Corporate & Small Business Questions
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You are required to file your corporate tax return within six months of the end of your fiscal year. However, if there is an amount owing, it should be paid within two months (three months for most small businesses) of the end of the fiscal year in order to avoid interest. In cases where your return is not completed, an estimated payment can be made within this time frame.
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Audits are required in certain circumstance for public and not-for profit corporations by either the Federal Corporations Act or equivalent provincial legislation.
In many cases, the requirement for an Audit or Review is dictated by the terms of lending agreements with your financial institution. For further information relevant to your particular situation, contact us to find out what level of involvement would be most beneficial for your needs.
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This question can mean many different things. Do you want to register a business name to protect it from being used by someone else? Do you want to or need to register for an HST or payroll account? Are you wanting to create a corporation? If you know exactly what you want to do you can do most of this online at www.registerbusinessinontario.com or please feel free to contact us and we will walk you through the process of what you do and do not need as well as guide you through the registration process.
Personal Tax Questions
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For most people, the filing deadline is April 30th. If you have self employment earnings reported on your return or your spouses return, your deadline for filing is June 15th but the tax owing is still due on April 30th.
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If you file your taxes after the due date you are subject to a late filing penalty based on the amount you owe. As well, the CRA will assess interest from the due date to the date you pay the balance on any amounts owing. Filing late may also delay or stop payments of credits you are eligible for.
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While it is not required that you file your return at the same time or by the same preparer as your spouse, you are required to properly identify your marital status on both returns and report certain information about your spouse on your return. In most cases, it is easier and less prone to errors if both returns are prepared together. This also ensures that all credits and income sharing options can be optimized for you as a family unit.
Financial Planning Questions
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Although this is a complex question with many factors, it is an important one to address. Various factors such as income, capital, savings, pensions, health, living arrangements, debt, and living expenses all influence this issue. It is important that you sit down with someone who can ask the right questions and get to know your situation thoroughly enough to put a plan together to give you the best chance at success in this area. If you would like to start this process, feel free to contact us for an appointment.
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The simple answer is to spend less than you make. The reality is, that this is not always easy to do. With the quantity of options for tracking and budgeting on paper, with computers or even with our phones today, there is many things we can do to prepare for success in this area of life. Contact us for an appointment where we can learn of your situation and guide you to a solution that works for you.
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The answer to this is as varied as the people who ask it. In many cases, there are significant tax savings to be realized if this is managed well. For some, taking it out pre-retirement or in the early days if their retirement makes the most sense. For others, leaving it alone for as long as possible makes the most sense. There are also estate considerations to be taken into account when planning this. No one answer fits for everyone. Contact us for an appointment where we can review your current situation and provide tangible plans for how to manage what can be one of the largest assets you have in retirement.