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It is highly recommended to file taxes before the respective yearly deadlines to ensure no late filing penalties incur, also benefits are not interrupted.
Below is a list of documents required to process your taxes/
Note: If unsure or you do not see information pertaining to a document you possess, feel free to bring it in to inquire.
If you have a sole-proprietorship or self-employment income, this income will be reported in the respective sections within your personal tax return.
Can be referred with ART Expense Sheet here but for breakdown purposes:
If working from home, you may be able to deduct a certain percentage of expenses from your home office.
Like an individual tax filing but intead done remotely through online correspondence. As a client you will fill out the ART Profile Page and send us your respective documentation via online attachments through email. Communication and updates can be done through email/phone/text.
In the event where a mistake was made in data entry, forgetting to input a T-slip or a receipt, missed to claim allowable tax credits in past years etc. an adjustment can be done to help correct any potential errors on your return. This may result in a change to your refund in comparison to the initial filing.
Tax planning can be thought of as an analysis of an individual/couple's financial situation to ensure tax efficiency is being applied. It is an ongoing process where we advise you on how to proceed on the current and future years.
Did not file taxes for multiple years or just simply forgot to do so? You can still file for prior years' that you missed and could still be eligible for a refund.
With the passing of a loved one, things can get complicated and does not necessarily mean the deceased's tax obligations are over. Additional planning may be required but is dependent upon the deceased individual's circumstances prior to their death.
If you have earned income outside of Canada as a Canadian resident that income is taxable. However there are foreign tax credits in play that could reduce the tax owing.
If you possess foreign assets that are valued over $100,000 CAD and are not reported accordingly, penalties will incur. By reporting it accordingly, penalties can be avoided and ensure you are in good standing.
Were you a Resident but currently living outside Canda? Have an investment or property here? You may have to file the tax return.We can help you in determining your residency status and tax filing criteria.
If you have sold your Principal Residence or Investment property during the taxation year, you are required to report it to CRA.