Top Accounting Firm in Mississauga
A good CPA is one who provides a variety of services since this means you do not have to hire different businesses for the job. At GTA Accounting Professional Corporation, we have experienced CPAs who will meet all your accounting needs.
Mississauga Tax Services
In Canada, all individuals, small businesses, and corporations are required to file income tax returns each year. There are several reasons why you should leave this to an Accounting Firm Mississauga. GTA Accounting Professional Corporation, we know what taxes to file, when to file, and how to file.
Individuals have to file tax returns detailing all their sources of income in T1 personal income tax forms. We will help you to fill your employment income for the year and guide you on other applicable incomes.
We help you file small business taxes, which depend on how the business is structured. Sole proprietorships and partnerships report their business income tax on their T1 personal income tax forms. You and your small business are taken to be one and the same thing. The T1 income tax return package comes with Statement of Business or Professional Activities (Form T2125) which you will use to report the business income.
Incorporated businesses report their income on the T2 corporate tax return. Unlike a small sole proprietorship or partnership, an incorporated business is taken as a separate entity and it, therefore, has to file its own tax return. Other documentation we assist clients with are:
Mississauga Tax Accountants
Hiring a pro for business tax return is important because missing even a single entry could mean fines and other sanctions from the tax man. Missing out on legitimate Canadian income tax deductions is also detrimental to you. At GTA Accounting Professional Corporation, our team knows from training and experience the deductions that businesses should claim. Examples are:
- Home Maintenance & Home Ownership Income Tax Deductions for home-based business owners
- SR&ED for those involved in R&D
- Gifts to Employees
The Canada Revenue Agency has rules for vehicle business expenses, employing your spouse or child, travel-related expenses, advertising expenses and other business expenses that fall into the Agency’s ‘other’ category. We understand these rules and will ensure you do not pay a cent more than you should.
We offer comprehensive bookkeeping services, allowing our clients to concentrate on the day-to-day running of their businesses. You save money when you hire us for bookkeeping because this ensures you do not have to hire an in-house team for the job. Our experience in bookkeeping means you are less likely to get things wrong. Our bookkeeping services include:
Invoicing and accounts receivable
Expense and accounts payables
Our other bookkeeping services include
General Journal, General Ledger
Profit & Loss, Trial Balance
You should come to us for bookkeeping services
If you are a small to medium-size company or an NGO and you do not have resources to hire an in-house accountant
If you are an individual and you need help with personal financial record-keeping
If you want to start a new company and want to make sure that the correct procedures are followed from the beginning
If you are overwhelmed by your current bookkeeping practices
When preparing for quarterly and annual tax filings
If you want your staff to get a better understanding of QuickBooks
To register as a corporation in Canada, you need to:
- Incorporate the business (get articles of incorporation) through provincial/territorial incorporation or federal incorporation
- Get a Corporation income tax account and a federal business number from the Canada Revenue Agency
- Register as an extra-territorial or extra-provincial corporation in all other Canadian jurisdictions where you will be doing business
- Apply for any licenses and permits that your business will need to operate
Although the registration of these accounts is sometimes streamlined (you can sometimes get your business number, provincial registration, and tax accounts as part of the incorporation process), this is not true for all cases.
Mississauga Accountants Specializing in Corporations
At GTA Accounting Professional Corporation, we will assist you to incorporate your business/business incorporation Mississauga through either provincial/territorial and federal incorporation. So, what will we do for you?
We will assist you to fill the business or the not-for-profit form as well as forms for operating an extra-provincial corporation in Ontario if you are not a Mississauga native.
We will then assist you to file Articles of Incorporation (Form 1 under the Business Corporations Act) as well as supporting documents with the Ministry of Government and Consumer Services.
The law requires that a corporation files an Initial Return/Notice of Change (Form 1 under the Corporations Information Act) within 60 days of the date of incorporation. We will assist you to make this filing.
If we file online, we will get all first directors to complete a Consent to Act as First Director (Form 2 under the Business Corporations Act). If filing via mail or in person, we will get the form from you and ensure the forms are locked away at your offices in case the Ministry of Government and Consumer Services ever decides to peruse them.
If you want to dissolve the business due to any reason, our CPAs understand the processes of dissolving business corporations either voluntarily or involuntarily.
Many provinces, including Ontario, have adopted a Harmonized Sales Tax (HST). HST harmonizes the provincial sales tax with federal government’s Goods and Services Tax (GST). In Ontario, an HST of 13% was introduced in 2010.
We will guide you to ensure you pay the right amount of sales tax. We will keep track of your HST and assist you with tax filing. Our other services are:
We will assist you to determine which goods and services are Taxable, Zero-Rated or Exempt.
We will help you fill the GST/HST Return form, keeping in mind that the Canada Revenue Agency requires businesses to collect HST from their customers and to remit the same. Note the law requires that you must remit on the reporting period even when you’ve not collected tax during the period (with zero remittance).
We will ensure we remit GST/HST Returns within the reporting period (which is quarterly for most businesses and monthly for businesses with a revenue of over $6 million in annual taxable supplies.
We will help you determine the GST/HST expenses that qualify as ITCs (Input Tax Credits) since not all business-related expenses are eligible.
As a business owner, you can use internal audit and evaluation reports to improve the effectiveness and efficiency of your activities, to strengthen accountability, and to demonstrate resource stewardship. Our CPAs are experts in audit services. We work for up-and-coming businesses that do not have internal auditors yet and even bigger businesses that require an independent accountant Mississauga take on things. We employ a disciplined and systematic approach to evaluate and improve:
Fraud risk management process (including detection, deterrence, prevention, and investigation)
Effectiveness/efficiency of internal controls
Effectiveness/efficiency of operations (including safeguarding your assets)
Reliability of management and financial reporting
Reliability and security of applications and information systems
Compliance with law, regulations, and contracts