Tax Consultant


What Canadians Can Expect From 2018 US Tax Reforms

Posted in Tax Accountant, Tax Consultant

The tax reforms introduced by President Trump have now officially become a part of US law and are in effect from January 1, 2018. The legislation is known as the “Tax Cuts & Jobs Act” has been updated and it includes immediate expensing, lowered corporate rates, limiting net operating losses and much more.
The House and the Senate introduced some changes on their own, but some elements remained same in both, including lower tax rates for both individuals and businesses, broadening of based on credits and deductions through limitations. A territorial system has also been introduced for US multinationals with provisions against abuse, and the foreign earnings that were previously untaxed will now have a toll charge.

Impact of US tax reforms on Canadian Businesses

It is expected that the economy of Canada will be negatively affected by the US tax reforms. On the positive side, exporting more services and goods to the US market will be beneficial for Canada.
The downside is that heightened protectionism in US trade, and a more tax-competitive environment, may result in a shift of skilled labor and capital from Canada towards the markets of US.
The impact on Canada’s tax competitiveness will be the most significant, though. Putting into consideration the state income tax rates, the United States’ federal-state income tax for corporations will significantly fall from 39.1% to 26%. This is expected to be somewhat lower than the federal-provincial income tax of Canadian corporations which is approximately 26.7% (according to the GDP given by subnational jurisdictions). This crucial new shift in income tax can open new doors for the planning of taxes for US and Canada based companies that conduct cross-border operations.

Future Consideration for Canadian Businesses

The latest tax reform developments recently introduced in the United States should be carefully considered by both, government policymakers and Canadian businesses.

The US and Canadian prices of capital, labor, and returns on business investment are highly affected by these significant business-related and personal tax changes. Businesses consider tax competitiveness as only one of the many factors when they embark on investment related decisions. Many companies’ investment decisions and tax planning could be affected by the elimination of tax competitiveness which was previously enjoyed by Canada over the US for the past few decades.

Entrepreneurs will have to decide whether investing money in the US for expansion of business is more ideal or it should be invested in purposes other than the decision of investment locations.

Putting in consideration the closely knitted structure of both the countries’ economies, changes in tax rates in the United States has become a precursor for a detailed policy renewal for the Canadian economy, where for many other reasons, the review in the tax policy is already called for.


Tax Preparation – Selecting the Right Tax Preparer and Ensuring the Process Goes Smoothly

Posted in Tax Accountant, Tax Consultant, Tax Preparation

Tax time can be a stressful process in Ontario, especially if you aren’t aware of the process. Businesses and consumers alike need to understand that they are ultimately responsible for everything on a tax return, regardless of who prepared it. While most tax professionals are honest, qualified and reliable, it is imperative that you find a trustworthy and dependable service to avoid during and after you hand over the prepared documents for your preparation of income tax returns. After all, nobody wants to deal with income tax return problems just because the preparer made a mistake. So, without further ado, look at these tips to find a good service for Tax Preparation in Mississauga, Brampton and Oakville and ensure the process goes smoothly:

Check Qualifications of the Preparer – When it comes to tax preparation, you need to ensure you are hiring an experienced and knowledgeable preparer. So, don’t hesitate on asking different preparers for their training, qualifications, education, and experience of the current tax lax in Ontario. For any type of return whether it is simple return or more complicated tax return, your interests are best served if it is done by a professional accountant who has been preparing the returns for 10 years or more. If you go to a book keeper or tax preparer who is not a qualified accountant, you run the risk of not getting the best for your taxes paid.

Check Preparer’s History – Don’t hesitate on conducting a background check to see if the preparer has a questionable or clear history. Check for how many years the tax preparing is in the business and testimonials from the other clients. For a professional Accountant you should ask for the designation of the accountants.

Ask about Service Fees – For successful Tax Preparation in Mississauga, Brampton and Oakville avoid preparers who say they can get you larger refunds than others can. Also, avoid people who say that you should deposit the refunds into a preparer’s bank account first. All funds should be sent to you directly.

Ask About Electronically Filing Your Return – Times have changed and so has the process of filing tax returns. Now, it is also required that your preparer offers CRA e-file. This ensures that your tax return has been filed electronically, reducing time and hassle from your end.

Make Sure the Preparer is Available – Ensure that whichever tax preparer you choose is available after the return has been filed. This may prove essential and helpful in circumstances where questions arise regarding your tax return.

Provide Receipts and Records – The best preparers will ask to see all your receipts and records to determine your tax credits, deductions, total income, and other essentials. However, make sure preparer you choose doesn’t e-file your return using your last pay stub, as it is against CRA e-file rules. It should be done with your T4.

Never Sign a Blank Return – Tax Preparation in Mississauga, Brampton and Oakville can prove to be quite tricky, as you have to be careful about whom you can trust. Regardless of whom you choose, ensure that you NEVER sign a blank return. Immediately fire the person who asks you to sign a blank tax form, as it could be a sign of potential fraud.

Ensure the copy of the tax return – Preparers must give you a copy of the return to complete the process.
So, if you want to select a reliable service for Tax Preparation and ensure the process goes smoothly, make sure to follow the abovementioned tips.


Get Your Taxes Prepared By The Experts In Mississauga

Posted in Tax Accountant, Tax Consultant, Tax Preparation

Mississauga, located in South Ontario, Canada is among the commercial hubs. The presence of more than 60 Fortune 500 companies reiterates the fact. It is quite obvious that the companies need to pay the corporate taxes and the employees have to pay income taxes. Hence, the Tax consultant Mississauga are always in demand. They take care of the corporate taxes filed by the companies and income tax paid by the employees. If you happen to be an income tax payer or corporate taxpayer, you would definitely require the services of tax consultants. As a taxpayer, you need to furnish all the details of the income, savings and investments so that you are able to save as much as possible.  The investments that you make can entitle you with tax benefits, however, the interest that you get paid on the savings come under taxation. Someone who is not aware of all these details will not be able to file the returns. The individuals also do not have this amount of time to calculate the taxes and the investments. In case of enterprises, the large amount of tax is to be paid and therefore services for Tax preparation Mississauga required.While choosing the tax firms, you must ensure that the tax consultancy is of good repute and possess an impressive clientele.

A definite period of time is allotted to the companies and individuals to prepare their taxes and file the returns. In case of delayed tax filings, the taxpayer has to bear the fine which will depend on the amount of tax to be paid. It is therefore mandatory for you to pay taxes on time so that you are not labeled a defaulter. Tax consultants play a crucial role in these conditions as they prepare the taxes and also take care of the investments which can help you save taxes using the legal way. The tax firms have a team of experts who implement tax saving ways according to the income. It is hence ensured that you are able to save as much tax as possible. You also build savings and investment through the process. In addition to the tax services, services of Accountant Mississauga are also afforded for maintaining the accounts. The accounts need to be checked and verified on a regular basis to track the performance of the company. Hence, it is imperative that you hire the services of a trusted Tax Accountant Mississauga who takes care of your accounts and taxes.

If you are availing tax and account consultation services, ensure that you hire only those consultants whom you trust. They may be privy to certain information which must not be disclosed to your rivals.  Those who enjoy an impeccable reputation as honest and competent tax consultants must be hired for all taxes and account related works. For larger enterprises, corporate tax accountant Mississauga is of great help in taking care of the accounts and taxes of the company. The resources invested on these consultants are totally worth.

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