbook to claim motor vehicle expenses on my return? What should I include in the book?

What are the conditions to open a TFSA (Tax-Free Savings Account)?

Three conditions must be met: You must be an individual who is over the age of 18 You must have a Canadian social insurance number You must be a resident of Canada

How long should I keep my income tax records?

Generally speaking, you should keep your supporting documents for 7 years.

What are some of the common mistakes investors make with TFSAs?

Mistake #1 You withdraw money from and make a contribution to your TFSA in the same year without regard to your TFSA Limit. For example, assume that you always contribute the maximum annual amount of $5,500 to your TFSA and you have no contribution room carried-forward from a previous year. If you contribute $5,500 to … Continue reading What are some of the common mistakes investors make with TFSAs?

Do university students have to file income tax return?

Absolutely. As a student, you must file a return if any of the following situation is applicable to you: you have to pay taxes for the year you have not repaid all amounts withdrawn from your RRSP under the Lifelong Learning Plan You have to contribute to the Canada Pension Plan (CPP) You received Working … Continue reading Do university students have to file income tax return?

I am not sure whether or not I have received all my government slips (eg. T4, T4A, T4RSP, etc). What can I do to ensure that I can get a hold of these?

You can simply call the CRA at 1-800-959-8281 and request for a copy. You can also authorize your accountant to request for a copy on your behalf.

What do I do with my information and slips (that I used to prepare my income tax return) when I filed my return electronically?

If you e-filed your personal tax return, you don’t need to send CRA all your documentation, receipts or any slips. However, according to CRA, you MUST keep all these receipts for SIX YEARS in case they are being requested. In case that happens, you would have to mail the requested slips to the CRA.

I’m in trouble with the Canada Revenue Agency. As an Accountant in Toronto, can you help me, or do I need a lawyer?

You don’t always need to pay expensive legal fees, if you’re in trouble with the Canada Revenue Agency (CRA).   As Accountants in Toronto, we have assisted our clients in many different situations, including filing objections to unfavourable tax assessments and in reaching tax settlements with the Canada Revenue Agency. If you have a problem with … Continue reading I’m in trouble with the Canada Revenue Agency. As an Accountant in Toronto, can you help me, or do I need a lawyer?

I live in Mississauga, but my business is in Toronto. Is it better to find a chartered accountant in Mississauga or Toronto?

The most important factors in selecting a Chartered Accountant in Mississauga or Toronto, is their experience, knowledge and service.  At Madan Chartered Accountant in Mississauga, we exemplify all of these qualities to a high degree. Ask for References You should also ask for references when choosing between a Chartered Accountant in Mississauga or Toronto.  If … Continue reading I live in Mississauga, but my business is in Toronto. Is it better to find a chartered accountant in Mississauga or Toronto?

What are business accounting services?

Business accounting services can be defined as “tools that enable you to make effective management decisions for a business”.   To elaborate, business accounting services include (but are not limited to): Financial Statement Preparation Bookkeeping Tax return preparation Tax planning You Need Business Accounting Services in Mississauga Every business in Mississauga, whether large or small, … Continue reading What are business accounting services?

Is there such a thing as a Chartered Accountant – Expert in Taxes?

Yes, there are Chartered Accountants in Toronto who are also Experts in Taxes. Allan Madan of Madan Chartered Accountant in Toronto is a Tax Expert: He has completed Parts 1 and 2 of the Canadian In Depth Tax Course, which is the most comprehensive tax training in Canada He has held several tax seminars, including … Continue reading Is there such a thing as a Chartered Accountant – Expert in Taxes?

How can an Accountant in Mississauga help my business obtain a bank loan or line of credit?

Accountants in Mississauga can assist you with your company’s financing objectives, including obtaining a loan or line of credit from the bank. Evaluate Health of Financial Statements First, an Accountant in Mississauga can evaluate the health of your company’s financial statements to determine the likelihood of your company being approved for a loan.  Companies that … Continue reading How can an Accountant in Mississauga help my business obtain a bank loan or line of credit?

Do you prepare corporate tax returns in Toronto and Mississauga?

Yes, we prepare corporate tax returns for companies in Mississauga, Toronto and elsewhere in Canada. Our fees are very reasonable for Corporate Tax Return Preparation in Mississauga and Toronto and we’re confident that you’ll be pleased with our attention to detail and efficiency. Experience Matters Our team of Corporate Tax Return Preparers in Mississauga has … Continue reading Do you prepare corporate tax returns in Toronto and Mississauga?

Can inadequate business accounting services cause my business to fail?

Yes, inadequate business accounting services can cause your business to fail, which is a very scary thought. Below, I have listed four examples of poor business accounting services, which could cause your Toronto company to fail. 1. Weak internal controls Internal controls are policies and procedures that are designed to promote efficiencies in business operations, … Continue reading Can inadequate business accounting services cause my business to fail?
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