Almost everything you do has potential tax implications. It’s important to work with a team of knowledgeable tax advisors that fully understand tax laws, and can interpret their affects on you.
With taxation laws constantly changing, implications to the taxpayer undoubtedly change along with them. Professional guidance is essential, whether it be personal or business related.
Our team will work with you and your family, or your business (regardless of size or industry), to tailor solutions based on your particular needs and goals.
Our first priority is to listen, and understand. Only by truly getting to know your objectives can we identify the most effective tax strategies for you.
Family Trusts Set Up & Accounting
A trust can protect the ownership of your assets while you are alive. You transfer the legal ownership of the assets to the trust while continuing to use and enjoy them. For example, if you are in a position where you would like to share assets with family members, but you want to maintain some control during your lifetime, a trust might be the best option
Personal, Estate, Succession & Corporate Tax Planning
When it comes to tax preparation, it’s not uncommon to feel somewhat overwhelmed. How do the new rules and guidelines affect you, and what are your best strategies in organizing your affairs? If you’re a business owner, you know you’ve worked hard to achieve success. One day it will be time to hand over the reigns. Do you have a plan in place? If not, why?
CRA Voluntary Disclosure Program
The Voluntary Disclosures Program (VDP) gives you the opportunity to come forward in the event that you have for whatever reason need to correct your tax affairs. This is a valuable opportunity to take advantage of. Consult with our team at DSK to help you put things in order, and to make things right.
Personal Income Tax - 2018 Year
It has been a very interesting year for tax changes and modifications brought upon us by the federal and provincial governing parties. They vow every time they make changes to make it easier for Canadians – yet the result is always quite the opposite. Income tax compliance (not just preparation) has become multifaceted and more involved than it may appear from the outside. Entering your information into tax software is only a step in the process of proper tax compliance. Returns are not simple if you don’t know about a deduction and miss claiming it.
Thank you for having the trust in us to be your tax accountant. We greatly appreciate it and will ensure that you will get every deduction warranted. We use software BUT we know that software alone does not ensure an accurate or “best tax strategy for you” tax return. Knowledge and accuracy is what you pay for – not just data entry. We belong to the Chartered Professional Accountants (CPA) association of Ontario and in order to keep our credentials we MUST attend annual update courses and seminars to make sure we are current in our knowledge. We do attend these all day, multiple day sessions, not only because we have to, but because we want to as well.
So why return to DSK?
You know us and we know you. We prepared your return last year and quite possibly for over a decade. Your information is on file with us. Protected and secure. We know how many information slips you had last year so if one is missing this year we will go onto the CRA website and get it for you so that you don’t get penalized for non-reporting of income. We will calculate whether or not that RRSP contribution you made is fully needed to reduce your taxes or if we should carry all or some of it forward to next year. We will consolidate deductions and credits such as donations to ensure the maximum tax savings are achieved. These are but a few of the checks and balances we do for you that are not standard practice or suggested by the software.
Every year, usually in the summer months, CRA completes a pre-assessment review of about three million random returns filed in Canada. They ask for receipts or proof of claim for a particular deduction or tax credit claimed. If your return is selected we have this information on file. We scan all of your documents when you bring them to us. Therefore, we simply reply on your behalf. Seamless and included in your fee.
On your behalf and included in your fee, we will settle initial requests by Canada Revenue Agency for any explanation, supporting documentation, or data they may require to complete the assessment and pre-assessment review of your income tax return. If you are audited, this is not included in our fee but we do offer audit insurance thru Audit Shield – Accountancy insurance. Ask about it if interested. The premiums are very reasonable.
Once we have received all of your tax information your return will be ready for filing with Canada Revenue Agency within 10 business days. Unless it is prohibited, your tax return will be filed using our electronic filing facility once the returns are signed and payment is received in our office. This will speed up the processing of your return by Canada Revenue Agency and decrease the wait time for a refund.
Our fee structure is below. Please note our rates were held steady the previous four years. We want to be transparent with you and give you a guideline as to what our tax compliance service will cost. It is not always easy to keep to a pre-arranged fee schedule as some of you have very complex returns and it takes a great deal of time to prepare, which will result in costs greater than the following generic fee structure. For many of you however the following should apply:
|TYPE OF TAX RETURN||(HST extra)|
|Individual Return (1 person)||175.00|
|Couple (2 people)||300.00|
|Student (must be fulltime attendance)||100.00|
|Additional per return if applicable:|
|Per rental property||100.00|
|Per employment expense schedule||100.00|
|Completion of an HST Return||100.00|
|Complete the Foreign Property Form (T1135)||100.00|
|Completion of a business statement||175.00|
Here's What We Expect From YOU!
Complete disclosure of income and orderly preparation of your tax materials. We expect you to take your taxpayer obligations seriously. That means we expect full disclosure by you of all matters involving your taxes. It also means that you will do your best to assemble all your tax materials in an orderly and complete fashion.
PLEASE BRING EVERYTHING IN NO LATER THAN APRIL 19TH OR WE CAN’T GUARANTEE IT WILL BE COMPLETED ON TIME.
Schedule an appointment if needed as early as possible. If your tax situation is the same as in previous years, you can simply drop off your paperwork with Christine in Cambridge or Sandy (Jenn is on maternity leave) in Kitchener – whichever location is most convenient for you. If an appointment is required to discuss your tax matters please contact us to schedule an appointment as soon as possible. Due to the hectic time of year we will need to try and keep the appointment to 15 minutes in order that we may meet with you and still have time to prepare your return.
We know you – but not everything. Please make sure you include all information on anything that has changed this year for you which will impact your tax return. New family members, change of address, change in marital status, illness, retired – anything that is different.
One Last Thing... If You Love Us, Refer Us!
We really like doing business with you. We hope you feel likewise. Looking after your financial and tax affairs can be challenging, interesting, professionally and intellectually stimulating. Often it requires the training and experience that only a Chartered Professional Accountant can offer. So, whenever an opportunity arises, please refer us to your friends and colleagues. We’ll do our very best to honour your recommendation.