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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.

How do I look into details regarding my Canada Child Tax Benefit?

You can look into your personalized Child Tax Benefit information by visiting My Account. From here, you can apply for the Canada child benefit (CCB), view CCB and related provincial and territorial programs, payments, account balance, and statement of account. You can also view and update the children in your care, as well as update your personal information, including your address and marital status. If you’d prefer, you can also call the CRA at 1-800-387-1193 for any information on your CCB. Be sure to have your Social Insurance Number ready, as well as personal details about the child in your care, and information from previous benefit payments.

For more information: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html

How can I check the status of my tax refund?

If you are a Canadian resident, be sure to wait 8 weeks after filing before contacting the CRA for an update on your tax return and refund status. If you reside outside of Canada, be sure to wait 16 weeks. You can also sign into My Account to securely access your tax return information and check the status of your refund. You can also contact the CRA by phone at 1-800-959-1956.

For more information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/refunds-status.html

How can I acquire a copy of my Notice of Assessment?

To view your notices of assessment and reassessment online, you can sign into My Account or the MyCRA web app. You can also get a copy by calling 1-800-959-8281. Be sure to have your Social Insurance Number ready, as well as your full name and date of birth, your complete address, an assessed return, notice of assessment or reassessment, or another tax document, or by being signed into My Account.

Alternatively, you can also get a Proof of Income Statement instead, which is a simple version of your tax assessment. This will have a lot of the same information as your NOA.

For more information, please visit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/a-copy-your-notice-assessment-reassessment.html

How can I pay my Personal Tax payment? Can I pay online or at the bank?

There are a few different ways to pay your individual taxes, including: online, by credit card, PayPal, or Interac e-transfer, through a service provider, in person at your financial institution or Canada Post outlet, using wire transfer, or by cheque. For a full breakdown of the different options with detailed instructions for each, please visit: https://www.canada.ca/en/revenue-agency/services/make-a-payment-canada-revenue-agency/make-payment/general-payment.html.

How do I pay my HST instalments?

To make your HST instalment payments, there are a few options:

  1. You can use Form RC160, Remittance Voucher – Interim Payments. This form is only available in paper format due to technical requirements. For more information on how to request this form, please visit: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-payments/make-a-payment/payment-vouchers.html#rc160.
  2. You can make instalments electronically, through your financial institute’s online or telephone banking. You do not need the remittance voucher to pay online.
  3. You can also make instalments electronically by using My Payment, which allows you to make payments online from your account at participating Canadian financial institutions.
  4. You can authorize the CRA to withdraw a pre-determined amount from your bank on specific dates. To authorize this, please use My Business Account.

For more information, please visit: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/pay-instalment.html#htpy.

How can I update the CRA of my new personal information?

You can change your name, address, marital status and set-up or change your direct deposit information here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change-your-address.html

How do I set up My Business Account with the CRA? 
You can do so through this link:
How can I pay my HST online?
You can do so through this link:
How can I pay my taxes online?
You can do so through this link:

How to I pay source deduction?

  1. Go to My Payment website: https://www.canada.ca/en/revenue-agency/services/e-services/payment-save-time-pay-online.html
  2. Click “Pay now”
  3. Select “Payroll source deductions”
  4. Select “Regular remittance”
    1. If the entity is subjected to Quarterly remittance, select “Quarterly remittance”
    2. If paying interest on payroll account, select “Arrears/penalty/interest remittance”
  5. Enter necessary information
    1. Account number (ending RP xxxx)
    2. Gross payroll
    3. Number of Employees
    4. Period end
    5. Amount
  6. Review the information and click “Confirm and proceed to pay”
  7. Select the bank and proceed payment at bank site.
  8. Print out the confirmation

BONUS – Shaelene’s Favourite Business Books

  1. Year of Saying Yes – Shonda Rhimes
  2. 80/20 Sales and Marketing – Perry Marshall
  3. How To Win Friends & Influence People – Dale Carnegie
  4. Focus on Impact – Wendy Lipton-Dibner
  5. The 5 Choices – Kory Kogon, Adam Merrill, Leena Rinne
  6. The 7 Habits of Highly Effective People – Stephen R. Covey
  7. Atomic Habits – James Clear
  8. Profit First  – Mike Michalowicz
  9. The Go-Giver – Bob Burg and John David Mann
  10. 5 Costly and Potentially Disastrous Mistakes Realtors Make When Setting Up Their Business in Ontario – Shaelene McInnis (I couldn’t help myself!)

 

Have questions that haven’t been answered here? CLICK to Contact us or give us a call at 905-571-2665!