Listen closely to our clients, we understand their needs, and their long-term goals.
Working with you one-on-one, we take the time to understand your unique situation.
Knowledge matters. We provide financial advisory service to help you achieve maximum success.
We offer a full range of professional services including accounting, tax and financial advisory for a wide variety of business clients across the spectrum of industry sectors.
QUESTIONS & ANSWERS
1 - As A Business Owner, Should I Take Salary Or Dividends?
Each option has advantages and drawbacks. It is important to evaluate your particular financial goals before knowing which option is more favorable. Click Here for more information.
2 - I’m Thinking of Incorporating My Business. Can You Help?
As Chartered Professional Accountants, we can help you incorporate your new or existing business. Please Contact Us with your questions.
3 - Do University Students Have To File Income Tax Return?
Absolutely. As a student, you must file a return if any of the 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- you have not repaid all amounts withdrawn from your RRSP under the Lifelong Learning Plan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 income tax benefit advance payments
Even if none of the above situation applies to you, you may choose to file a return if any of the following applies:
- You want to claim a refund
- You want to apply for the GST/HST credit
- You or your spouse or common-law partner wishes to apply for Canada Child Tax Benefit payments
- You want to carry forward or transfer the unused part of your tuition, education and textbook amounts
4 - How Long Should I Keep My Income Tax Records?
Generally speaking, you should keep your supporting documents for 7 years.
5 - I’m In Trouble with The Canada Revenue Agency. Do I Need A Lawyer?
You don’t always need to pay expensive legal fees when you’re in trouble with the Canada Revenue Agency (CRA). As Charted Professional Accountants in Toronto, we have assisted our clients in many different situations. Some of the services that we offer include:
- Payment Programs
- Filing Notice of Objections
- Tax Fairness Provisions
- Overdue Tax Returns
6 - What Is Non-Capital Loss? And What Is Net-Capital Loss?
Non-capital losses generally include losses from a business or employment. These losses can be applied to reduce all sources of income in the current tax year, the previous 3 years and the next 20 years.
Net-Capital losses are losses incurred from the sale of capital property (e.g. shares, mutual funds, land, buildings, and tangible assets). These losses can only be applied against taxable capital gains in the current tax year or subsequent years. Net capital losses do not expire.
7 - What Is Your Business Hours? Do You Open on Weekends?
We are a professional accounting and tax firm located on Toronto. We open all year round to serve our clients. Our regular business hours are Monday to Friday 9:00 am to 6:00 pm. However, we do our best to accommodate clients who have a business to run or who work full-time during the day. So, if you call us in advance to schedule a meeting, most of the times we will be able to meet you in “after-hours”, i.e. evening time of weekdays or morning / afternoon on weekends.
8 - Do I Need to Report My Foreign Property and File Form T1135?
As a Canadian resident, the CRA requires you to file an information form T1135, if you hold or have held a specified foreign property with a cost of more than $100,000 at any time during the tax year.
Completing this form does not generate additional Canadian tax liability but failure to file the form in time could result in a significant penalty. The penalty is $25 for each day that the form is filed late. Please see a qualified tax advisor to determine whether you have to file this form.
9 - What Is Business Owner Service?
Business owners face unique challenges in their business operation and their personal tax arrangements. High & Wide Financial is more than a traditional accounting firm. We offer a wide range of specialty services designed to help business owners in every aspect of financial management covered both business management and personal arrangement.
10 - A Non Resident Owns a Real Property, What Is the Tax Obligation?
If you rent your real property for the year, you have to file Canadian income tax for your rental income.
If you sell the property, you will have to file tax for your selling proceeds.
In both cases, CRA’s specific withholding tax for non-resident is involved. Please Contact our office for more information.
11 - How Do I Amend the HST Return of my business?
If you’ve made an error in your HST filing, you will need to correct your HST return. You can do so by writing a letter to the CRA stating the corrections and the line numbers that needs to be corrected. Please note that you should not refile an HST return.
12 - If My Company Leases A Car For Me, Is It A Taxable Benefit?
Yes, there is a taxable benefit to you should your employer lease a car for you. These benefits are knows as the stand-by-charge and the operating cost benefit. Contact our office if you need more information.
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