Each year, many Canadians attempt to do their own personal tax preparation and filing with the objectives of 1) saving money by not hiring an income tax accountant, 2) with the hope of getting a tax refund from CRA.

Though we understand the need to save money, the vast majority of people who prepare and file their own personal tax returns are untrained and inexperienced and this could easily lead to CRA tax audits. For this reason, we very highly recommend using the services of a professional personal tax accountant.

Running a business as a self-employed individual can be challenging. Most Entrepreneurs not only want to ensure their business is profitable but when it comes to tax time you’d want to make sure that you’re not only filing your self-employed tax return properly but that your income tax preparation process is done correctly to avoid being audited by CRA and also ensure you get the maximum tax refund that’s owed to you.

Real estate agents’ earnings are dependent on commissions of properties they sell which means they​’re​ considered self-employed. Like many self-employed individuals, however, many real estate agents do not make concessions for their real estate tax preparation at the end of the year which can lead to penalties by CRA.

For those individuals wanting to file their own personal tax returns, CRA offers the convenience of a complete tax e-filing option called Express NOA.

Express NOA also allows Canadians to get their notice of assessment shortly after they’ve filed their tax return.

If you have questions, concerns, or in need of a professional tax accountant regarding your personal tax assessment, please do not hesitate to contact us.

One major reason why it is critical that Canadians file their tax returns on time and accurately is to avoid CRA’s penalty for late tax filing as well as any interest.

For example, let’s assume you’ve filed your 2019 tax return late (after the due date) and you end up owing on your taxes,  CRA will assess a late filing penalty of 5% of the balance owing for 2019 PLUS another 1% of the balance owing for each month your return was filed late up to a period of 12-months.

Late tax filing in Canada can have serious consequences on one’s personal finances. Especially if individuals are neglectful and allow more than two, three, or more years to go by without filing. CRA penalties and fees can quickly accumulate when Canadians find themselves owing money to the Canadian Revenue Agency. Remember, not knowing how to file late tax returns in Canada is not an excuse the CRA will accept.   

If you’re a Canadian who’s late in filing your personal tax return and wondering where to file late tax returns or are in need of some late tax filing help, we highly recommend you contact us at your earliest opportunity so we can help you file your income tax return to resolve a CRA penalty for late tax filing.

Avoid a CRA penalty for late tax filing in Canada, contact us today. We are a professional tax accountant in Scarborough. We work with clients in Scarborough, North York, East York, Markham, Beaches, Pickering, Ajax, Whitby, Oshawa, and all other neighborhoods east of Toronto’s downtown core.

Businesses registered and operating as a corporation in Canada need to file a T2 corporate tax return each year. This tax obligation is also true even if the business did not actually operate or have any revenue for the year. It is also imperative that corporates file their T2 corporate tax return within 6-months of the end of their fiscal year.

Businesses registered and operating as a corporation in Canada need to file a T2 corporate tax return each year. This tax obligation is also true even if the business did not actually operate or have any revenue for the year. It is also imperative that corporates file their T2 corporate tax return within 6-months of the end of their fiscal year.

If you’re currently running a business and require business incorporation services please consider giving us a call. We have extensive experience in the area of incorporating a business in Ontario.

If you own a business or work for one that’s had a CRA audit you’ll know how frustrating it can be. If after filing their tax returns and the Canadian revenue agency (CRA) has cause to believe a business’s records may not accurately reflect the values in their tax filings submitted in their return, the CRA may choose to audit the business.

If your company finds itself in this CRA tax audit situation there is a good chance you may be in need of some professional advice regarding your business tax audit. If so, contact the professional at Dimaro Tax for assistance.

We’re a fast-growing tax accountant in Scarborough Ontario including all areas east of Toronto’s downtown core.

When it comes to starting a business in Ontario there’s a lot to think about, especially as it related to your business taxes.

Here are the five steps as outlined by CRA when starting a business in Ontario:

1. Creating your business plan
2. Business name registration
3. Financing your business
4. Business name selection
5. Business permit application and permits

At Dimaro Tax Services we’ve been helping all sizes of businesses with their business start-up plans. Contact us today if you need to discuss your business plans.