Top 10 FAQs

1. When is the personal tax deadline?

Generally, the answer is April 30th. However, if you have no taxes owing to the CRA and are in a rebate/refund position, there is no hard deadline. You should still file your taxes every year to cash in on GST and Trillium benefits.

2. When is the sole proprietorship tax deadline?

If you have taxes owing, they must be remitted by April 30th each year. You have until June 15th to file your taxes, but if you wait to pay until June 15th, interest will be charged by the CRA from May 1st to June 15th. Therefore, make your tax payments by April 30th.

3. When is the corporation tax deadline?

This can vary based on your corporation’s fiscal year-end. Assuming your year-end is December 31st, taxes are due three months later (March 31st) and corporate tax filings are due six months after the year-end (June 30th).

4. Do you have long-term contracts?

No, all our plans are month-to-month. We believe in building relationships without binding contracts. We kindly ask for a 30-day notice before moving your account.

5. Is the cloud even safe?

Absolutely! The cloud is often safer than desktop-based software. Cloud platforms like QuickBooks Online use advanced security measures, including two-step authentication and regular data backups.

6. How easy is it to change accountants?

Changing your accounting firm is straightforward. We just need your Incorporation Document, prior tax returns, and a willingness to transition to the cloud.

7. Do I pay for all these apps?

Our monthly plans include QuickBooks Online or Xero, Hubdoc, or Receipt-Bank at no extra cost. If you have payroll, a small fee will be billed directly from our payment processor, Wagepoint.

8. Do I need to be registered for HST?

You are not required to set up an HST account if you make less than $30,000 annually. However, registering voluntarily can positively impact your business’s perception.

9. How do I get a hold of you?

We use Calendly for appointment management. You can book a quick call using the link: Contact Us.

10. If I have a business, can’t I expense everything?

This is a common misconception. While many business expenses can reduce your tax burden, personal expenses like clothing and gym memberships cannot be expensed. Your accountant will guide you to ensure compliance during CRA audits.