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Monthly Archives: July 2020

Where Can I Get Free Toronto Tax Return Services

If you want to know about Toronto tax return services then read this article which will surely help you in the best possible way to know about this. Also if you are looking for the best accounting firm in Toronto then you can call (855) 910-7234 and contact us to get the best legal services for you.

If you are someone who is finding these tax return services expensive then, there are various free tax return clinics that help eligible people to get their tax returns for free. With the help of the community volunteer income tax program, these clinics are set up all over Canada. You can also file your taxes for free with these clinics.

Where can you get your taxes done for free?

Different types of free tax return services in Toronto that are available in Canada are:

Walk-in: Show up during advertised hours and a volunteer will do your tax return for you on a first-come, first-served basis.

By appointment: Make an appointment to see a volunteer, and the volunteer will do your tax return during the appointment.

Drop-off and pick-up: Show up during advertised hours and drop off your documents. A volunteer will do your return, and you pick it up at a later time. You will have to prove your identity when you pick up your return and documents.

Where Can I Get Help Filing Taxes For Free

Eligibility for tax-free clinics

You may be eligible for help at a free tax clinic if you have a modest income and a simple tax situation.

Modest income

In general, a modest income means your total family income is less than the amount shown in the chart below, based on the size of your family. Check with your local community organization, as they may set different amounts.

Suggested income level
Family sizeTotal family income is under…
1 person$35,000
2 persons$45,000
3 persons$47,500
4 persons$50,000
5 persons$52,500
More than 5 persons$52,500 plus $2,500 for each additional person

Why is it important to file a tax return?

A good sign for you

Paying taxes is important for each and every individual, thus filling tax is important as it helps the country to grow. Many people always tend to use unfair means to save their taxes which is illegal. The government mandates everyone to file tax returns according to their earnings. A certain income is a must to file taxes those who earn less don’t have to file any taxes.

Claim tax deductions

The Income Tax Act allows a taxpayer to claim multiple deductions under several sections to reduce one’s tax outgo. However, to claim these deductions under various sections of the Income Tax Act, it is important to file your Income Tax returns every year by the due date

Getting a loan for you

A loan is based on personal income and the proof of your income is only how much tax return you have filled. When you apply for a loan or a credit card, banks will check how you fare when it comes to your finances. If you have filed taxes on time and properly then it will make you a trusted person to give loan to.

Responsible citizen

The taxes you file are used for the development of the country. Thus if you want to contribute to your countries development filling taxes is the best option for you. Of course, you don’t have to file any taxes if you earn under a certain amount. But if you earn above a certain amount filling taxes is very important as you can be penalized and you might require a Toronto best accounting firm to help you.

If you ever need help with a personal tax audit in Toronto then RC Financial Group is the best option for you to choose. We are a professional accounting firm which will be able to provide you with the best possible accounting services for you.


5 Tips For Avoiding A CRA Tax Audit

Read this to know how to avoid CRA Tax Audit for you and your firm. CRA Toronto audit is something that no one wants and to avoid them read this article for you. How you can avoid a CRA tax audit?

CRA or Canada revenue agency has their eyes on each and every one to maintain a fair system of taxation in the country. If they even found something fishy about your firm then you can get a visit by a CRA Toronto for your firm. And this is something which each and every one of you would like to avoid.

5 Tips For Avoiding A CRA Tax Audit

5 tips to avoid a CRA tax audit go worse?

Suspicious tax return changes: Consistency in your tax return is something that is closely monitored by CRA. And if you are a business owner or self-employed then any kind of suspicious change in income will ring an alarm and you can be audited by a CRA.

The CRA looks for consistency in your tax returns from year to year, especially if you file as self-employed or a small business owner. If you have massive changes in deductions or income, the CRA may flag your return for a review. Make sure that you can clearly document and support all changes.

