Taxation
Every individual and organization in Canada must comply with federal and provincial tax laws by filling out tax or information returns.
Our tax experts assist to:
- Meet tax obligations
- Reduce tax burden by using legitimate incentives
- Avoid and settle tax disputes
Personal Tax
Every individual or family has to file an annual T1 return(s), which can sometimes be very complicated with several income and deduction items.
We assist our clients in filing returns, including but not limited to the following:
- Resident and non-resident returns
- Self-Employed, Sole Proprietor, Business Income T2125
- Foreign Affiliate Business T1134
- Foreign Income & Assets declaration T1135
- Real-estate rental T776
We also assist our clients in planning their taxes, using RRSP, TFSA, CCP, Donations, tuition, childcare, medical expenses, and much more. We help our clients to claim deductions and credits and apply for benefits like CCB, GST/HST, Climate Action, Disability, Worker Benefits, and many others.
Corporate Tax / Partnership / Trust / NFP & Charity
- Corporations
- Professional Corporations
- CCPC – Canadian Control Private Corporations
- PSC – Personal Service Corporations
- Non – Resident Corporations or Foreign Branches
- Not-for-Profit Corporations
- Charities
- Partnerships, LP and LLP
- Trusts
- PCC – Private Career Colleges
- T2 – Corporation
- T3 – Trust
- T3010 – Charity return
- T5013 – Partnership
- T2202 – Tuition and Education Credit
- T3 – Trust Income
- T4 – Remuneration
- T4A – Pension, annuity, and other Income
- T4PS – Profit Sharing Plan
- T5 – Investment Income
- T5008 – Securities Transactions
- T5013 – Partnership Income
Sales Tax
Sales tax or Goods and Services tax is administered and collected by federal and provincial authorities in the name of HST, GST, PST, RST, and QST, and their rates vary from 5% to 15% (in 2024), depending on the jurisdiction. We assist our clients in
- Understanding the recoverability of different types of taxes
- Registering with federal and provincial authorities
- Charging appropriate taxes and paying instalments
- Accounting for taxes
- Preparing and filing returns
- Assisting in tax audits
Tax Compliance
Organizations operating globally are prone to higher risks of errors and ineffective tax management. We assist our clients in compliance with international tax obligations and transfer pricing rules in Canada.
Tax Audit Assistance
- Providing a second opinion
- Assisting in responding to reviews and inquiries
- Assisting in tax audits and investigations
- Representing with the tax authorities
- Representing in tax courts
- Filling objections/disputes with tax authorities
- Requesting relief on interest, penalties, and fines
Tax Planning
The objective of tax planning is to minimize taxes, which should be consistent with the intent of the law; otherwise, it is referred to as tax avoidance and is considered illegal.
Tax planning involves various strategies, such as
- Reducing current taxes
- Reducing future tax
- Maximizing tax-free earnings
- Maximizing passive income for retirement
- Minimizing future financial obligations
- Deferring higher rate taxes
- Availing tax incentives
- Tax planning in the change of status from resident to non-resident and vice versa.
- Availing lifetime capital gains exemption
- Availing maximum exemption on principal residences
- Rollover and transfer
- Estate planning
We assist our clients in optimizing these strategies and using the incentives for which they are qualified.
SR&ED
Federal and provincial governments offer tax incentives for Scientific Research and Experimental Development in the form of deductions and credits to encourage research in Canada.
We provide pre-SR&ED consultancy so clients can wisely decide on their R&D activities and annually file their returns to claim the maximum incentives.