Accounting is a tricky business, especially when it comes to tax. Bookkeeping, documents filing, and audit compliance are all essential parts of running individual or corporate finances, but it is not always easy. Hiring a tax specialist in Toronto is an effective way to bypass the worries and woes of tax planning and keep your business in great shape.

Tax specialists at RC Financial Group Inc are amongst the best in all of Toronto. As licensed accountants specializing in all aspects of Canada Revenue Agency taxation matters, they are true assets to have on your side.

What Services Can a Tax Specialist Offer You?

Bookkeeping

Bookkeeping is a big task, and one that’s importance cannot be exaggerated. Keeping your books balanced and correct is vital to running a successful business and managing your personal finances.

Tax specialists in Toronto begin by obtaining all the relevant client records and examining them carefully in detail. At RC Financial Group Inc, our Toronto tax experts, conduct bookkeeping services use Quickbook, Caseware, or Quickbooks Online to ensure the highest level of professionalism and compliance.

Tax Specialist In Toronto

Tax Planning

Comprehensive tax preparation, filing, compliance, and planning are some of the primary areas a tax specialist in Toronto can be an invaluable asset. They understand personal tax brackets and how to plan accordingly.

The first $49,000 is taxed differently and varies from year to year. Anything between $49,000 to $98,040 taxable income has a higher tax bracket, as do income levels of $98,000 to $151,000, which are taxed at an even higher marginal rate. All rates are subject to change, something a tax expert can help you to follow.

Our Toronto accountants understand how to best take advantage of legally lowering an individual’s income through advanced tax planning and corporate restructuring work. They can also offer business consulting services pertaining to tax structuring, including business plan preparation and financial projections on behalf of clients.

Filing and E-filing Service

Tax filings must be submitted before the CRA deadline for personal taxes, and within six months or year-end for corporations. Penalties and interests apply to everything from late filings to non-filings, and non-compliance issues are very common. Taxpayers often fall victim to tax liability penalties or fines for mistakes during the filing process.

To ensure the client is not liable for penalties and interests, a tax specialist in Toronto ensures all the information presented is accurate and up to the national accounting CRA standards. They can also assist with filing unfiled returns.

Canadian clients can also receive assistance with US tax filing. Whether you are looking to file personal or corporate taxes in the US, RC Financial Group Inc has Toronto-based accounting experts ready to help.

Tax specialists in Toronto also offer E-filing services for all kinds of tax documents and requirements. E-file services are fast, efficient, and secure and ensure that tax refunds are processed quickly.

SR&ED Credits

Let an expert tax specialist in Toronto help you become one of the 20,000 claimants of SR&ED credits in Canada. The Scientific Research and Experimental Development Tax Credit program offer tax incentives for those carrying out valuable research and development in Canada. A Toronto tax specialist can help clients prove eligibility and obtain refunds, investment tax credit, and income tax deductions.

Canadian-Controlled Private Corporations can earn ITC at the rate of 35%. This applies to qualified expenditures and can potentially reduce your tax payable. Individuals and sole proprietorships can earn refundable ITC at the rate of 15% on qualified SR&ED expenditures.

Assistance with CRA Audits

Every day CRA sends thousands of audit and demand letters to businesses and individuals across Canada. A CRA audit can easily put a person under a significant amount of financial and emotional stress. The recipients of CRA tax audits are often struggling financially and have trouble organizing their accounts under average circumstances, but the added pressure by the CRA can push someone over the edge. Canadians who cannot handle the audit through lack of experience, preparation, or know-how end up being forced to liquidate assets, shut down their businesses, and up-end their personal banking entirely.

Hiring a tax specialist in Toronto is an intelligent move for any person or company, especially one feeling the pressure of an impending audit. These professionals are experts at representing clients during a CRA audit and know exactly how to work their way out of a bind.

Tax Specialist In Toronto

Any financial advisor is certain to dissuade any potential client from attempting to represent themselves in front of the CRA. The laws are intricate and complicated, which is all the more reason to call in expert assistance. A tax specialist in Toronto has a deep understanding of the CRA policies, guidelines, and procedures and can use it to help navigate your case.

RC Financial Group and Tax Specialist In Toronto

RC Financial Group Inc provides a second-to-none accounting service. Our Toronto tax specialists can consolidate and streamline your bookkeeping, assist with preparing financial statements including notice to reader, balance sheets, income statements, retained earnings, cash-flow statements, and depreciation schedules. They can also help add notes to financial statements and provide guidance and advice on all things tax-related.

To ensure our clients receive the best possible service, RC Financial Group Inc works with the most advanced software packages in the industry. These partnerships allow our accountants to work on the client’s behalf at the most professional level, and to make sure nothing slips through the cracks.

Our tax specialists in Toronto offer bookkeeping services packages spanning a selection of time frames; monthly, quarterly, semi-annually, and annual. Choose the option best suited to your needs and leave the rest to us. Upon the completion of your bookkeeping at the selected intervals, the RC Financial Group-appointed Toronto tax accountant prepares and issues all the necessary documentation on your behalf, taking the stress and responsibility out of your hands and into those of the experts.

All financial statements are prepared and finalized, then a corporate tax return (also known as T2 General) is completed along with any other necessary forms. That may include the issuance of a T4 statement of remuneration, a T4 summary, HST returns filings, payroll services, or personal tax returns services.

Final Thoughts

Hiring a tax specialist has the power to completely change your financial structure and stability. Many businesses and individuals are held back by stunted tax planning and poor bookkeeping, but it doesn’t need to be that way.

Call RC Financial Group Inc today and see how we can help with your financials. Take advantage of advisory services, business law information, and personalized tax accounting- all offered under one roof by qualified professionals. Our Toronto team of tax specialists can revolutionize your accounting, taxation, and business consulting needs, helping take you or your business to the next level.

Speak to an expert at 855.910.7234 or arrange a consultation. If you need a tax specialist in Toronto, you have come to the right place! The RC Financial Group is here to help, so don’t wait to take the next step.