Getting your finances organized can be quite a cumbersome process when you have a lot of things on the go. Are you working, are self-employed, own a business, have investments, debt, retirement plans and are also trying to keep track of things like a budget, savings, properties, etc. If you’ve experienced major personal change that will directly affect your finances in any way that is related to the adoption of a kid, the purchase of property or the receipt of a large sum of money, it may be well worth it to hire an accountant.
Do I need a personal accountant?
In Canada. there is no law that requires individuals to have a personal accountant. Online tools and software are available to self-file tax returns and everyone has a different way of managing their money. While this can work for many, hiring a personal accountant to handle your finances and taxes help prevent mistakes that would be costly both fiscally and in your long term financial plans.
Sometimes credit card and bank accounts statements are incorrect which can mean that a correction will be made before it is deemed too late. You may opt to not repay a bill because that would hurt the credit rating. You may even overlook expenditures able to generate a tax deduction for your business. It’s important to keep track of your personal wealth especially when it is tax season.
Personal Income tax returns
FinanTech is here to assist you with maximizing your payouts – simple. Filing taxes is considered to be one of the most stressful times of the year for individuals and families. The true difference between filing online by yourself for your personal taxes and consulting with a tax professional is the flexibility of how your taxes are structured.
A personal accountant will have insight on things like using your RRSP or tax free savings account to your advantage while finding credits or deductions that you can claim to maximize your tax return. For example, if you are a first time homebuyer or invested in green-driven products, you may be entitled to a tax deduction or personal credit on your next tax filing.
Personal Tax planning
Income taxes are much more than filing paperwork for a refund of taxes. We may be your favored tax strategy for a number of reasons. We can also help you prepare for life changes, such as buying a home, starting a family, continuing education or leaving the workplace to begin a business.
Filing personal tax returns
It is incredibly important to file your taxes on time to avoid any penalties. This is why we provide services like tax preparation and timely filing to make sure you not paying anything you don’t need to. When you use a personal tax accountant to file your returns, you reduce your chances of being audited by the CRA as any red flags will be assessed and evaluated in advance.
Get the personal tax return you’re entitled to.
A personal income tax return is the final product – a report card – describing your income for the year. You have also the right to get many tax refunds. The Canada Revenue Agency will not tell you when you missed them and you should request credits for them. Accountants will take into account expenses, payments and other elements that can benefit your tax return.
Aside from personal income tax and tax filing, if you do not have an accountant to this point it’s a good idea to hire one to minimize the risk of being audited. A professional can assist in the planning of your audit procedure. It’s better to contact the accountant before an audit even happens, especially if one offers audit insurance. All audit insurance pays for legal and accounting expenses when a business has to respond to an official inquiry, probe or audit by a taxpayer.
Accounting and CRA Audit Assistance
Canadian tax experts can help you organize your books and make sure you understand your rights and responsibilities if the government calls.
FinanTech – Personal tax accountants in Toronto
FinanTech helps thousands of Canadians with their personal income tax returns every year. FinanTech Chartered Accountants in Toronto can recommend deductions you might include in your return which will in turn signify more money in your pocket.
Personal Income tax for the Self-employed and business owners
Being in this situation can be tricky as you may be filing personal tax and business tax together or completely apart. We assist businesses and sole proprietor businesses in tax planning by structuring your situation for the best possible outcome.
We ensure you understand your tax rights with all regulatory compliance requirements. Our team can provide trusted counsel on a variety of issues including business growth, incorporation and HST. Let us worry about your business books and concentrate on growing your business and achieving your financial goals.
Registering for GST/HST may be in order as your grow your business. You will need tot know the terms and conditions to collect GST and/or HST. We will answer all your questions, train you for proper tax collection, teach you ways to track tax collections and payments and we’ll file it for you on time.
Get an accountant’s advice before you take on a franchise or buy / sell a business
Individuals who are interested in purchasing a franchise should most definitely consult with a professional. With a business franchise you can now remain your own boss without compensation for earning any revenue or equity from it. The franchise provider will help you with brand marketing, sales, product availability and other important things.
There are disadvantages to owning a franchise company and therefore having limited freedom of business. It can be difficult for a newcomer to the franchise world to decide whether the franchise fits the right requirements. An accountant can scan the franchise contract and find out the fees and percentage charges. This will help determine your expected income after deduction of the costs. Only you have the right to decide if you are ready for a Franchise.
If you buy some other brand you must always consult a reputable accounting firm first. They could check the companies accounts and see what happens to it to find any problems there may be. It’s a good idea to consult your attorney to find out all the details about the company you intend to buy. This gives you peace of mind that you get what you pay for. It is important to check if the enterprise has debts. For example, the authorities can check if a company has all but the assets which is leased or partially paid for.
By utilizing a professional accounting software we create useful charts and table data for your company. The prospective buyer could contact any of the buyer’s financial consultants or other specialists in the course of this work to discuss the transaction or to ask specific questions.
A professional accountant may work with you to plan how to make the most money from the sale of a business. Depending on the way sales are structured, their proceeds can vary significantly. In practice the lump sums may be less tax-efficient than the monthly repayments over a period of years, and provide better returns.
You’ll need an accountant to help you with the small business finances.
Small business accounting can get quite complicated if you do it on your own. If you feel your debts or debt have become unrecoverable your we can help you make some changes to your life. You may also want to look at key business metrics, like the ratio between wages and other paid-for employees to total revenues.
The accountant you use will be able to share your personal business records for quick access. We can even produce diagrams that can allow you to view your current situation easily. It will help monitor a company’s pulse and make sure of important things like cash flows.
When it comes down to a small business dealing with the government, we’re here to aid in the preparation of many things. It can help your company get into conversations with the government in other ways. We can offer ideas that could help you save money.
Preparing your Tax Documents Correctly can save you more money than your accountant would charge. A good accountant will use their knowledge of the tax laws to recommend ways to free up money and save it for a potential business expansion.
You’ll need advice about the legal structure of your company.
Not all business have the same legal structure – there are various types based on different reasons. For instance you can make business as a company sole owner or a sole trading company, working in a self employed way and invoice using your own name.
If this is the case you will probably offset other expenses for life that are not taxable. Alternatively you can assume responsibility for your business operations as well. The structure for limited liability companies was different from other industries. As the name indicates the liability in that business is limited to the assets owned by the company, not by you personally. Read more about the benefits of incorporating in Ontario here. An accountant is able explain the different entities available for company formation and helps you get the one which suits you most closely.
When you engage an accountant in your business plan, they can automatically add financial projections and other reports to it. This will help you create a plan which is both realistic, professional and most likely to succeed. Hiring a professional at this point will be your best option right from the beginning. This could save you money as opposed to hiring a professional later.
Also, if you want any lender or investor to give you any money, you should show them the proper form of accounts. The further the backlogs of your records go, the more confidence they will have. It might be beneficial if you started with accountants as early as possible.
FinanTech Chartered Accountants in Toronto
Whether you are looking for a professional opinion or to get started with your personal and/or business accounting, our team is here to maximize your finances and help you pay less.