Our bookkeeping services make owning a business easier.
Tax season can be stressful. But with full services, an insightful team, progressive technology and the True North guarantee, you’ll have peace of mind knowing everything is taken care of. We e-file the majority of all tax returns, both personal and corporate, and keep you up to date on deadlines, changes to tax laws, and documents we need from you.
Tax payment deadlines are different than filing deadlines, with corporate taxes due 3 months after year end, and actual filing of the corporate tax return due 6 months after year end. If a tax payment is late, interest is charged. If tax filing is late, penalties are charged. The good news is we do everything we can to ensure you never run into these problems.
Minimizing your taxes
To maximize your deductions or minimize your taxes, we stay up date on all tax laws and ensure we have a deep understanding of your business. We specialize in certain types of clients, which allows us to understand their tax needs thoroughly and address every available deduction and tax planning opportunity every time. We have two CPA’s and three very experienced bookkeepers who know what you can write off, and we provide well-timed advice to ensure you’re capitalizing on every business expense and tax deduction possible.
We have a proactive planning approach, which ensures you’re on the right path before a tax planning problem surfaces. All of our bookkeepers and CPAs engage in many hours of professional development each year in order to stay up to date on changing tax rules and to get tax planning insights from others. As your small business accountant, we’re easy to get ahold of and always available to chat if a tax planning situation pops up in your life.
A lot of really smart accountants get clients into very complex tax structures, sometimes with multiple holding companies and family trusts, with the intention of minimizing tax. These structures are great for the accountant’s annual fees, but after a couple years the client is often left confused, frustrated and sick of paying huge professional fees. We like to minimize taxes, however simplicity iis much more important than saving a few bucks in tax. If we find an opportunity that will actually benefit our clients, but if it is outside of our expertise, we’ll connect you with a specialized professional.
When we become your CRA representative, life gets a whole lot easier. You sign an authorization form that gives True North permission to deal with the CRA on your behalf. That way, if CRA has any questions about your bookkeeping, deductions, or tax return, we can take care of it, often without you ever being bothered. We can access most information we require from the CRA’s website, and as your representative, we save you a lot of time, paperwork and stress.
There are a number of reasons why the CRA would ask for supporting documentation and receipts and it’s the responsibility of the taxpayer to provide them. The CRA recommends keeping your tax records and receipts for at least 6 years. This 6 year period starts when the Notice of Assessment is issued for that tax year, and they can go back 10 years if they expect fraud. If you’re unable to provide receipts, the business expenses will be denied and additional taxes, and possibly penalties will be due.