Resources

Resources

PERSONAL TAX

1. You need to fill your information on "Tax Info Sheet" to file your tax return. You need to cross (x) the applicable items in "Personal Tax Checklist".

2. If you need information about your personal refund or assessment, you can call Canada Revenue Agency at 1-800-959-8281 or visit "My Account" on Canada Revenue Agency website.

CORPORATE TAX

Each corporation in Ontario, Canada has to file T2 Corporation Return every year. One part of that return will go to Federal Government i.e. Canada Revenue Agency (CRA) and the second part of return will go to "Ontario Ministry of Finance". There would be one combined corporate return to CRA in Ontario from year end in 2009.

INCORPORATE OR REGISTER AS SOLEPROPREITOR OR PARTNERSHIP

There are many benefits of incorporation such as limited liability, lower rate of tax for first 200,000 income. Business income earned as sole proprietor or partner of an unincorporated business taxed at personal marginal tax rate. What ever you earned in non-incorporated business is your personal income.

EMPLOYMENT STANDARDS IN ONTARIO

Please visit Ontario Ministry of Labour to explore about Employment Standards in Ontario.

You can visit minimum wage rate in Ontario by click here.

TAX TIPS

· Remember to keep records for six years in case Canada Revenue Agency audits your returns. You might have to pay back any taxes refunded if you are unable to produce the required documents.

· Donations always help community for its social objectives but it also help to increase your refund or decrease your tax liability.

· Contributions in Registered Retirement Saving Plans (RRSP) are always helpful to defer tax payable on amount contributed during the year

Simplifying your Accounting needs

Accounting & Tax Services

Mississauga Office:

700 Dundas Street East, Suite 14

Mississauga, ON, L4Y 3Y5, Canada

Phone: 905-276-0878

416-607-6745

Fax: 416-946-1839

Email: info@makaccounting.ca