Perhaps as a small business owner you have heard that you can file your taxes through e-filing. While it sounds quite simple and in some cases it is, it can still be time consuming. Ideally though, if you choose a quality Toronto accountant they will do the e-filing as part of their service. If you have to make a payment for your personal tax return they will supply you with a Electronic Filing Remittance Voucher or you can make a payment online through your financial institution or by using the CRA’s My Payment website which will allow you to make a payment online.
If you are computer savvy then learning new programs is generally not all that difficult. If this isn’t the case, and you happen to be one of those people who learn as you go, then you will find that you need to dedicate a substantial amount of time to this. This is the way you will begin to feel comfortable working with electronic programs such as this. Although this may be an option that is being offered by CRA it will surely become a mandatory way of filing for the future.
It is a matter of really filling in the blanks of the electronic tax forms but when you think that filling in your paper returns works on the same premise and how confusing that can be, then you can see where there may be potential issues that can be confusing. Many Toronto tax accountants basically use this as their standard method for filing the returns of their clients, as for them it is a great time saver.
Initially setting yourself up for electronic filing will require several steps and the entering of information. For those that are dealing with simple personal returns they often buy the tax software from their business supply store. Now there are some online soft wares that both personal and business returns can utilize.
Depending on whether your business is sole proprietor or corporation dictates which program would be applicable.
If you really aren’t familiar with preparing your taxes or have a good understanding of them even when they are prepared by your accountant in Toronto, then you are most likely going to be a little apprehensive about entering them in the system.
To really ensure that the total tax filing process is done correctly for your business, it is wise to use the services of a Toronto accountant who also specializes in business taxes. This way, right from the start you know your taxes are being done correctly. You are going to be aware of any potential tax breaks that may be available to you and at the same time once completed they can be E-filed. Everything is taken care of properly for you by this tax expert.
As a Toronto accountants serving small to medium businesses throughout the GTA I am well versed in E-filing. It is the most efficient way to attend to required tax returns and I would be pleased to offer my tax services to your business. Just give me a call at 416-398-1700 , and take advantage of my free consultation.
