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Accountants and accounting services in Toronto are a part of every business in the area. A business can never reach its intended goal without a reliable accountant to keep track of finances and maintain the books. As a matter of fact, accountants play a vital role in every business - bookkeeping, auditing, tax preparation services are some among many other roles.

So, if you're starting off with a new company or wondering ho to stabilize your company's finances, here are 5 reasons to hire reliable accounting services in Toronto.

  • Build the perfect financial model

Accounting is more than just keeping track of money but a lot more. As a matter of fact, with the right accounting services in Toronto, you can start building a perfect business structure with a sound financial structure.

  • Financial analysis

Financial analysis is one of the most vital parts gaining success in any kind of business. Not only for your business's financial stability but also for future planning. It helps to grow and take the right steps at the right time.

  • Keep track of expenses

Keeping a track of all business expenses is something you should never slack on. Not keeping track of the expenses can lead to incurring losses and also may lead to losing track. For which hiring reliable accounting services in Toronto or near you helps immensely. It is better to avoid complexities and have clarity in your business model.

  • Assistance with taxes

Just like keeping track of expenses, preparing your business taxes properly and in time is also pretty important. Preparing taxes and filing returns is not a job for every person as things can seem confusing. Also, with professional accounting services in Toronto, you are sure to avoid mistakes while preparing and filing taxes; mistakes which can lead to heavy fines. 

  • Suggest useful software and apps

Today, in the age of technology, there are software and mobile applications for almost every requirement. But while there is an abundance in supply the usefulness can and does vary. An accountant with his/her keen eye for detail can provide the best information based on your business requirements.

Looking to Hire a Reliable Accounting Service in Toronto?

Need help keeping track of your business expenses and bookkeeping? We're here to help. We provide complete accounting service and have been business for a long time. For more information regarding our accounting services in Toronto, simply get in touch or just drop us a line...

The global coronavirus outbreak has pushed us into unknown territories. We all are now going through something beyond our control and trying to keep things intact. For companies and corporations, this time is even tougher; especially with the responsibility of the well being of its loyal workforce. As a matter of fact, professional accountants in Toronto have become extremely busy during these times to help business owners cope up with these uncertain times.

If you too are a business owner looking to rope in reliable accounting services in Toronto to help deal with this situation, here are some updates. Here is what the Canadian government has to say...

What do Professional Accountants in Toronto think about announced Wage Subsidies for Employers?

The Canadian federal government has announced a temporary wage subsidy for the next three months. Our experts in accounting services in Toronto say that this temporary reform will help companies survive this financial crisis.

The wage subsidy allows eligible employers to reduce the required mandatory payroll deductions to be remitted to the Canada Revenue Agency (CRA), subject to eligibility.

So how do know if your company is eligible or not?

Who is an eligible employer?

  • All Canadian controlled private companies
  • Every non-profit organization
  • All registered charities
  • Companies with existing business number and payroll program account with the CRA by 18th of March, 2020; and also,
  • Ones who pay salary, wage, bonuses and other remuneration to its employees

However, it should be noted that all CCPCs with a taxable capital employed for the last financial year of more than $15million are ineligible.

Temporary Wage Subsidy - Details

If you have the question about the amount of the Temporary Wage Subsidy, our professional accountants in Toronto is here with the details. 

It grants every eligible company a subsidy of 10% of the remuneration to be paid between - 18th of March to 20th of June, 2020. The subsidy allows up to $1,375 per employee to a maximum of $25,000 for every employer. Also, note that not every associated CCPC needs to share the maximum subsidy.

So, how do claim this temporary subsidy?

To avail the announced scheme, employers need to calculate the subsidy by simply reducing the current payroll remittance for federal, provincial, and territorial income taxes. However, there is no reduction for CPP or EI premiums. The subsidy can be claimed for the first remittance period, i.e paid after March 18, 2020.

For any kind of assistance regarding calculations and filing, we're always here to help. Fintax Gurus is home to some of the best professional accountants in Toronto

For professional accountants in Toronto, you can feel free to reach out to us anytime. We're committed to helping every business owner get through this phase and survive the financial hardship.

