Tax Services
Taxes don’t have to be stressful
Every year, the tax filing deadline comes and goes with many taxpayers forgetting to file on time. We understand that life can be demanding enough without the frustrations of tax filing to keep track of. It’s time to leave your tax filing needs to the professionals immersed in taxation — with HBA Bookkeeping & Accounting Inc., you can file your taxes with peace of mind and no wasted time.
Our experienced team is fully qualified and dedicated to meeting your taxation needs on time and with care. We offer the completion of annual Income Tax returns, tax planning, and professional advice on how best to navigate the upcoming tax seasons for you and your family.
With years of experience handling Income Tax returns, government audits, penalty and interest relief appeals, and information requests, let us handle the tax authorities so that you can go back to focusing on other important aspects of your life.
Empowered Finances
Our services aim to support, guide, and assist you in reaching your financial goals.
Maximized Savings
Our team ensures our up-to-date knowledge capitalizes on all tax benefits and deductions.
Optimized Tax Planning
Each of our clients are unique. We provide tailored services specially designed just for you.
Behind on Tax Filings?
Life is hectic. We understand that falling behind on tax filings can happen – and you’re not alone.
As many as 1 in 10 Canadians do not file their tax returns on time and end up missing out on thousands in eligible benefits and credits.
Our team is here to ease the stress and intimidation of tax filing, carried by our years of experience.
Gather Your Paperwork
Start by gathering and sorting your tax paperwork by year. Try to find:
- Tax slips (T4, T4A, T5, etc.)
- RRSP contribution receipts
- Charitable donation receipts
- Medical receipts
- Business expense receipts
Missing Paperwork
Most tax slips can be obtained from the Canada Revenue Agency either by phone, online via your My Account, or through an authorized representative like HBA Bookkeeping & Accounting Inc.
While receipts, such as donations and medical expenses, can help lower your tax bill, they are not essential to filing. If you are unable to locate these receipts, you can still proceed with filing your return and request a change to a previously-filed tax return to incorporate them afterwards.
Un-chronological vs Chronological Filing
You can file returns either in chronological order (starting with the oldest to the newest) or with the most recent year moving backwards.
The advantage of filing in chronological order is that it establishes a more accurate record of figures that are carried forward from one year to the next, such as education amounts or capital cost allowance figures. However, it can be daunting to start here.
The easiest route for filing is to start from the most recent year first. Finding your documents and remembering details will be uncomplicated and more straightforward, and is an acceptable way of filing. The downfall with filing in this order is that carried-forward amounts can get miscalculated and carries more financial risk. We can assess your tax situation and determine your unique filing needs.
Tax Bill is
too High
If you have gone several years without filing or paying your taxes, the final tax bill can be burdensome. The good news is you have options.
The Canada Revenue Agency’s standard policy is to require six monthly payments totaling the amount you owe. If that rate of repayment is unmanageable, you can apply for relief under the Taxpayer Fairness Act. Our team has extensive experience with filing interest and penalty relief requests and coordinating with government agencies on behalf of taxpayers to reduce monthly payments to an achievable amount. Our goal is to provide you with ease of mind and confidence in filing your taxes.
What if the Canada Revenue Agency Has Filed for Me?
When several years go unfiled, the Canada Revenue Agency may file a return on your behalf utilizing the tax slips they have on file. These types of filings are called arbitrary or notional returns. Although it may be tempting to leave those returns as they are, oftentimes you can get a more favourable outcome by filing your returns through an accountant. The good news is these arbitrary or notional returns can be overridden by filing your own returns up to 10 years after the year to which they pertain, and any payments towards inflated tax bills can either be credited to your account for future filings or refunded to you.