Taxation Services

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Preparing your income tax return can be a daunting task that can leave you with more questions than answers. Our return preparation process is designed to ensure accuracy with every step. We give personalized service on a one on one basis to individuals and owner-operators of businesses with a view of minimizing your taxes.

We provide services for:


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Tax Services: Corporate

Today's business world requires enterprising accountants with an initiative that can help you with the burden of filing corporate taxes and financial planning options for your company whether for one small business, corporation, or a group of companies. Part of what we do is an educational process for our clients, where we explain how the corporate return rules work and assist you in making choices that could reduce your tax liability.

Maximize your deductions and minimize the hassle. Even if you think you can handle your own tax returns, an experienced professional that has extensive years’ worth of experience will know all of the possible deductions you can take on your taxes, which can mean much larger savings for yourself. In addition, we can finish your returns in a small percentage of the time it would take most individuals to sort through all the rules, instructions, and schedules.

We offer personal attention and customized solutions. JC Professional Corporation has provided tax help to hundreds of satisfied clients. Because we are a small, privately owned business, you can be assured that you will get the kind of one-on-one personal attention that you cannot get at a larger accounting firm.

Highlights:

  • Preparation of Corporate tax returns
  • Research and development of tax credits and refunds
  • Guidance through complex rules
  • Minimizing taxes
  • Compliance with tax laws
  • Goods & Services Taxation (GST) and Harmonized Sales (HST)
  • Setting up accurate record keeping systems
  • Strategic Planning and Risk Management
  • Determining the value of business interests for various purposes, e.g. tax planning,   partner/shareholder buyouts,
  • mergers, acquisitions or divestitures
  • Investigative accounting
  • Electronic Filing

Tax Services: Personal

JC Professional Corporation takes pride in giving all our clients a great deal of "personal attention". We value our clients and want to contribute to their success. Your issues are important to us and we have the skilled resources to address all your needs.

We work hard to build long lasting relationships with all our clients. Our team will establish a starting point for your tax basis. We will then expand and utilize this information for effective planning to minimize your taxes. Almost everything you do in life, starting from marriage to buying your first home have tax consequences. We will help you to determine your financial situation and provide solutions.

Highlights:

  • Preparation of personal tax returns
  • Sole proprietorships and partnerships
  • Home-based businesses
  • Electronic filing
  • Late-filed returns or amended returns
  • Setting up accurate record keeping systems
  • Year-round consultations
  • Guidance through complex rules
  • Preparation of U.S. personal tax returns
  • Minimizing taxes
  • Goods & Services Taxation (GST) and Harmonized Sales (HST)
  • Estate planning and wealth management strategies
  • Retirement planning
  • Personal financial planning
  • Research and development of tax credits and refunds
  • Tax Services: Business and Rental Property Returns

The tax implications of purchasing additional properties or of renting property can sometimes be confusing. There are two principal taxes that must be considered: capital gains tax and income tax. Income tax is payable on the net income from a rental property.

The way in which property is purchased, and what occurs at the time of purchase, can mean a difference of $1000's of dollars each year in tax refunds on the same property. It can pay for itself many times over by having an accountant who is experienced in dealing with rental properties.

In order to maximize the return on a rental property, it is often necessary to restructure your affairs. We can give advice on the structure that is right for you.

Tax Services: U.S. Returns

We prepare personal US taxes for resident and nonresident individuals.

If you are a US citizen resident in Canada, you are subject to the same US filing requirements as if you still lived there. This means you must file every year, reporting your worldwide income. As a US citizen resident in Canada, you must file two returns each year, declaring your worldwide income on each: a Canadian return because you live in Canada,

and a US return because you are a US citizen. However, there are several mechanisms available to make sure you are not double taxed. We can help find your best options when preparing your US taxes.

Tax Services: Past Year Tax Returns

If you have not filed Canadian income tax returns for a number of years, there is no reason to be worried about severe penalties. For various reasons, you may not have filed your federal income tax return for this year or previous years because you may not have known that you were required to file. You also may not have filed because you owe additional tax that you could not afford to pay in full or because you think you might receive a refund and just have not taken the time to complete the return. Regardless of your reason for not filing, you should file your tax return as soon as possible.

Call us and we will help you.

Tax Services: Tax Planning

Tax planning is a vital component of your business’ success. It is also vital to the long-term financial planning for your business, you and your family. Your current tax situation can have a big influence on your finances. Tax planning is a process looking at various tax options to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced. As an individual taxpayer, or business owner you can have the option of completing a taxable transaction by more than one method. There are many tax planning strategies available, especially if you are a small business owner. Some deal with your individual tax situation, and some deal with your business. We can help identify ways to save you more money now and in the future with tax strategies you can implement right away.

