FAQ

When is the deadline for personal tax filing?

For most individuals, the deadline is April 30th. Self-employed individuals have until June 15th, though taxes owed are still due by April 30th.

What documents do I need for my tax return?

You should gather all T4 slips, receipts for deductible expenses, investment income statements, and records of any digital asset transactions.

Can I claim home office expenses?

Yes, if you work from home more than 50% of the time. You can use the simplified flat rate or the detailed method for higher claims.

How long should I keep my tax records?

It is legally required to keep all tax-related documents and supporting receipts for at least six years after the end of the tax year.

Do you offer corporate tax services?

We provide full corporate tax planning, GST/HST filing, and year-end financial statement preparation for small to medium-sized businesses.

What happens if I file my taxes late?

Late filing may result in a 5% penalty on the balance owing, plus an additional 1% for each full month the return is late.

Are moving expenses tax-deductible?

If you moved at least 40km closer to a new work location or school, you may be eligible to deduct valid moving and travel expenses.

Can you assist with CRA audits?

Our team provides full audit representation, helping you organize documents and communicating directly with the CRA on your behalf.

How can I reduce my taxable income?

Contributing to an RRSP, utilizing tax credits, and maximizing deductible professional fees are effective ways to lower your overall tax burden.

What is an attestation service?

Attestation is an independent review of financial data to provide a formal opinion on its accuracy and compliance with reporting standards.

What is the difference between an audit and a review?

An audit provides high-level assurance with in-depth testing, while a review offers limited assurance based on analytical procedures and inquiry.

Who needs a Notice to Reader (Compilation)?

Compilations are typically used by small business owners for internal management or for basic tax filing requirements where no assurance is needed.

Do you provide notary or witnessing services?

Yes, we provide attestation for legal documents, including witnessing signatures and certifying true copies of original identification or contracts.

Can you verify income for mortgage applications?

We provide formal income attestation letters requested by banks to verify earnings for self-employed individuals seeking mortgage approval.

How long does a financial audit take?

A standard audit typically takes 2 to 4 weeks depending on the complexity of the records and the responsiveness of the client team.

Is attestation required for non-profits?

Most non-profits require an annual audit or review engagement to maintain funding, satisfy bylaws, or comply with government regulations.

Do you offer compliance attestation?

We verify that your organization is following specific laws, regulations, or contractual terms as required by external stakeholders or partners.

What is a WebTrust or SysTrust seal?

These are specialized attestation services focused on the security, availability, and privacy of a company’s electronic systems and data.

What are closing costs in real estate?

Closing costs typically include legal fees, land transfer taxes, title insurance, and adjustments for property taxes or utility prepayments.

How much is the Land Transfer Tax?

The tax amount varies by province and property price. First-time buyers may be eligible for significant rebates on this specific expense.

What is Title Insurance?

Title insurance protects property owners and lenders against losses related to property ownership, such as title defects or existing liens.

Can I use my RRSP for a home down payment?

The Home Buyers Plan allows first-time buyers to withdraw up to $35,000 from their RRSP tax-free, provided it is repaid within 15 years.

What is a mortgage stress test?

It is a federal requirement to ensure borrowers can still afford their mortgage payments if interest rates were to rise significantly.

Do I need a lawyer for a private sale?

Yes, even in a private sale, a lawyer is required to handle the transfer of title, registration of the deed, and secure funds.

What is a status certificate?

In condo transactions, this document provides essential information about the building’s financial health, legal standing, and reserve fund status.

Are real estate commissions taxable?

Yes, commissions paid to agents are subject to GST/HST, though these costs are often factored into the total sale price of the property.

How do I calculate Capital Gains on a rental?

Capital gain is the difference between the sale price and the adjusted cost base. Usually, 50% of this gain is taxable as income.