More About Us
- Welcome Message
- About Us
- Our Mission
- Tips, Tools, Traps
- Government Sites
- Tax-Filing Tips for 2021 Personal Returns
- Contact Us
Our dedicated and outstanding service to our clients brought us to the web so as to enable our clients and other browsers find out any timeand anywhere what service and help our dedicated associates could do for their business and their personal financial future.
ABC Accountants provides bookkeeping, tax and other business services to individuals as well as to small and medium-size enterprises (SMEs) in all industries. We can take complete responsibility for the financial side of your business, or we can set up and train existing staff. Every business is different, and we customize our services accordingly.
Included are useful resources such as our online newsletter, informative articles, answers to usual questions, useful tips and a library of forms and manuals that are most often used and we think are of interest to our clients.Please feel free to contact us with any questions or comments you may have, and we shall endeavour to give our most intelligent answer, and any suggestion is most welcome.
Our warmest regards.
Accounting, Bookkeeping & Tax Services an established firm of dedicated associated professionals whose head office is located in Mississauga, Ontario. Together,ABC Accountantshas provided professional services to clients in the Greater Toronto Area, suburbs and to some from Ottawa, Kingston, Hamilton and Sudbury in Ontario, Winnepeg, BC Canada and those working and doing business in the Middle East, for over 19 years.
We provide accounting and business advice to corporate and personal , professionals and entrepreneur clienteles on tax, accounting and bookkeeping, payroll, personal financial planning, business plans, set-up and staff training, including other business services our clients need.
We are committed to providing close, personal attention to our clients. We take pride that the assistance our clients receive comes from years of advanced training, technical experience and financial acumen. Our continuing investment of time and resources in professional continuing education, computerization and extensive business relationships is indicative of our commitment to excellence.
We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of our clients’ success.
ABC Accountants’mission is to provide cost effective, dependable and quality service bookkeeping, tax preparation, payroll preparation & management, and accounting to all sectors of industry, commerce, and individuals.
We shall endeavour to provide our services in a comprehensive and cost-competitive manner, while providing “Customer Advantage & Response Extraordinaire (CARE)”.
Our goal is to help our clients focus on the things that make their business more profitable.
Tips, Tools, Traps
• New Income Splitting Opportunities using Annuities • Capital Gain Election For Investors in Canadian Securities
• Automobile Benefits (Online Calculator) • Payroll Deductions (Online Calculator)
• Beware Of RRSP "Access Your Money" Schemes • Beware of scam and scheme calls from pretending to be CRA agents offering “too good to be true” to avoid paying taxes
The Canada Revenue Agency (CRA) is responsible for the administration of tax laws for the Government of Canada, and for most provinces and territories.
Register for your Business Number (BN) Online. Contact the CRA office if you need help determining your eligibility.
Search for CRA forms and publications that you need - by form name, number or description. You can download most of forms and publications.
Download software that will assist you in calculating employee source deductions (CPP, EI and withholding taxes]. These tables are updated in July and January of every year. _______________________________________________________________________
Human Resources and Skills Development Canada works to improve the standard of living and the quality of life of all Canadians by promoting a highly skilled and mobile workforce as well as an efficient and inclusive labour market.
Open an electronic SIN application form – for you to fill-up, print, and submit.
Search for the CPP forms and applications that you need.
Forms and applications related to Old Age Security and Guaranteed Income Supplement can be downloaded.
Get information for Seniors, Workers and Employers online, such as application forms, information slips to view and update of account information. _______________________________________________________________________
Visit the Government of Ontario portal for online information and services. The new site contains a number of features designed to provide easy access to the information and services you seek.
Information on Ontario's taxes and tax assistance programs, as well as related forms and publications can be accessed by visiting the new Ministry of Revenue site.
This site has will provide you with the Ontario Government forms. The forms are available in various formats including HTML, PDF and Word. Forms on this site may be viewed, filled-in on screen, printed and sent by regular mail. Forms that can be submitted online are identified in the form listing under functionality.
The Workplace Safety and Insurance Board (WSIB) oversees Ontario's workplace safety education and training system, provides disability benefits, monitors the quality of health care, and assists in early and safe return to work.
