When preparing your income tax returns, we believe it is important to seek an experienced and knowledgeable accounting firm. As CPA’s, Charles Russell and Peter Russell conform to the highest standards set out by the governing body of Ontario CPA’s and are licensed as Public Accountants. We treat our responsibilities very seriously, and we aim to both attract a clientele which needs high quality work and provide corresponding value added and more! We think of our practice as being a “Boutique business” providing higher quality services, and in the course of so doing, we hope to make you totally satisfied. Whether you see us as tax experts or great accountants, our business is simply to get things right for you! That is our pledge.
Whether you need each year a Corporate tax return (T2), a Personal tax return (T1), or a T3 (Estate and Trust return), we believe we can deliver quality results. Our fees are commensurate with the complexity of the engagement, and the risk to you the client! Having said that, the more the risk of audit, the more energy we give to ensure you are properly filed!
In this Electronic Age, we send data electronically to the Canada Revenue Agency (CRA) as a rule, although there are many exceptions depending on your circumstances. We ask you for permissions for electronic filings, uploads and telephone discussions with CRA, on your behalf! As the intermediary in the process, there are longer wait-times to speak with CRA by telephone, and we need be well-organised to maintain record of what we send to CRA on your behalf. CRA audits us to prove we have written records for authorizations!
Please refer to our extended description of “Audit Response Tactics”, which outlines tips to avoid a CRA audit, and what a taxpayer should do faced with being selected for an audit. A CRA audit is costly in terms of time to response, and the penalties and interest are steep, if you erred on your tax return of failed to file your return. In our view, a thoroughness in preparing your tax returns avoids most audit scenarios. Additionally, if you have fallen behind in any tax return reporting, find a way to get your returns filed before CRA demands you to do so!
Too often, family members offer their services and incorrectly submit your tax returns on your behalf, missing important deductions or documents. MCA can help you in this important area of your business or life. Here are a few musts in preparation of your taxes:
- Electronic filing is necessary for the tax preparers: Since 2013, the tax preparer, who has paid to file for more than 10 T1 individual returns or T2 corporate returns, should file electronically. If they do not do so, then they have to pay the fine of $25 for each T1 and $100 for each T2.
- EFile is the system which is used by the tax preparers to file your tax electronically. This is the Canada Revenue Agency’s (CRA) preferred method of tax return transmission.
- Canadians generally opt to take the help of someone else to file their own taxes. Here are a few things that you can consider while you choose someone as a tax preparation service or an accountant.
- You must understand your circumstances: Do you have a simple return with a T4 and few deductions? If you have many items to report, like income from rental properties or any estate issues, you must take a good look at the qualifications of your tax preparer and the returns they are familiar with. Are you comfortable with their guidance, explanation, and knowledge of the tax implications for your unique situation? The deadline to file your personal taxes is April 30th, so make sure your tax consultant is provided with the relevant material they will need.
- You should know what you want from the preparer: You need to decide if you only need someone to fill your tax return, or you also require some advanced planning of taxes. There are a lot of tax preparation services who do not perform tax planning. At MCA, we complete all areas of tax procedures. Other services might fill the forms based on your information, but they will not advise you on how to save tax.
- Don’t forget to compare prices against the services: services have a fixed fee for their taxation services, but you need to see if the services that they provide are worth your money. MCA believes in providing 100% satisfaction to their customers.
- Accounting associations, sometimes offer free tax clinics to individuals with lower incomes.
You must look to an expert in the field of taxation; an accounting firm that is up to date on all tax requirements and that accounting firm is MCA.