I recently, successfully, helped a client who had an RRSP overcontribution in excess of $100,000 obtain a waiver of some very hefty penalties (Ed: He means to say excessive). If you have overcontributed to your RRSP, you’re subject to a…
With the Thanksgiving long weekend, I’m thankful to work in a profession with a number of excellent colleagues, and awesome clients who allow me to do so and the trust they place in me. I’m less thankful for the new…
My fiscal year ended May 31. On June 1, I filed my Corporate Tax Return and HST. Since I use Xero for my accounting and TaxCycle for my tax returns, I was able to sync my books directly to my…
Enhanced Support for TeachersUnder current rules, teachers and early childhood educators may claim a 15-per-cent refundable tax credit based on an amount of up to $1,000 in expenditures made in a taxation year for eligible supplies. This is being updated…
Good accounting starts with good bookkeeping, as I mentioned last week. Good tax requires both. Tax is inevitable and for many people it does not spark joy. With regular, ongoing bookkeeping, scanned receipts, and a well-documented business, your tax returns…
Good accounting starts with good bookkeeping, and good bookkeeping starts with ensuring the transactions are accurately recorded as soon as possible. Whether it’s issuing an invoice, tracking a payment, buying a new computer, a restaurant bill, or payroll, regular and…
INCOME TAX SERVICES
T2 Complete
Installments
SR&ED Compliance Assistance
Income Tax Elections
Sales Tax Rebates/Elections
Current Safe Income
Reorg Ready
Sale Ready
TOMORROW
54 days after year end
TODAY
90 days after year end
Additional
Additional
Additional
YESTERDAY
135 days after year end
Schedule
Additional
Additional
Additional
Additional
Additional
BOOKKEEPING AND TAX COMPLIANCE
Month End Close - Service Level
HST/Sales Tax
Payroll Admin
CEWS
CERS
Employee Expenses
Invoicing
Payables
TOMORROW
7 Days from doc delivery
Monthly - 21 Days
Weekly
Up to 10 employees
TODAY
14 Days from doc delivery
Quarterly - 21 Days
Bi-weekly
Up to 5 employees
YESTERDAY
21 Days after quarter
Annual - 54 days
Annual Payroll Schedule
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