Our continuing professional development and constant monitoring of current taxation laws ensure that our tax professionals can offer you the most effective tax solutions for your unique business or individual needs.

Tax Services: Estate Planning

As your personal circumstances change, your financial plans, both current and future, should be reviewed and updated.

Estate planning is an integral part of overall tax minimization. We work with you to develop succession strategies. Our one-on-one approach allows us to build a strong personal relationship necessary to gain a full understanding of your needs and expectations and ensure that they are met.

We suggest you prepare for the future through careful planning now. It might sound easy, but there's a lot to know.

Tax Services: Non-Residents

Non-residents face a strict compliance burden that can result in the assessment of penalties and interest if not handled carefully. We work with non-residents of Canada on a variety of taxation issues, the most common being:

  • The reporting of rental income
  • Elections under section 216 to report rental income on the net amount
  • NR4 information returns & NR6 preparation and filing
  • Obtaining Certificate of Compliance on the disposition of taxable Canadian property
  • GST/HST registration and GST/HST returns

Tax Services: Voluntary Disclosure

JC Professional Corporation helps individuals and corporations across Canada file unreported offshore income and portfolio investments under CRA’s Voluntary Disclosure Program (“VDP”). We can accommodate voluntary disclosures from the simple to the most complex and will perform all necessary accounting work to file your Voluntary Disclosure application. All this at an affordable cost.

Our experience and commitment is your peace of mind.

Unfiled Taxes? Unreported Offshore Income?

The Voluntary Disclosure Program, commonly referred to as VDP, tax amnesty or tax pardon, is a fantastic program offered by the Canada Revenue Agency (CRA) which allows taxpayers to come forward without fear of penalty or criminal prosecution. The program exists for taxpayers, both individuals and corporations, to correct their affairs with CRA. There are many situations in which this program is utilized. Below we will discuss some of the common reasons that taxpayers come to us to apply for the Voluntary Disclosure Program.

We can help you to correct your tax issues with the Canada Revenue Agency under the Voluntary Disclosure Program. This can include:

  • Unreported or under-reported income from employment or business;
  • Unreported capital gains;
  • Errors made on a previously filed tax return;
  • Unreported foreign income that is taxable in Canada; and
  • Ineligible expenses claimed on a tax return.
  • T1135 forms
  • T1134 forms

CRA’s VDP can cover both income taxes and GST/HST. The penalties for not disclosing unreported income can be extremely serious.

Understanding this VDP complex program can be daunting, to say the least. Most accounting firms either do not feel comfortable in dealing with the various government agencies/departments or do not have the expertise.

Our accounting firm is ready and willing to assist you with any voluntary disclosure. We will always serve you and have your needs at the forefront and assist you in protecting your rights and assets.

We will correspond with CRA on your behalf to ensure that you get the best outcome possible. We also represent you in meetings regarding VDP and other compliance issues with CRA staff, who are usually professional accountants and prefer to deal with CPA firms.

We believe that we can provide you with fair, logical, and reasonable advice with VDP matters and reduce your stress considerably.

We believe that a CPA firm is the best organization to deal directly with the CRA. It is a known fact that CRA’s staff consists mainly of accountants and they naturally prefer to deal with professional accountants. We strongly believe that our expertise will be extremely beneficial to you and your business.

Our CPA office will ensure that we represent you fairly with CRA

Tax Services: Tax Appeals

CRA appeals can be daunting, to say the least. Most accounting firms either do not feel comfortable in dealing with the various government agencies/departments or do not have the expertise.

Our accounting firm is ready and willing to assist you with any CRA appeal. We will always serve you and have your needs at the forefront and assist you in protecting your rights and assets.

We will correspond with CRA on your behalf to ensure that you get the best outcome possible. We represent you in meetings regarding appeals and compliance issues with CRA staff, who are usually professional accountants and prefer to deal with CPA firms.

We believe that we can provide you with fair, logical, and reasonable advice in dealing with appeals and reduce your stress considerably.

We believe that a CPA firm is the best organization to deal directly with the CRA. It is a known fact that CRA’s staff consists mainly of accountants and they naturally prefer to deal with professional accountants. We strongly believe that our expertise will be extremely beneficial to you and your business.

Appeals may include:

  • Objections and Appeals if you disagree with CRA on your tax matters
  • Notices of Objection for Individuals and Corporations for those who disagree with CRA tax assessments
  • Late Filing of Corporation & Personal Tax Returns if you have not filed them on time. It does not matter how long you have been negligent in filing them.
  • Fairness Legislation Letters that may waive interest and/or penalties applied by CRA
  • Collection of disputed amounts
  • Other complaints and disputes

Our Toronto CPA office will ensure that we represent you fairly with CRA

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