PERSONAL INCOME TAX
Whether a person has high income, low or no income, they always have to file a tax return to receive a refund for over-payment of taxes and/or to maintain the social benefits they are entitled to.
What is the difference between a deduction and a credit? Which is better? What can I claim if I am an employee? What can I claim if I am self-employed? Should my compensation from my corporation be taken as salary, or as dividends, or a combination of both?
Every year, increasing numbers of taxpayers turn to TPC for assistance with navigating their way through a standard T1 tax return. We help our clients’ find all possible deductions and credits they are entitled to!
Our professional and friendly staff offer a personal and confidential service at very competitive rates. During the tax season we are open 7 days a week at convenient mall locations, so you can shop or wait while we prepare your tax return for you. After tax season, you may contact our TPC Head Office in Burnaby for assistance with preparing returns that are filed after the deadline.
No appointment is needed, and we guarantee accurate returns!
SMALL BUSINESSES AND CORPORATIONS
Businesses also pay income tax on their earnings, and Canada Revenue Agency considers corporations, partnerships, self-employed contractors and proprietorships to be businesses. These entities report their business income, and then deduct their operating and capital expenses. The difference is their taxable business income, which is added as personal income for proprietorships on a T1 return, or reported as their business income on a T2 Corporation return.
Corporations are taxed significantly different than individuals and even proprietorships and partnerships. What type of corporation you have and what type of income it earns (active or passive), will determine how the corporation is taxed and how much tax will be levied at federal and provincial level.
Small businesses that are GST- and potentially PST-registered, as well as all corporations, must remit net payment of their GST (and PST if applicable) to Canada Revenue Agency on a regular basis. In order to comply on time, this requirement often places a huge burden of administrative work on businesses, that can be hard to manage efficiently with a limited number of employees.
TPC will take this burden off your business, by ensuring that all GST, PST and T2 filings are done accurately and on time.
TRUSTS AND ESTATES
Trusts can take many forms, depending on by whom is was created, the timing of the creation or for which specific purpose it was created. In most cases, a Trust will have to file a tax return if it has sold any capital property, generated more than $500 worth of income, gain or profit, or has made a distribution of income over $100 or capital to any beneficiary in a tax year.
Although a Trust can have many benefits associated with it, the Trustee has the responsibility of ensuring that all tax filing is done in a timely manner.
TPC can assist the Trustee with issuing of the T3 slips to beneficiaries, as well as compilation and filing of the T3 Trust return.