Maintaining the records: Maintain all your records of previous taxes, and everything which you think will come handful when you can face such taxes. This will help you to out a positive impression as you can show your proofs to the auditor.

Hiding Cash Income: Reporting all your income whether cash or trade, whatever money you get in exchange for your service should be returned and that’s exactly what the CRA wants from you. Thus if you will hide your cash income and file taxes against them then the probability of CRA Toronto knocking your door will increase. Always file your tax return properly as the CRA can even get to know about you from the place you live. Example: If you live in a posh society but you are filing your taxes less than others then it can raise their eyebrows.

Hiring an accountant: Filling a tax return is very important and who’s better than choosing yourself a professional Toronto accountant for you. These people know the law and will be able to file

Repetitive Rental Losses: In some years, your rental property may suffer a loss. However, if you claim repeated losses, the CRA may get suspicious. Avoid this risk by only declaring rental income if you are trying to make a profit. Your taxes without any mistakes.

The following are only some ways through which you can avoid a CRA tax audit for you. RC Financial Group is always there to handle your taxes and protect you from possible audits, thus hire us for getting the best accountant service.

Suggestion for handling a CRA audit

For are some points which can help you in a CRA Tax Audit, read it carefully

What you should do: In a Toronto tax audit, you must convince the CRA that you reported all of your income and were entitled to any credits, deductions, and exemptions that are questioned.

Delay when possible: Postponing the audit usually works to your advantage. Request more time whenever you need it to get your records in order, or for any other reason.

Prepare your records: If you are missing receipts or other documents, you are allowed to reconstruct records.

Manage your expectations: Don’t expect to come out of the audit without owing something — the odds are against you. Don’t try to compromise on the amount of taxes to be paid; instead, negotiate the tax issues with the auditor.

Don’t answer unless asked: Give the CRA Toronto auditor no more information than they are needed to, and don’t talk any more during the audit than is absolutely necessary.

Can CRA look at your bank account?

The CRA Toronto has there access to info from all Canadian financial institutions. They can also determine if you’ve exceeded your TFSA and RRSP contributions and penalize you accordingly.

Getting yourself a CRA audit tax help is the best option for you to handle any kind of audit which can degrade your firm reputation and image.

How Small Business Accountant Toronto Can Help?

What does a tax accountant do?

Small businesses always tend not to invest much in services which they think are just a luxury for them but in reality that’s not true. Yes, hiring an accountant can be somewhat expensive but most people don’t know how can accounting services help small businesses. If they know they will surely want to hire themselves the best small business accountant Toronto. A small business tax accountant can surely do a lot for you which will help you in many ways.

How Can Accounting Services Help A Small Business

Advantages of a Small Business Accountant Toronto

Loan process: Getting a loan is not easy especially if you own a small business and need money to expand. An accountant understands your financial condition and always tends to help you in getting the desired loan for you. A Small Business Accountant Toronto helps to gather information and other necessary documents for you to get the loan easily and quickly.

Helps to review documents: If you are thinking of an agreement with a possible tax or accounting implications, it’s probably a good idea to have your accountant review the document.

Business succession planning: Not only helping with taxes your accountant can also help you shape the future of your business, this includes making plans for succession if you’re looking to pass your business down to the next generation of family members or to employees.

Help you to grow: Each and every business wants to grow as much they can. But not everyone has the expertise and knowledge or information to plan that. Small business accountants have this knowledge and experience to help small businesses grow to their full potential. They help them to make a plan and execute them accordingly which will help them to unlock their full potential.

Taxes: A Toronto accountant helps to get the taxes done in the best possible way and avoid any kind of mistakes. This helps to get a clear vision of the firm and also know your mistakes.

Benefits of choosing an accountant for you

Helps you save your time

Business can save their time by choosing them the best accountant services for them. Time is money and if they want to invest their precious time in the growth of their business and profits then choosing themselves a tax accountant services if the best option. Taxes are difficult and time-consuming and only a professional can handle them perfectly.