Having a tax accountant or a tax preparer in Toronto is a basic necessity for every company, big and small alike. They are ones whose expertise you require during the tax season for tax returns in Toronto. They make sure that the tax is filed accurately without any error. Helping the business owner in getting maximum tax savings is also the part of the job description on a tax accountant. A good professional in this field is a great asset to the company, for its financial growth.

 

Tax Returns In Toronto – An Overview



  There are two types of professionals who can take care of your taxes. There are the ones who specialize in personal taxes and the others who take care of corporate tax filing. A business owner requires the help of the later, the one who has adequate experience in corporate tax filling. These professionals either work as a part of an accounting firm or as individual service providers. They provide advice and assistance related to tax payments.

  In most cases, tax preparers work for specialized private accounting firms. These firms assist small or medium level businesses. The big corporations are covered well in this area as they have in-house accounts department.

 

The Primary Responsibility Of A Tax Preparer In Toronto



  Given under is a list of responsibilities that fall under the job criteria of a tax preparer or tax accountant:

 
  • They collect tax-related information from their clients and companies for evaluation and submission.
  • The job involves reviewing financial records and balances
  • They perform interviews and audits of the companies and the clients
  • The tax preparer will also collect and analyze the data collected to see if there is any chance of tax deductions.
  • They also explain the tax regulations and laws to the clients
  • The tax preparer advises the clients to reduce tax payments
  • They will find deductibles and ways for tax savings


  So, these are the basic role and responsibility of a tax accountant in charge of tax returns in Toronto. It is a big responsibility and you need a good professional for the task. The business owner needs to hire a professional who is reliable and has adequate experience in the field. So make sure that you hire a reputed and accredited accountant for the tax job.

  Professional accountants do a lot more than just taking care of the accounts and finance of the business. There is a wider aspect to the role and duty of an accountant that most people fail to realize. These professionals are not just financial record keepers; they also act as advisors and strategists to the business owners. It is their job to give sound financial advice to the business owners, directed towards the growth of the business.

 

PROFESSIONAL ACCOUNTANT IN BRAMPTON – WAYS THEY HELP A BUSINESS OWNER



  Given below are a long list of roles and responsibilities that are integral to the job of an accountant.

  BUSINESS VALUE The first and foremost job of an accountant is to make the owner understand the value of his/her business. This is very important, even though they do not have any intention to sell the business. Understanding the value helps the owner to set business goals for the betterment and more profit.

  TAX SAVINGS An accountant can help a business owner save a lot of money in taxes by making sound financial decisions. The tax savings can be further utilized as an investment for the growth of the business.

  TRACKING THE CASH FLOW An accountant keeps checking on the cash flow of the business. It helps in building the right strategies business-wise. Analyzing that data can help the accountant forecast growth opportunities and also take quick action in case of a financial crisis.

  BUSINESS DISCIPLINE Discipline is very important in every aspect of life, even in business. An accountant helps the business owner to develop good and fruitful financial habits. This helps in saving time and money when the owner is filing for an audit.

  SAVES TIME An accountant takes a huge load off the owner’s shoulder by looking after the finances and accounts of the business. While they take care of the money matters you can relax and take care of the operations part of the business. It saves time which one can channel in the growth of the business.

  ACQUIRE FINANCIAL FUNDING In case a business requires funding, the accountant will find the right channels to get monetary help from. In such a case it is best to take advice from the accountant instead of going at it alone.

  IDENTIFY MONETARY ISSUES An accountant is capable to detect bad debts of the company and products that will incur a loss. They will address such issues and give proper solutions to counter that.

  Therefore, a good professional accountant in Brampton can make a huge difference in the growth and running of a business. The input from such an individual is beneficial for both the company and its employees.

