Top 10 FAQ’s
(2023 edition)
1. When is the personal tax deadline?
Generally, the answer to this is April 30th. However, if you don't have any taxes owing to the CRA and if you are in a rebate/refund position than there is no real hard deadline. You should still file your taxes every year as you can cash in on the GST and Trillium benefits you would receive.
2. when is the sole proprietorship tax deadline?
If you have taxes owing than you have to remit those taxes by April 30th every year. However, you have until June 15th to file your taxes. Please note if you wait to pay your taxes until June 15th than you will have interest charged by the CRA from May 1st to June 15th. So please remember to make your tax payments by April 30th every year.
3. when is the Corporation tax deadline?
This one is tricky as corporations can have fiscal year-ends which change the following deadlines. However, to keep things simple let’s assume your “year-end” is December 31st. Your taxes owing are 3 months after the year-end which would be March 31st and your Tax filings are due by June 30th of the fiscal year. So remember the following:
Taxes Due 3 months after year-end date. (March 31st if Dec 31st is year-end)
Corporate tax filing is due 6 months after year-end (June 30th if Dec 31st is year-end)
4. do you have long term contracts?
No. We do not believe in long term contracts. All of our plans are month-to-month. We believe in building the relationship and holding our potential clients to a contract doesn’t make intuitive business sense. All of our business plans will always remain month to month. We do respectfully ask for a 30 day notice before you want to move your account.
5. Jag, Is the cloud even safe?
YES! the cloud is actually safer than desktop based software. Let’s think of it from a data protection perspective. Do you think the $29.99 firewall/anti virus is as secure as Cloud platforms like Quickbooks Online and Hubdoc? If you do any sort of online banking these cloud accounting platforms use higher grade security than the bank. There’s a two step authentication if you log into a new computer and your data is backed up all the time.
6. HOw easy is it to change accountants?
Changing your Accounting firm is actually really easy and straight forward. If you choose us as your accountants we will just need the following documents to port you in: Incorporation Document, Prior tax returns and a willingness to move to the Cloud.
7. Do I PAY for all these apps?
As part of our monthly plans we include the following apps (Quickbooks Online or Xero, Hubdoc or Receipt-Bank) inclusive of the price regardless of what plan you choose from Starter, Growth, or CFO!. If you have payroll there will be a small charge that will be billed to you directly from our payment processor of choice Wagepoint as we can’t control how many employees you will have.
8. Do i need to be registered for HST?
You are not required to setup HST account if you make less than $30,000 per year in gross sales. However, you can register voluntarily and file your HST tax returns. The real question is why would you not want to register your HST account by not doing so you are letting all your customers know that you make less than $30,000 which can cause a negative impact during the sales process.
9. Jag, How do i get a hold of you?
We use Calendly for appointment management. We literally run based on our schedule and we believe in a fair usage policy. So if you have any questions or support required you can book us in for a quick call/support using the following link www.capexcpa.com/contact. If you scroll down on this page you will see calendar icons that you can click on to setup the time that works for you!
10. if you have a business can’t you expense everything?!?
This is a common misunderstanding amongst new business owners. There are many benefits of having your own business and having the ability to “expense” business expenses helps to reduce your taxes. This is because the tax act allows for business owners to be taxed on Net Income which is the net of Revenue minus Expenses. You have to be careful here because not all your expenses can be expensed such as personal clothing, Gym memberships and LCBO liquor. Generally, your accountant will provide guidance and restrict the personal expenses so you don’t get burned when it comes time for CRA Audits.