Our Services
Personal Tax
Filing a personal tax return can be complex and confusing, but it is essential to meeting CRA requirements given your specific case. Sometimes, tax filing goes beyond the return deadline. Taxes are a year-long matter that needs continuous follow-up, correspondence, planning and refiling a tax return .
We are available to you all year round to answer your questions, correspond with CRA, and to address any other tax related matter because we understand the importance of staying on top of your personal tax obligations. We offer our services along with expert advice on a variety of tax-related issues. Moreover, we can help you understand complex tax laws and regulations, identify potential tax saving opportunities, and provide you with guidance on tax planning strategies.
Filing your taxes correctly and on time can save you money, prevent legal issues, and help you avoid penalties and interest charges. We can help you collect all relevant information, prepare your tax return with due care, and help you navigate complex tax matters. Whether you are an employed individual or a freelancer with numerous side-hustles, our team stands by you.
Seasonal tax filing is a myth. Filing is not a once-a-year matter. Constant and continuous correspondence with the CRA, monitoring of tax matters, and planning ahead ensures that you are onside with the CRA and are optimizing your tax returns. You can visit our Brampton or Mississauga office with, or email us, the correspondence you receive from the CRA and we can provide you with a detailed explanation of the issues at hand. We will help you understand the nature of the correspondence and advise you on the appropriate next steps.
If you have made a mistake on your tax return, or if there is new information that was not included when you filed your tax return, refiling the tax return may be necessary Don’t Think Twice About Contacting Best Choice FinTax! You can bring us previous filings, and we will gladly review them for you. We can help you determine previous deficiencies and omissions, and achieve compliance with tax laws and regulations.
Who said personal tax planning is only for businesses and complex tax returns? Tax planning is rooted in every tax return, and it is the job of the accountant to guide the client towards better financial being. Our tax experts will work with you to create a tax planning strategy that is tailored to your specific financial situation. We will identify potential tax savings. Apart from this, our team keeps your long-run in mind, providing you the guidance you need to navigate your tax matters.
Business Tax
Filing a business tax return can be complex and confusing, but it is essential to meeting CRA requirements given your specific case. Sometimes, tax filing goes beyond the return deadline. Taxes are a year-long matter that needs continuous follow-up, correspondence, planning and refiling a tax return .
Both of our Brampton and Mississauga offices are available to you all year round to answer your questions, correspond with CRA, and to address any other tax related matter because we understand the importance of staying on top of your business tax obligations. We offer our services along with expert advice on a variety of tax-related issues. Moreover, we can help you understand complex tax laws and regulations, identify potential tax saving opportunities, and provide you with guidance on tax planning strategies.
Tax compliance is an essential part of running a successful business. Failing to comply with tax laws and regulations can result in costly penalties, fines, and legal troubles. At both of our Brampton and Mississauga offices, our corporate and business tax teams understand the importance of staying on top of your tax obligations, and we are committed to helping you achieve compliance and avoid unnecessary risks.
Once we onboard you as a client, you can forget about tracking deadlines, dealing with late-filing notices, and CRA penalties. Our team ensures that your business is onside with CRA deadlines and that your filing is always up to date. Moreover, our team is equipped to help you navigate the complexities of your business by simplifying the tax and accounting process.
We get it: accounting is not your expertise; it takes hours out of your day, but at the same time, it is so important that you cannot ignore it. Apart from this, keeping track of your business finances can be time-consuming and hectic. This is especially true for small to medium sized businesses that do not have full-time accounting staff.
This is where we come in – you can outsource your accounting and bookkeeping function to our team, and focus on your business, your expertise. We offer comprehensive bookkeeping services (available both at the Brampton and Mississauga office)to help you stay organized and in control of your financial records. For all-inclusive bookkeeping, accounting, payroll, and tax plans, consider our Cloud CFO services.
No business is too early or too late to start tax planning. We know that planning ahead is key to minimizing your tax liability. There is immense opportunity when tax strategy is discussed ahead of time, and when there is a clear plan to optimize the tax situation of an entity.
Our tax planning services will help you develop a strategic plan that takes into account your business goals and objectives. We will work with you to create a plan that maximizes your tax savings and ensures that you are in compliance with all tax laws and regulations.
With a sound structure, a business can protect itself against various liabilities, allow for better management and accountability, and can streamline business processes. We take a holistic approach to business restructuring. We work closely with our clients to develop customized solutions that meet their unique needs and circumstances.
Our experts can help you achieve long-term success and profitability by optimizing your business operations and financial performance.
Incorporation & Structuring
Opening a corporation is an important decision that can have a significant impact on your business structure, liability protection, tax implications, and overall success. Whether you are starting a new business, incorporating an existing business, or adding an entity to a group of corporations, we can help you with your next steps.
We go beyond the incorporation process to ensure that your new entity is ready for the intended purpose. Our goal is to help you set up your business for success, minimize your liability, and achieve compliance with tax laws and regulations.
A Canada Corporation can give you the flexibility you need to relocate your corporation as needed anywhere in Canada, as long as you register the corporation in the province in which you are operating. Further, in the event that you have a named corporation, the name protection extends federally.
We can help you by ensuring that your business is in compliance with federal laws and regulations. Our experienced team of professionals can guide you through the process of incorporating and provide ongoing support to help you succeed.