Tax liability

A professional accountant near me will be able to reduce your liability of taxes which you have on you. A Toronto accountant has the knowledge and the experience to understand how to save you money and be able to give you good counsel on the most tax-efficient way of running your business.

Prevent penalties

A Toronto accountant knows what documents and paperwork are to be taken care of in order to avoid any kind of penalty. This is huge relief and benefit as it enables you to be protected from any type of penalty possibilities that you can face. Thus choose a professional so you know about looming dates, be familiar with the latest legislation, and ensures that they never miss a tax deadline. Take Help With Personal Tax Audit In Toronto and stay safe.

Managing complex accounting tasks

It takes years to qualify as an accountant, which says something about the complexity of the job. Some accounting tasks are very simple, but many others are incredibly complicated. Thus, of course, you are no experts in taxes so choose yourself an accountant in Toronto to help you accordingly

No matter whether small or big business Toronto’s best accounting firm will be able to handle any kind of tax problem with ease and help you grow. RC Financial Group is a group of professional taxation professional which enables you to get grow to your full potential contact us and choose us today to know more.

How A Tax Specialist In Toronto Can Help?

What does a tax specialist do?

Many people don’t know about tax specialists in Toronto and there benefits for you. A tax specialist will help you in preparing tax returns for there clients, or they provide information and advice to help clients fill out their own tax returns. If you are also confused about how a tax specialist can protect you from legal issues then you should choose yourself a professional personal accountant near me to know the benefits yourself.

Understanding and managing tax is not an easy task at all, and getting it done through a professional is the only way it should be done. RC Financial Group is always ready for handling any type of tax issue which you are facing and help you accordingly.

Are tax professionals worth it?

A tax accountant in Toronto is a person who is an expert in taxes. Taxes are a very complex thing to understand, and not everyone is able to handle it.

There are many benefits of choosing yourself an eligible tax specialist in Toronto and some of them are as follows:

Helps you save your time

Taxes are not easy and not only need knowledge also time to do it perfectly. For all this, you need time which you need to take out from your busy schedule. Now if you are a busy owner or you are the owner of a new small business, then taking out time from your busy schedule is tough, you are already trying hard to make a market and name for you so in between that doing taxes can be tough. Thus choose yourself a professional tax specialist in your city to handle your taxes.

How A Tax Specialist In Toronto Can Help?

Tax liability

A professional accountant near me will be able to reduce your liability of taxes which you have on you. A Toronto accountant has the knowledge and the experience to understand how to save you money and be able to give you good counsel on the most tax-efficient way of running your business.

Preventing any kind of penalties

Keeping on top of the paperwork and avoiding any late penalty fines is something which is making sure by a Toronto accountant for you. For some people, this is part of the job that they are happy to keep up to date with. For others, having a professional accountant in Toronto makes sense so they don’t need to worry about looming dates, be familiar with the latest legislation, and ensures that they never miss a tax deadline.

Remove your tax worries

Taxes are something that is not easy to handle and if not handled properly it can result in heavy penalties and also possible legal action against your firm. All these things will harm your business and your reputation in the market. To avoid all these consequences you should maintain your taxes with the help of the best accountant in Toronto for you.

Managing complex accounting tasks

It takes years to qualify as an accountant, which says something about the complexity of the job. Some accounting tasks are very simple, but many others are incredibly complicated. Thus of course you are no experts in taxes so choose yourself a tax specialist in Toronto to help you accordingly.

The following are some benefits of choosing a tax specialist service for you. RC Financial Group is a professional accountancy firm in Canada which you choose to handle your taxes.

Can small business benefits from an accountant service?

Helps to keep your costs down

It’s the Toronto Tax Accountant job to use his knowledge and experience to make the tax liability on you as low as it is possible. This is a huge benefit for a small business as there are new and less on money this helps them to save money and invest where it’s necessary.

