Our experience and knowledge of tax laws ensures you get the best result possible on your tax return.
We offer a complete tax preparation/compliance service to meet your tax filing needs including:
Regardless of who does your regular bookkeeping, we can prepare your year-end tax statements and file directly to the Canada Revenue Agency. Our clients include individual taxpayers, as well as corporations and small business owners like sole proprietors and partnerships.
Unlike other tax preparation firms, we are open year-round. That means we are always available to help you get a head start on your tax planning and take advantage of strategies that could help save you money at tax time. We will also assist with any tax audits that may arise.
To put our team of experts to work for your business, contact us today for a free consultation and estimate.
Corporate taxes are imposed on the income or capital of some types of legal entities. A similar tax may be imposed at provincial or lower levels. The taxes may also be referred to as income tax or capital tax. Most countries tax all corporations doing business in the country on income from that country. Many countries tax all income of corporations organized in the country.
Business income subject to tax is often determined much like taxable income for individuals. The tax is imposed on net profits which is generally the financial statement income with modifications which are defined in great detail.
Taxes may include income taxes, capital gains taxes, or other taxes.
The Canada Revenue Agency tax corporate entities on income and also tax the owners when the corporation pays a dividend. Where the owners are taxed, a withholding tax may be imposed. These taxes on owners are not referred to as corporate tax but are taxed on their personal tax returns.
A personal or individual income tax is levied as a percentage of a person’s wages and salaries, with some deductions permitted, along with the net income or loss from businesses (proprietor or partnership) and investments. It is typically collected on a pay-as-you-earn basis, with corrections at the end of the year for over payments and under payments.
Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability; these are frequently a method of rewarding income-use-patterns encouraged by the government (home ownership, supporting children and charitable contributions). Tax structures may allow losses from one type of income to be counted against another. For example, a loss from businesses and investments might offset wages before calculating the taxes due.
When a loved one has past, the last thing you want to do is deal with the final tax or trust return. At Ashcroft & Associates we will make sure that your loved one’s taxes are done accurately and to the best tax advantage for them. When everything has been finalized we will ensure that a final clearance certificate is obtained.
Benefits of a clearance certificate: Clearance certificates are written notices from Canada Revenue Agency that state that taxes owing, and any interest and penalties on those taxes, have been paid by an estate. This is important because if an executor should distribute the assets of an estate before getting a clearance certificate, and not all taxes have been paid, the executor can be personally liable for payment of the taxes out of his or her own pocket. The final clearance certificate absolves the executor from that liability.
Canada Revenue Agency offers helpful information on what to do when someone has died.