Can you help me if I am just starting a new business?
We can help you with every aspect of starting a business. We can answer all your questions about business name registration, how to track your business expenses and what receipts to keep.
How much do you charge for your services?
We have numerous different packages available to our clients as each client is unique. Whether you have a small business and you do all the bookkeeping or if you are a larger company in need of regular bookkeeping, we’ve got you covered. Maybe you just need your personal taxes completed, or you have corporate returns due. Either way, we have the staff to take care of your needs. When you sit down with a member of the Books In Line team, you will decide on your unique package that fits your needs and most importantly, one that fits your budget.
What do I do if the CRA contacts me?
First, the CRA never sends email, so if you receive one just delete. Do not respond and definitely do not click on any links or attachments. If you receive a recorded call this is also a scam. If a person does contact you claiming to be from the CRA take their name and number and tell them you will have your representative contact them. If they do not want to do this it is most likely a scam so just hang up the phone. Do not answer any questions. Just get their name and number an give us a call. We will look into this for you to first determine if it is indeed legitimate. We will then find out what the call is regarding and discuss with you. Please remember we represent YOU and are on YOUR SIDE. You need an advocate when dealing with the CRA.;
I am self-employed. When is my tax return due?
While your income tax return is due to be filed on June 15th, any amount owing is due on April 30th. If you file on June 15th, you will be charged interest on any amount owing back to April 30th.
Should I get an HST number?
Getting an HST number is mandatory (in almost all cases) once your gross income totals $30,000 in any consecutive 4 quarters. But you may very well want to have an HST number before that time. The only way to get back the HST you pay on business-related expenses is by being a registrant. Please call the Books In Line office at 905-571-2665 (BOOK) for an appointment so that we can help you decide what is best for you.
Should I claim my business on my income tax return even if I did not make very much money?
This is exactly when you should be claiming your income and expenses. If you pay out a lot in expenses (and this often happens when you first start your business), you should be claiming it. If your business shows a loss we can apply that loss to earlier or later tax years and this can mean a reassessment and an additional refund. Also, any business loss is added to your employment income for which you most likely paid income tax. The business loss can result in a refund of some of the income tax you already paid. Let us help determine this.
What expenses can I claim for my business?
There are many business expenses to claim and you want to be sure to capture every one as the expenses claimed lower your income and therefore your taxes. Claimable expenses include advertising, subcontractors, WSIB, any money paid in wages, memberships, bank charges, business courses, cell phone and internet, supplies, auto expenses, home office expenses, depreciation on assets used in your business, and any other expense incurred while making income. Contact Books In Line at 905-571-2665 (BOOK) to find out more.
Can you help me with my Disability Tax Credit claim?
Absolutely. We can give you the forms to give to your doctor to complete in order to apply for the Disability Tax Credit. This claim can carry forward as much as 5 years and back as much as 10 years.
What can I do now to pay less in taxes next year?
There are many options when looking to pay less/save in income taxes. Have you used all of your past RRSP contributions? Should you get more RRSPs? Should you start a small business and make extra money to pay income tax due? How about writing off your everyday expenses by starting a small business? Have you thought about claiming past losses against your income tax for this year? We can help look at all options.
I would like to qualify to buy a home. Can you help me with my tax return so that I make enough to qualify, but pay as little tax as possible?
We know that to qualify for a house the banks/lenders will want to see your income taxes for the past 2 years. We can help you determine exactly how much to claim to qualify and yet pay as little income tax as possible.
I want to hire employees. Can you help me set this up?
We can set up your payroll account with the CRA, assist with paying your employees, ensure the correct amounts are being withheld for taxes, CPP and EI, and set up WSIB. Our staff has extensive experience with payroll for our clients.
Should I incorporate my business?
In some cases, it definitely pays to incorporate and in other cases, it is better to remain a sole proprietor. It depends on such things as liability concerns and net income. We can help work out what is best for you.
I have not completed my income taxes in a very long time and am concerned I will owe. How can you help me?
This is a speciality service for us and we have helped many individuals with exactly this matter. We understand the stress of not having your income tax returns completed, and we can help you. Our clients are very surprised that they are often owed money for the GST credit, Ontario Trillium Benefit, Child Tax Benefit and income tax refund. Do not let this weigh on you any longer. Give us a call and we will have your returns completed quickly and confidentially.