SmallBiz Accountants @TOP_TAX
We provide accounting solutions for small businesses in the North York community. This includes traditional bookkeeping services and income tax filings. North York, ON, Canada Joined June 2011-
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TAX TIP #10: Did your business create licensed child care spaces at your business? If so, you may be eligible for an investment tax credit.
TAX TIP #9: Did your business employ a new apprentice? You may be able to get some non-refundable tax credits from the salary you pay them!
TAX TIP #8: Did you buy a computer for your business between Jan, 2009 and Feb 2011? You may be eligible to claim 100% of it on your taxes!
TAX TIP #7: Are you a single parent receiving UCCB? The Canadian Government has recently released new UCCB measures that may apply to you.
TAX TIP #6: Did you buy your first home in 2010? Check out the home buyers’ amount to see if you qualify. For more information ask Top Tax!
TAX TIP #5: Do you work in the trades? Tradespeople can deduct part of the cost of eligible tools purchased throughout the year.
TAX TIP #4: Are you now receiving a pension? You can split up to 50% of eligible pension income with your spouse. Pension Income Splitting!
TAX TIP #3: Does someone in your family regularly take the bus, train, subway, or ferry to work? Ask us about the Public Transit Amount.
TAX TIP #2: If you stay within your contribution room limit, you will not pay tax on any income you earn from investments in your TFSA.
TAX TIP #1: Income you earn in a RRSP is usually exempt from tax as long as the funds remain in the plan. Message Top Tax for info on RRSPs
REMINDER: The Home Buyer's Plan allows you to withdraw up to $25,000 from your RRSPs to put towards the purchase of your new home. TAX-FREE!
DID YOU KNOW?: Under the Income Tax Act, you can shelter yourself from paying income tax on your investments by using RRSPs or TFSAs.
ALERT: If the auditors came to your small business TODAY... Would you be ready?
ALERT: Beware of communications which claim to be from the CRA but are not. These are phishing scams that could result in identity thefts.
DID YOU KNOW?: The CRA charges daily interest on your tax debt, which doubles in approximately seven years. Get caught up with Top Tax!
REMINDER: Don't forget to keep proper records for your business. Source documents are the key to reporting an accurate financial position.
ALERT: Companies without a bookkeeper don't understand their costs and often have trouble meeting their financial and government deadlines.
DID YOU KNOW?: That the average small business owner is taxed at a rate between 22 percent through a whopping 26 percent. Not with Top Tax!
REMINDER: the CRA will be sending out your Child Tax Benefits (CCTB) on June 20th!
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