Taxes in North York, Ontario, Canada

Let US show YOU how we can get the results you want at introductory meeting.

Tax Services Toronto is your number one place to have your tax returns prepared. We have extensive
experience in all manner of personal, corporation and trust tax returns as well as GST and PST returns. Our
professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable.
Whether your information is current or in arrears we can help. Phone 416.626.2727 today for any tax return requirements. We can solve your tax problems! We are a full service accounting firm with a dedicated and
dynamic team of professionals, including chartered accountants and CGA's, that was established in 1994. Our
mission is to give clients the support, service and tools to grow and achieve their objectives. We provide
affordable tax services as well as other business solutions to businesses, non-profit organizations and individuals.

Tax Returns: Business & Self Employment Returns

Business returns are required for self employed people and those in partnerships. There are many rules and
regulations regarding what expenses are allowable. We have extensive experience in helping self employed
individuals prepare their business returns and ensure their records are up to date.

Tax Returns: Capital Gains Schedules

This is a complex area. There are numerous circumstances in which a capital gain can arise. Common situations
are in the sale of shares or the sale of a family cottage. There are many rules and regulations to follow and many exemptions available which can save the taxpayer thousands of dollars. Call us to discuss your specific situation.
We can help.

Tax Returns: Corporate Returns

We can help you with the burden of filing corporate taxes for your company whether for one small business,
corporation, or a group of companies. We work with you to assist in making choices that could reduce your tax
liability.

Tax Returns: Deceased Returns

We realise that this can be a stressful time and we will do all we can to ensure the process is done quickly and
the returns are filed on time. Call us we can help.

Tax Returns: Estate Returns

There are various circumstances in which an estate return is required. In many cases an estate
return is required when someone dies. If in doubt contact us to discuss your situation.

Tax Returns: Past Year Returns

This is one of our specialties. If you have not filed Canadian income tax returns for a number of years we can
help. There could be various reasons why you have not done so. Regardless of your reason for not filing, you
should file your tax return as soon as possible. Call us and we will help you. We have helped hundreds of clients
who have been late in filing their tax returns. In many cases, where taxes are payable, we have been able to have
the interest and penalties waived due to extenuating circumstances. In other cases people have received refunds
of various taxes including child tax benefit, GST credits etc. Reduce your headaches and worrying phone us and
we can work together to help you.

Tax Returns: Personal Returns

Preparing your income tax return can be a daunting task that can leave you with more questions than answers. Our return preparation process is designed to ensure accuracy with every step. We give personalized service on a one
on one basis to individuals and owner operators of businesses with a view of minimizing your taxes. To assist you in assembling your records we have developed the Tax Info Checklist PDF file in order to file your personal tax returns.

Tax Returns: Rental Property

The tax implications of purchasing additional properties or of renting property can sometimes be confusing. There
are two principal taxes that must be considered: capital gains tax and income tax. Income tax is payable on the
net income from a rental property. Capital gains tax is payable if the property is sold for a profit. We do hundreds
of rental property returns. Let us show you the expenses you can claim and ways in which to keep the paperwork
up to date to enable the tax return to be done in a timely manner.

Tax Returns: Tax Planning

This is probably one of the most important areas. Unfortuneately it is also the most neglected. Proactive tax panning
can save thousands of dollars annually. Phone us for a consultation.

Our GST, PST and Payroll, Services Include:

• GST Returns (monthly, quarterly or annually)
• PST Returns (monthly, quarterly or annually)
• Complete Payroll Service
• Payroll Source Deduction Remittance
• T4’s, T4A’s, T5’s
• T5018 (For Construction Companies)
• Employer Health Tax (EHT)
• WSIB (Workman Safety And Insurance Board)

Other Services
• Company set ups including corporations, name changes, corporate dissolutions
• Clearance certificates
• Recover withholding taxes on gambling winning in US

Ask us about any services not listed.

Income Tax Tips

Medical Expenses
Everyone can receive a 15.5% tax credit for eligible medical expenses, which exceed the lesser of 3% of
your net income or $1,903. There are a variety of eligible medical expenses that can be claimed, please
review the CRA booklet for eligible expenses or see your accountant for further information.

Charitable Donations
Regardless of which spouse or dependent made a charitable donation, one spouse can and usually should
claim them all. This can make a difference because the federal tax credit is 15.5% on the first $200 and
29% on everything over that. If both spouses made donations of $200 and each claimed their own you
would only get 15.5% federal credit on the entire amount. If one claimed both donations, $200 would be
at 15.5% and $200 would be at 29%.

