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Tax Services

In today’s economy, effective tax advice and planning can provide your business a competitive advantage. ACT Finance provides advices to clients on strategies how to reduce their federal and provincial income taxes. We work with clients to ensure whether their business is structured to minimize taxes for the current and future years and analyze the tax implications of business decisions. We work with clients to maximize the benefits of tax deferrals, prepare tax returns and manage their relationship with federal and provincial tax authorities. We assist audit requests and negotiate with federal and provincial authorities on our client’s behalf.

Personal Tax Return

ACT Finance serves a diversified group of clients with accurate income tax calculations prepared in a timely fashion at an affordable and reasonable cost to its clients.  We do the proper tax planning with the guarantee of highest  tax benefit and minimum tax payment .. Our client base includes the following

  • Employment income
  • Commissioned employees
  • Disability and social assistance
  • New immigrants and students
  • Seniors and retirees
  • Rental, truck operators and small business owners

 

E-File and Instant Tax Refund:

We file tax return using E-File, an automated system that allows registered service providers to submit income tax return information directly to  CRA. Majority of Canadians are eligible to use E-File. Usually CRA provides an acceptance file within three hours after submitting the income tax information by E-File. It is very important to ensure the accuracy of the preparation of tax return for first-time acceptance.

 

Benefits:

  • Instant refund – Instant Tax refund enables cliients to get money right away without  paying any preparation fees except discounting charges which is fixed  by CRA.
  • Fast refund – E-file usually takes 10-14 working days since some manual procedures were eliminated.
  • Paperless – tax return information is transmitted directly to CRA terminals.
  • Direct deposit – income tax refund, GST/HST credit payment and Child Tax Benefit are deposited to taxpayer’s account directly.
  • Greater accuracy and security – series of checks are performed by special computer programs and filters that ensure the correctness of the tax return filed.

Taxpayer has to show all necessary documents to E-File service provider.  They should keep all information slips, receipts and other supporting documents of atleast 6 years which will be used to prepare return and

to conduct assessment review and audit from CRA.

 

Business Tax Return

We prepare business income tax return when your business earns income from any activity for profit or for a reasonable expected profit. For example, income from a service business, rentals, truck operators or profession are business income.  In most cases, as a self-employed person, one can report business income by using the accrual method of accounting. With this method, a person reports his income in the fiscal period he earns, regardless of when he receives the income and deducts expenses in the fiscal period.  Expenses incurred usually means he either paid or will pay the expense. Taxpayer should pay their outstanding tax (if any) before April 30th and the business tax return should be submitted to Revenue Canada before June 15th.

 

Corporate Tax Return

Our professionals have the knowledge and experience to minimize corporate tax payable. Corporate tax planning takes into account a massive amount of taxes, including income tax, payroll tax and capital tax. We will, of course, organize your tax return and deal with the Canada Revenue Agency as needed. At ACT Finance, we can help you analyze the tax impact on business decisions and select the best structure for your proposed transactions and new investments.

Our services include corporate tax return preparation as well as preparation of financial statements, GIF(General Index of financial information)I, CT23, and the necessary schedules to the T2 return. A Corporation pays its outstanding taxes in monthly installment in advance.

Corporation can choose any fiscal ending date for the first year in business, Corporation is a separate legal entity, A Corporation must file a corporate income tax return (T2) & CT23 within 180 days from the end of every taxation year, Any outstanding tax may be paid in one time or by installment in advance

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2481 Kingston Road (Intersection of Midland Avenue) Cliffside plaze, Suit # 207 Scarborough, Ontario M1N - 1V4
Phone : (416) 269-2744, Fax : (416) 269-6097, Email : info@actfinance.ca

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