A Resource Guide To Tax Preparation
As accounting and taxation professionals, it is essential for us to keep up to date on the latest taxation, accounting, and financial management trends and find new sources of creative inspiration while staying connected to other professionals.
We use a variety of online and offline sources to keep current on the everchanging taxation rules. These tools allow us to deliver exceptional services to all our clients, ensuring they receive the most up to date information and advice.
We would like to share some of our most valuable resources, some of which we use on a daily basis.
As a Canadian taxpayer, you can sign up with the CRA (Canada Revenue Agency) for their My Account service. It will allow you to view your personal income tax and benefit information and manage your tax affairs online.
If you are unsure of how to pay the CRA through your bank’s website, you should try the CRA My Payment website. This site allows you to select what payment period and CRA account you want to allocate your payment to (personal, business, HST, etc.). The site will take you to a secure portal to enter your bank login credentials to complete the transaction.
Over the past few months, the Government of Canada has been continuously introducing new measures with regards to the Covid-19 pandemic. Keeping track of the announcements each day can be hard to do. The Government of Canada’s Economic Response Plans’ website provides a complete summary of all of the emergency measures they have implemented.
Government of Canada - Income Tax Act
Though we recommend using a professional for your complicated tax affairs, you can read the Income Tax Act here to understand the rules of Canadian taxes. A little known fact about the Income Tax Act is that no section can be more than one sentence in length. The purpose was to keep the Act understandable and straightforward. However, this rule has produced some of the longest sentences you will ever read, some being pages in length; they are a lesson in the use of punctuation!
Bank of Canada – Exchange Rates
Often, accountants need access to conversion rate data. To assist them with this, the Bank of Canada’s website provides average daily, monthly, and annual exchange rates for many currency conversions.
CRA’s Payroll Deductions Online Calculator
Payroll calculations are continuously changing, which means that the software used to calculate your payroll deductions can become expensive. Fortunately, the CRA provides an online Payroll Deductions Calculator to help you calculate proper deductions. Please ensure correct inputs to produce accurate outputs.
Service Ontario – Incorporating an Ontario Corporation
It is always advisable to involve a lawyer or accountant when incorporating a company. If you want to incorporate an Ontario Corporation yourself, Service Ontario – Incorporating an Ontario Corporation website has a website that will provide you with detailed information on how to proceed. In addition to registering with the province, you will need to set-up a corporate minute book, including corporate bylaws, share subscriptions, and resolutions.
Whether you are an individual taxpayer or a business owner, these can be valuable resources for you. We at Colin Phillips, CPA Professional Corporation are ready to help with all of your business accounting and taxation needs. Please visit our website or email us at contact@colinphillipscpa.ca with any of your questions.