Tax Reporting Toronto

Who needs to report?

Tax reporting Toronto is necessary for all individuals and companies that receive any sort of taxable income that falls into a category of a ‘taxable source’. For example, an individual must file a tax return if they have had self-employment income. There are many reasons why someone might need to file income reports with Canadian tax agencies. Individuals may be required to submit a report if they earned commissions, dividends, rental income, self-employment income, gifts or inheritance during the previous year; any form of taxable capital gains could necessitate a report. Students whose tuition fees were not waived may be required to file a report, as well as people who claim moving expenses or various tax credits.
Businesses are also subject to income reports—if an individual owns more than one unincorporated business, they may be required to submit reports for each enterprise if they wish to continue their operation. Corporations of any size that withdraw cash from their registered retirement savings plans (RRSPs) must file reports, as do corporations with significant holdings in either publicly traded securities or mutual funds. A certain number of shareholders must also submit reports on behalf of the corporation so that all parties can comply with Canada Revenue Agency (CRA) regulations surrounding corporate ownership and activity.

Tax Reporting Toronto

Tax reporting Toronto refers to the process of submitting financial information about oneself or their company to federal and provincial tax agencies. The purpose of such reporting is twofold: to obtain a refund if applicable, and to ensure that one’s income is properly reported in the case that the individual or business receives an audit from either government body.

Tax Accounting Firm Toronto

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.

What kind of income is taxable in Toronto?

Any type of money that you have earned or made throughout the year is considered taxable income. This can include things like bank interest, dividends, pensions, business revenue or loss, property sales profits and more! The only kinds of earnings which are generally tax exempt are gifts and child support payments. An important note to remember is that any funds which you have transferred out of Canada before filing are not included as part of your taxable income so long as they remain outside Canada at the time of filing.

When can I file taxes in Toronto?

There are two tax seasons in Toronto. This is because Canada follows a different tax year compared to other countries due to its unique decimal system of currency. The first tax season starts on January 1st and ends on April 30th, which is when you can file your taxes for the previous fiscal (12 month) year. The second one starts on July 1st and runs through June 30th, which is when you can file your following year’s taxes (fiscal).

What does this mean for residents? Well, if you haven’t been earning any income during January or February then that means that you have only until April 30th each year to report any earnings. If you don’t, then you may face a fine of 5% per month for each month that your taxes are late.

Types of tax services offered by accountants

Tax preparation refers to ensuring all relevant data is entered into your return accurately so you pay as little tax as possible. Providers may also review last year’s return and help answer any questions about what was declared, why it was declared, and if it was appropriate. Tax planning is another service offered by accountants, in which they help interpret the tax code to find ways to decrease taxable income without breaking any laws or breaching ethical standards.

Many high-income earners require assistance with investments, trusts, wills and estates. Accountants can also help with these tasks too. For example, they may use their expertise in order to set up an investment portfolio that maximizes your return while minimizing your tax liability at the same time. Some people hire an expert in these matters when starting a new business; others choose to consult one on retirement plans or estate planning (wills). An accountant will be able to determine whether you need an umbrella company (to employ other contractors), a limited company, a sole trader or an S-Corp.

As well as income tax returns and financial planning services, accountants also provide audit support for those who require additional verification that their taxes have been filled out accurately. This service is usually required by self-employed people earning over a certain amount of money each year. Accountants can also produce financial statements for clients who are applying for a loan or capital funding, and may have to show audited accounts in order to prove their income.

What type of tax services are offered in Toronto?

There are many available services that offer help for tax filing, with dozens of businesses offering tax services to residents within the Greater Toronto Area (GTA). Many accountants, bookkeepers, financial planners or even software companies can offer tax filing services, along with other miscellaneous accounting tasks that are required throughout the year. Tax service providers usually charge an hourly rate for their time spent on client accounts or projects. Generally, you want to look for either an accountant or a professional from an accounting agency.

Why choose TY Peak TAX Accounting?

TY Peak TAX Accounting is known for offering a high level of service at competitive prices and our accountants will ensure that all applicable filing deadlines are met each year by processing paperwork in a timely manner. TY Peak TAX Accounting can provide assistance with sourcing deductions, personal tax returns, corporate tax returns, capital gains and losses, GST/HST filings and more. Our team of qualified professionals will walk clients step-by-step through the entire process, regardless of what they need.