Income Splitting
As a general rule, a couple will pay less tax if their income is split evenly. This is rarely the case so you
may want to look for ways to shift income from the higher earning spouse to the lower. Investment income
is usually a good place to start. If the higher earning spouse pays all the bills out of their bank account,
and the lower spouse uses their income to invest in GICs, all of the investment income can be claimed by
lower income spouse. Too often couples have one bank account and often one taxpayer will claim all the
income earned. See your accountant for further information on income splitting strategies.

Eligible Dependant Personal Credit
Where there is no spouse, but you have a dependent child or another dependent.

Pension Income Tax Credit
15.5% of the first $2,000 of pension income.

Caregiver Tax Credit
Where the dependent’s net income is less than $13,431.

Infirmed Dependants Tax Credit
Where the dependent is over 17 years of age and their net income is less than $5,581.

Adoption Expenses Tax Credit
15.5% of net eligible expenses up to a maximum of $10,000.

Interest on student loans
15.5% of interest paid.

Public Transit Passes Credit
15.5% of the cost of passes.

Bookkeeping & Accounting Services

Computerized bookkeeping by us will allow you to concentrate on what you do best, you business. Let
us do what we do best, accounting and taxes. Just bring in your financial information including check
stubs, deposit books and bank statements and we will provide you with a Profit and Loss Statement along
with a Balance Sheet.

We will custom design the Chart of Accounts to fit your needs and design statements that provide you
with the information you need to make profitable decisions for your company or for you personally.

Our main objective is to help ensure that you have a clean electronic summary of information to complete
your tax return in a timely manner and with the least amount of professional cost.

We work with a variety of bookkeeping software programs and are a certified trainer for quickbooks.

We do all of this at an affordable price. Please phone Gary or Ashim at 416.626.2727 or e-mail
gary@garybooth.com to discuss your requirements. We are here to help.

Financial Statements and More

We have experience in dealing with most business areas including manufacturing, consulting, retail
and professional services. Whether you are just starting out or have been in business a long time
we can help.

We can provide the following:
Financial statements: Monthly, quarterly or annual.
Annual Financial Statements: Compilations or Reviews.
Bookkeeping: Assist in the bookkeeping or prepare the bookkeeping entries.
Company Set Up: Incorporations Federal or Provincial.
Business Plans: Prepared for various reasons to obtain financing or to grow business.
Financing: We have contacts at major financial institutions and can help arrange financing.

Let us know your requirements.

We look forward to hearing from. Contact us at 416.626.2727.

Personal Services & FAQ

Do I need to come in person?
No, even though we would like to meet you in person it is not always necessary. Technology has improved
so that instead of spending time travelling, especially in the Toronto traffic, we can obtain information in
many other ways. For example phone, email, faxes or regular mail. We currently are preparing tax returns
to client’s throughout Ontario. Many of which we have never met in person. The return preparation has
gone smoothly and everyone has benefitted.

What information do I need to bring in to prepare my personal tax return?
We have prepared a checklist to assist in this. See tax returns - personal returns - tax info checklist.

How much do you charge for personal tax returns?
We pride ourselves in providing top quality service at an affordable price. Our client’s are extremely pleased
by the service we offer and return year after year. Our rates are based upon how long it takes to prepare.
There are many things to consider including number of T-slips, number of medical and charitable contributions
and whether there are any rental properties or self employment income. Because of our expertise we are
normally able to save our client’s more in taxes than they would if they went to another tax preparer.

How long will it take to prepare a personal tax return?
We can normally have tax returns prepared within a week depending upon the circumstances. We will ensure
your tax return is prepared so that no penalties or interest is chargeable. If any problems arise on the
preparation of the tax returns we will let you know as soon as possible.

Who will prepare my tax return?
We have several professional staff who have many years experience preparing tax returns. All returns will
be reviewed by a chartered accountant. Gary has over 20 years experience in preparing a large variety of
different tax returns.

Links
Business Development Bank of Canada
Canada Business Service Centres & Taxation Ontario Business
Canada Customs and Revenue Agency
Canadian Federation of Independent Business
Workplace Safety and Insurance Board
Gary Booth - Chartered Accountants Canada

Taxes in North York, Ontario, Canada Let US show YOU how we can get the results you want at introductory meeting.

Taxes in North York, Ontario, Canada

Let US show YOU how we can get the results you want at introductory meeting.