If you are thinking of opening a corporation primarily in Ontario, an Ontario corporation may be suitable for your business needs. Name protection extends across the province that can give your business greater credibility and legitimacy in the eyes of customers, suppliers, and investors. If you change your mind and wish to operate in another province, you can also register your Ontario corporation in the new province of operation.
Incorporating a Professional Corporation is an excellent way to establish your professional practice as a separate legal entity. Moreover, your profession may also require or encourage incorporating professional corporation.
Our team has the expertise in the requirements of various professional bodies, and can help you navigate these requirements to be onside with your professional association. We can guide you through the process of incorporating your practice as a Professional Corporation, from registering your business name to filing the necessary paperwork with the government.
Incorporating alone isn’t enough, especially if you are dealing with an ongoing business, multiple shareholders, and more complex structures. We can help you draft and negotiate shareholder agreements that outline the rights, responsibilities, and obligations of shareholders, as well as the management and operation of the corporation.
You operated as a sole proprietor and are now thinking of opening a corporation. Incorporating a sole proprietorship is a smart choice for many small business owners who want to take their business to the next level. But, simply transferring assets or preparing a sale-and-purchase agreement can result in tax consequences. Our team can help you with this transfer to minimize or avoid tax consequences associated with this shift.
Financial Statements
Financial statements are a snapshot of a company’s financial health. They are used by investors, creditors, and management to assess the performance of the business and make informed decisions.
Our accounting team can help you with the next step in your business. Whether it’s a financing requirement, shareholder requirement, or another reason, we understand your deadlines and provide timely financial statement preparation. Apart from this, we work with you to ensure that you meet your obligations in the most streamlined method.
Notice to Reader or Compiled Financial Statements are a set of statements prepared by an accountant to relay information about the operations and financial position of the business. Our team can help you prepare this set of financial statements.
We can prepare reliable income statement and balance sheet you’re your company in a cost-effective and timely manner. Our experienced accountants can help you understand your financial position and make informed decisions about the future of your business.
Forecasted financial statements are a projection of a company’s financial performance for a future period. These statements are typically prepared for strategic planning purposes, such as to evaluate the financial impact of a new business venture or expansion.
Financial projections and forecasts can be necessary for various reasons upon request from various users. The goal is to understand what management of the business expects the business to look like in the future. We understand the complexities of different industries and businesses, and can help you with the financial statement preparation for these projections. Our experienced financial analysts can help you identify key financial metrics, analyze market trends, and create a comprehensive financial plan for your business.
Estate & Tax Planning
Have you thought about how you’re going to pass your assets onto your family after death? How about who will own and operate the business? These are important questions, and our accountants can help answer them for you.
Our experienced accountants can help individuals and families develop comprehensive estate and tax plans that meet their unique needs and goals. We can provide guidance on tax and estate planning, estate planning tools and strategies, such as trusts and charitable giving, to help minimize estate taxes and ensure that assets are distributed according to the individual’s wishes.
When you’re ready to give the reins of your business to the next generation, we can help you structure the transition in a way that the tax consequences are in your favor and you are able to manage them effectively. This includes tax and estate planning and developing comprehensive succession plans that meet their unique needs and goals to ensure a smooth transition of ownership and control.
We can also provide guidance on tax planning and estate freeze strategies, such as trust and holding company structures, to minimize tax liabilities associated with the transfer of ownership.
Upon death, there are tax consequences of transfer of assets, which can leave your family with a tax burden that no one anticipated. The goal of succession planning is to ensure that the business can continue to operate effectively, even when key leaders are no longer able to manage the organization. It can also help minimize disruptions during times of transition, reduce the risk of conflicts, and ensure the long-term sustainability of the business.
We work with you to understand these obligations, and plan ahead so that you and your family are better prepared.
Tax planning is not exclusively for businesses and those with complex tax situations. Tax planning is important for every individual at different life stages, so that you have more certainty about future tax obligations to minimize your tax burden in the present and future.
At Best FinTax, you can get guidance on tax-efficient investment strategies, tax-advantaged savings plans, and other tax planning strategies to minimize tax liabilities and maximize after-tax income.
HST Rebates
Purchased a new property on which you paid HST? We can help you apply for the federal and provincial GST/HST rebates.
The GST/HST New Housing Rebate is a rebate provided by the Canadian government to individuals who have purchased a new or substantially renovated home that is their primary place of residence. The rebate is designed to help offset the cost of the GST/HST paid on the purchase or renovation of a home.
Applying for the GST/HST New Housing Rebate requires a thorough understanding of the eligibility criteria and application procedures. We at Best Choice FinTax can help you to learn more about how our new home hst rebate service can benefit you and help you maximize your rebate.
Meant for new property purchased for the purpose of investment, this rebate allows the homeowner to receive a portion or all of the HST paid on the purchase of the new property.
Applying for the GST/HST rebate for your rental property can be a complex and daunting process. Our experienced accountants can help landlords navigate the application process, identify opportunities for rebates, and provide guidance on completing and submitting rebate applications.
Tax planning is not exclusively for businesses and those with complex tax situations. Tax planning is important for every individual at different life stages, so that you have more certainty about future tax obligations to minimize your tax burden in the present and future.
At Best Choice FinTax, you can get guidance on tax-efficient investment strategies, tax-advantaged savings plans, and other tax planning strategies to minimize tax liabilities and maximize after-tax income.