Tax-Filing Tips for 2021 Personal Returns
The April 30 tax-filing deadline for personal income tax returns is right around the corner, but many Canadians have yet to complete their 2021 returns. If you are one of them, here are some suggestions to help you through what can be a stressful process. Some will save you time, some will save your nerves and — best of all — many will even save you money.
Pension income-splitting – If you received pension income eligible for the pension income credit in 2021, remember that up to half can be reported in your spouse’s or common-law partner’s tax return. You’ll reap the greatest benefits if one of you earns significant pension income while the other has little or no income.
Charitable donations – Unclaimed donations for the last 5 years can be claimed. Since spouses and common-law partners can claim donations in respect of one another, it makes sense for only one partner to claim all of the family’s donations. If the family’s annual donation amount is not high, consider accumulating donations made over a few years, and claim them all in one year to increase your benefit from the high-rate credit. The donation credit is available for donations made within the 5 preceding years.
Medical expenses – The claim for medical expenses is limited by an income threshold. In other words, the lower your net income, the more you can claim in eligible medical expenses. One spouse or common-law partner can claim medical expenses on behalf of the entire family, so in most case, it is better to claim all expenses in the lower-income spouse’s return.
New credits for 2021 – Remember to take advantage of the new and/or improved 2021 tax credits that might apply to you. These include: • New child tax credit for children under 18. • New child fitness credit. • Public transit credit — expanded to include the cost of certain weekly transit passes and electronic payment cards. • New investment tax credit for creating child-care spaces. • Tuition credit — fees paid by students enrolled at a foreign university and taking courses over the internet now qualify.
Business owners – As a self-employed individual, you can claim a number of business-related expenses to reduce your tax. Take advantage of all available deductions, including automobile expenses, parking, business association fees, home office expenses (if you qualify), entertainment, convention expenses (a maximum of two per year), cell phone, depreciation on your computer and salaries paid to assistants, including family members. Remember that in most cases, you can deduct private health-care premiums as a business expense instead of a medical expense, and half of CPP paid in respect of self-employed earnings is deductible instead of creditable.
Moving during the year – If you moved to start a new job or business, or to go to university or college, you may be able to claim moving-related expenses. You can claim the actual cost of moving your personal effects as well as travel costs, including meals and lodging while en route. Filing tax returns for children – It is often unnecessary for your children to file a tax return, even though they may have earned income in the year. Nonetheless, in many cases there are benefits in filing returns for children. If your children had part-time jobs during the year or were paid for various small jobs, such as babysitting, snow removal or lawn care, by filing a tax return they report earned income and thus establish contribution room for purposes of making RRSP contributions. The contributions can be made in any future year.
Allowable business investment losses – If you’ve invested money in a small business corporation, perhaps to help a friend or family member get started, and all you have to show for your investment is shares or a note of a worthless corporation, you may be able to claim a loss on the invested funds. This loss, referred to as a business investment loss, is like a capital loss in that only half is deductible. However, unlike a capital loss, it can be claimed against any income in the year, not just capital gains.
Capital losses – Capital losses can only be applied against capital gains, carried back three years and/or carried forward indefinitely. If you realized a net capital loss and have realized net gains in any year between 2004 and 2006, inclusive, file a form T1A to carry the loss back to those years and recover the related tax. Similarly, if you have unused net capital losses from prior years, remember to apply them against your net taxable capital gains in 2007.
Carryforward amounts – Review your prior-year return and notice of assessment to determine if you have any carryforward balances that may be used as deductions or credits in your return. Such carryforward amounts could include unused RRSP contributions, unused tuition education and textbook amounts, or interest on student loans, capital losses or other losses of prior years, resource pool balances and investment tax credits.
An important suggestion: Most people who report more than just employment income on their annual tax return can benefit from having the return prepared or at least reviewed by a professional advisor. Tax-return information can alert an advisor to a number of potential tax-saving opportunities that can provide benefits now and for many years to come.
An Associated Office
57 Dundas Street W, Mississauga, Ontario L5B 1H7
A “One-Stop, Whole-Year Full-Service, Off-Site Bookkeeping, Tax, Payroll and Accounting Department”
Tel: (905) 275- 4123 or Cell 647-282-3491
Fax: (905) 275-4123