First of all you need to have a basic understanding what a CRA(Canada Revenue Agency) notice of assessment (NOA)really is. It is basically an invoice of your tax account. It should contain all of the pertinent tax information concerning you. In order to really understand it in its entirety and particularly if you do not…
Foreign Income Verification Statement Question on T1 General Tax Return, T2 Corporate Return and T3 Trust Returns When you complete your Personal Income tax return for Canada there is a question on the front of the return which asks “Did you own or hold foreign property at any time in 2012 with…
It is so common for self-employed individuals or small Toronto businesses to really put off getting an accountant to look after their financial matters as it pertains to the business financials. Then at the end of the year as tax time roles around it is suddenly realized that there is a real need for a…
Whether your business is new or just starting up and no matter what the size, you need a core group of individuals to rely on to allow it to first become stable and then to grow. Even if you are the only one working for your business, there are resources that you will need to…
Most people who pay Canada taxes try to be sure that they follow all of the tax laws and meet their obligations as best as possible. Every year they are required to file their tax returns. For those living in the Toronto area they will many times rely on a Toronto accountant to assist them with this.…
As Canadian tax payers we are constantly hearing about all the great tax breaks our Government is affording us. Yet as individuals we really don’t see anything significant that is perhaps making a major change to our particular tax status. Part of the reason we don’t realize this is because preparing your taxes can be…
Newcomers to Toronto certainly do find it an exciting adventure to be living in a city such as Toronto that is so well known and favored by many as the best place in Canada to live. No matter what country of origin the newcomer is from, there is a certain level of adjustments to be…
It is the time of year where many young people are now leaving the classroom for the last time and are about to enter the working world as young adults. They have spent years preparing for this day, but what they may not be prepared for is along with their new freedom of being…
Your Tax Rights It may seem that when you are locking heads with the CRA that you really don’t have a friend in the world that can help you stand your ground with this sector of our Government. You actually do though, and in the case of Torontonians it’s your Toronto tax accountant, and…
As many Canadian taxpayers are aware, there has been quite a bit of news over the discovery of hidden records regarding offshore accounts for the supposed purposes of hiding money for tax purposes. This has resulted in several countries launching an investigation as it pertains to them. It appeared that Canada tax regulators somewhat dragged…
