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The best thing about hiring an accountant is that you get back some of what you paid in taxes. There are several different methods that an accountant can use to help you reduce your taxes and save some extra money for yourself. A chartered accountant will better understand legislative changes and know how to prepare personal tax returns in a way that your taxes will be minimized as much as possible.
The tax code is so complex that it often intimidates people from doing their own taxes, but hiring someone reduces the amount of workload you would've had. For example, if you're a college student who had part-time employment during the school year, you might get a big refund because of all the money withheld from your paychecks by your employer. However, if you work in summer and don't have any withholding taken out of your paycheck (since it's only temporary), you will likely owe quite a bit more when April rolls around. An accounting firm would contact the employer and inform them that you're no longer employed, so your withholding would be lowered.
There are only two ways to get money back from the government - either paid a little throughout the year or get a huge refund come April (which is basically like giving an interest-free loan to the government). If you think about it, filing your taxes takes hours of work - this time could be better spent working on something else. A good accounting firm will be able to cut down on the amount of time you spend dealing with tax paperwork, allowing you more free time each year!
Working as your own boss can be one of the most rewarding experiences in life. And when that hard work pays off, watching it grow and flourish? Even better! You’ll have more than yourself to celebrate with — you should also stay on top of taxes because there are some different tax filing obligations for incorporated or limited companies vs sole proprietorships
Filing a GST/HST return also refers to claiming the GST you paid on your purchases. Claims can be made for an eligible credit, up until certain limits; this is commonly called write-offs or business expenses - it's what they do! A lot of small businesses like filing their returns because if there are any credits left over at year end then these might offset some costs so that way no tax will have been due earlier in time (although not always).
It is important to know the difference between a tax audit and routine review. A CRA review does not mean that you have committed any wrongdoings, or will be facing criminal charges for fraud; it just ensures information provided on your return was accurate In most cases though if an individual receives one of these letters from Revenue Canada (RC) then there may very well be something wrong with what they've reported in regards to income taxes
Bookkeeping is the recording of financial transactions. Accounting, in turn, provides an important guide for businesses to make informed decisions about their future economic prospects and sustainability as a company by balancing costs against income earned on accountants' books each year at tax time. A balance must be found between spending money wisely while staying afloat financially; this can only happen when every aspect from book keeping through analysis has been thoroughly planned out beforehand so that you know what needs doing where before it becomes necessary or else risk facing bankruptcy due entirely too late!
People are very busy with their personal lives, jobs and children. What is more, you have to do taxes every year. If you don't have any knowledge about Canadian tax then you may want to hire a qualified professional.
If you are not familiar with a personal tax return - it is recommended that you at least attend a consultation with a CPA professional or a firm, if not hire them. Why? Working with a professional corporate firm will help you accurately prepare and file your personal tax returns.
lthough most people think tax services are expensive, they're either free or significantly less expensive than you would've thought. Tax accountants/CPA understand legislative changes and know how to prepare personal taxes in a way that minimizes your loss.
Not only will we provide constant updates on status of your return, you can expect our team to consistently deliver the best services in Ontario.
Our team will ensure that your rights are protected throughout the process and no disclosure of your personal information past what is required will be necessary.
Our business will cater to our clients' scheduling.
Contact Us for hassel free service
TY Tax Accounting is the leading tax accounting company in Toronto. We take care of your taxes so you can focus on what matters most to you. TY Tax Accounting has over 20 years of experience advising businesses and individuals on how to maximize their financial potential, starting with a strategic analysis of their finances. This includes customizing budgets and setting financial goals that will lead them towards success now and into the future.
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Who Are We
TY Peak is a well-established firm with an extensive list of clients that have come to appreciate their professional and comprehensive approach. The TY Peak team provides accounting support for small businesses, corporations as well as personal taxes in Toronto.