If you have already decided that you need an Accountant In Toronto, it is the time to hire one. The thing is that doing this is very important. It is more important to hire the right person for your needs and requirements. To hire the best person for your needs, you need to consider a few things. For instance, you need to think about the location of the accountant, the division of the workload and the type of software for accounting that you shall need. You shall also need to consider how much you’ll pay the accountant and whether such an individual can actually help you or not.

Whether you are an individual or a company, it is in your best interests to hire one who is experienced and capable. It is important to do so because he shall be handling your finances. If you hire the right person, you’ll be able to save a lot of time, money and effort. So how to choose the best possible Accountant In Toronto? Here are a few handy tips for that.

1) Ask if the location is important: One of the most important things to decide on is whether a location is important for Accounting Services in Toronto. Will it be ok if the accountant works remotely? Or do you need him to come over to your office or home? This can also have an impact on your expenses as well, and this is a very important decision to make.

2) Choose a chartered and certified accountant: In many countries, professionals like accountants are regulated under professional bodies that oversee their qualifications and service records. This is why the professionals need to maintain a high standard whenever they get a client.

If you follow just these tips, we know that you shall be able to find the top accountants and even chartered accountants. You’ll also get great Accounting Services in Toronto.

It is that time of the year. This is the time when you search for and literally dig out those old and dusty financial records and documents. This is the time when you need to pay your taxes and also file for Tax Returns in Toronto. That being said, it is obvious why you are nervous, scared and even confused. There are just so many documents to go through, so many calculations to make and so many things to take care of. At times like these, you need the help of a professional Tax Preparer in Toronto.

   

We are going to show you the few tips for finding the best possible Tax Preparer in Toronto for yourself.



    1) What is the professional’s qualification? To check this out, and this is not something overly hard to do, you need to use or see the appropriate industry directory. For looking for a tax preparer, you need to look at lists like the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. There is a search engine in the directory itself that allows you to look for a specific individual and therefore his qualifications. Otherwise, you can just go through the lists manually.

    2) Look at the professional’s history: The next step is to ask about the professional tax preparer from the Better Business Bureau. From here you can easily see if the individual has had any disciplinary actions and what is the license status of the person. This can be very useful. For instance, you visit a professional Tax Preparer in Toronto and he says that he is licensed. On researching at the Better Business Bureau, you find that the license is still pending. That’s a red sign.

    3) Ask them about their service fees: This is one of the most important things that you can ask them. Just ask them what their Tax Returns in Toronto are, and you can see if it suits you.

    These tips may seem basic, but there are indeed very powerful. Give it a try and you’ll be amazed.

   

Our Services

Book-Keeping

We maintain the books of accounts in the computerized format using the most popular accounting software of Canada, i.e. QuickBooks. We regularly monitor Books of Accounts and Accounting Records of all clients to ensure its compliance with Accounting Standards and Procedures. We do year end closing and prepare Balance Sheet and Profit & Loss for all clients.

Taxation

Our services include Tax Planning, preparing Financial Statements and Business Plan, Filing Personal Tax Returns, Corporate Tax, GST/HST returns, HST rebate applications

Payroll Services

We prepare payroll cheques/ direct deposit, administer payroll services, issuing of T4s, ROEs. Filing WSIB returns, EHT returns, Payroll information return etc. We closely monitor the status of client’s file on CRA website to ensure its full compliances.

Tax Planning & Business Set Up

Our extensive assistance in Tax planning includes choosing the type of business, business setup, project report, Capital Budgeting, Annual Budgeting advice etc.

What's New

Filing your income tax and benefit return on time helps prevent delays in receiving your benefits and credit payments.

Important facts Most Canadian income tax and benefit returns for 2016 are due on April 30, 2017. However, as this date is a Sunday, the CRA will consider your return filed on time and your payment made on time if the Canada Revenue Agency (CRA) receives your submission by midnight on May 1, 2017, or if it is postmarked May 1, 2017.

Self-employed individuals and their spouses or common-law partners have until June 15, 2017, to file their income tax and benefit returns, but any balance owing is still due on or before April 30, 2017.

Last year, 84% of Canadians filed their return electronically.

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