They are experts in tax

Tax returns may seem pretty straightforward, but they aren’t. There is a multitude of ways you can reduce your tax bill, methods that can both be utilized on tax return day and run throughout the year.  As a small business owner, it is unlikely you have the time or the expertise to utilize such methods, yet their ability to reduce costs should not be underestimated.

Accountants can offer a wealth of small business advice

Toronto best accounting firm are experts in business and able to offer your advice on everything from financial acquisitions to day-to-day business operations. Accountants are financial experts; they can look at the numbers and offer advice to help your business succeed long term. We can help boost growth and build a more stable position for your business to work from.  We are more than just number crunchers.

RC Financial Group is a professional accountancy firm that will be able to give you the best accountancy services in Canada. Choose our professional Toronto accountant for you to handle your taxes and avoid any penalty and save your taxes for you.

10 Tips For Picking The Perfect Toronto Accountant

A Toronto accountant performs a very important task which enables you to know may minute details about your business which will help you in making future decisions of the firm. For choosing the best accountant services you can read the following 10 tips for picking the perfect accountant, and hire the best possible accountancy services.

10 Tips For Picking The Perfect Accountant

10 tips for choosing the best Toronto accountant

Know What You Need

But before you choose the best Toronto accountant, you first need to understand the kind of work or responsibilities you want the accountant to handle your business. There are a lot of things which an accountant does and you should be clear what you really want from your accountant near Me.

Look for small business experience

Beware of big accounting firms. You need someone who works with small businesses, and it could also be a bonus. Toronto’s best accounting firm is one that has the work experience with all types of firms from small to big, as it helps them to know and understand each and every problem with depth and solve it accordingly.

Decide whether you need an accountant or a CPA firm

Hire a professional or a team of Toronto tax audit accountants to handle accounting, payroll, and tax responsibilities. Whether you need a CPA or a solo accounting firm depends on the scale of your business and the number of transactions you do per month.

Ask for recommendations

Probably the best way to find you the best accountant in Toronto is asking people for recommendations who have already hired accountant services for them. They can tell you whether the accountant is actually beneficial for them or not and which one you should go to get the best accountant services near you.

Compare fees

Visit various Toronto accountants and compare their fees. And choose accordingly whether you need their services or not. The name of the accountant must be equal to the price if an amateur accountant tries to charge you a high fee is of no use.

Social media

In today’s time having LinkedIn is a must and very common among professionals. Not only LinkedIn but Facebook and various other social media accounts are necessary for any kind of professional to have for them. This helps you to know more about them and also you can read their comments to know more about them and what people think about them.

Accounting software they use

Accountants who are using the same old desktop accounting software are outdated. They do not want to switch to the latest online accounting solutions. You want to invest in an accounting software system that you can grow into in 3-5 years. For that, you should know what software your accountant is using.

The accountant uses cloud technology

Data security, remote data accessibility, flexibility to do work, and many other features like electronic invoicing, and ACH wire transfer are benefits of cloud computing. You must have access to your data all the time as you can need them any time to make any kind of decision. Also, your accountant should be able to discuss any plan with you any time and this is only possible when you have a cloud technology.

Reporting frequency

Your accountant should frequently keep updating you with your financial situation so you at least know the true reality of your profits. This is only possible when you choose yourself an accountant who is frequently reporting you and keeping you updated with facts.

Be selective

You need an accounting professional on your team. Interview at least three candidates before you select your accountant. You need to choose a perfect accountant that is a fit for your small business. If you hired an accountant that does not feel like they are on your team, move on. While you might feel some short-term discomfort while doing this, you will get long-term benefits for your business. You need up-to-date financial information to make the best business decisions. This starts with professional accounting services.

Tax Accountant Services Near Me

The following points will surely help you in choosing the best Toronto accountant, and if not then RC Financial Group is always there to provide you with the Best Accountant in Toronto services.

Contact the RC Financial Group today and feel the benefits yourself.

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