Time is a valuable commodity, hiring an accountant or bookkeeper can also save you time and money. The cost of hiring an accountant or bookkeeper is often less than the cost of the mistakes and lost opportunities that could result from not having professional help. An accountant or bookkeeper can help you identify and take advantage of tax deductions and other money-saving opportunities that you may not be aware of. They can also help you make sound financial decisions that can help you save money in the long run.
Business accounting services are designed to help businesses manage their finances and ensure they are compliant with current regulations. Professional accountants can provide advice on setting up and managing bookkeeping systems, financial reporting, and financial forecasting.
Sole Proprietorship Income Tax Filing:
- T1 General Tax Return: Including personal income and deductions as applicable.
- T2125 - Statement of Business or Professional Activities: Reporting business income and expenses for the sole proprietorship.
- Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return: If applicable, filing GST/HST returns and claiming input tax credits.
- Employment Expenses: Deducting eligible employment expenses, such as office supplies, business travel, and vehicle expenses.
- Home Office Expenses: If applicable, claiming expenses related to operating a home office.
- Record Keeping: Ensuring accurate and detailed records of business transactions, expenses, and income are maintained.
- Provincial Taxes: Accounting for provincial or territorial income tax, which can vary depending on the location of the business.
- Tax Planning: Providing advice and strategies to optimize tax outcomes for the current and future tax years.
It's important to note that the services included in tax filing may vary depending on the complexity of an individual's financial situation and the nature of the sole proprietorship's business. Hiring a qualified tax professional can ensure accurate and comprehensive tax filings for both personal and sole proprietorship income tax.