Answering the most common questions prospective customers have.


Income tax questions

I filed my income tax, how long it  takes to get my notice of assessment

What is notice of assessment and what is T1?

There are errors on my returns, can I fix them?

I am married do I file a joint return? Do  I need to file for my spouse?

I have a business, do I need to keep records, can I file without a record?

I rent property what information do I need to keep?

Do I need to file an application to collect child tax benefit?

Do I need to file an application to collect Universal child care?

when is the deadline to file my income tax?

My son worked only 2 days, does he need to file?

Can I file my income tax without my T4?

Can I file my 2007 T4 next year (with 2008)?


I filed my income tax, how long it  takes to get my notice of assessment

If mailed, it takes about 4 weeks

If E filed, it takes about 10 business days.

What is notice of assessment and what is T1?

T1 General is what you file

Notice of assessment is the statement you get  back after filing T1 General

There are errors on my returns, can I fix them?

Yes, T1 adjustment can be filed. It takes about 6 to 8 weeks to fix it.

I am married do I file a joint return? Do  I need to file for my spouse?

In Canada, there is no joint return. Husband and wife, each need to file income tax. The fact that they file to return does not mean that they are separated. We recommend doing them at the same time because some credits are combined.

I have a business, do I need to keep records, can I file without a record?

You are required to keep bookkeeping record for 7 years. Also, you are required to keep a monthly record.

You do not submit your record but you need to keep them for audit purposes.

I rent property what information do I need to keep?

Information related to your rental income and info related to expense, you need to keep mortgage statement showing principal, interest, and taxes.

Do I need to file an application to collect child tax benefit?

If you are newcomers, having a new baby, or new resident you need to file an application for child tax benefit. Also, you need to file worldwide income if applicable.

Do I need to file an application to collect Universal child care?

No, it is processed with your income tax.

when is the deadline to file my income tax?

April 30th

My son worked only 2 days, does he need to file?

Yes, regardless of income.

Can I file my income tax without my T4?

No, you need to have your T4 ready, pay stub not accepted

Can I file my 2007 T4 next year (with 2008)?

No, each year need to be filed separately, if you forgot to include some info, you need to adjust your return.


BOOKKEEPING 

What is bookkeeping?

What does bookkeeping cover?

What does Accutax do for me for bookkeeping purposes?

I have a new business, what should I bring in?

How does Payroll work?

What is a business number, how is it related to GST, Payroll, PST?

What is WSIB, do I need to register?

How many taxes do I have to pay?

How is corporation different from sole?

what is the difference between T1 & T2?

What is a financial statement?

How often should I do my books?


What is bookkeeping?

keeping a record of your business activity. Sales record, expense record. Asset, Liability, etc...

What does bookkeeping cover?

bookkeeping help us produce financial statements.

What does Accutax do for me for bookkeeping purposes?

I have a new business, what should I bring in?

sales record: like invoice, Z reading, sale sheets

expense record: anything that you pay out for your business operation, such as Rent, Telephone, Utilities, wages, fuel, maintenance, bank fees, insurance, taxes, office supplies etc...

How does Payroll work?

payroll is done for a certain period: weekly, biweekly, bimonthly, monthly.

Tax deducted is CPP, EI, Income tax.

What is a business number, how is it related to GST, Payroll, PST?

business number is a 9 digit number  for your business

payroll will end up like this: 123456789 RP0001

GST will end up like this: 123456789 RT0001

PST will end up like this: 123456789 TR0001

What is WSIB, do I need to register?

if you have employees, you need to have WSIB number. It is not optional. WSIB will protect your employees against work accidents.

How many taxes do I have to pay?

payroll, gst, pst, income tax, wsib, property tax, etc...

How is corporation different from sole?

They are two different entity. in a corporation, the owner is an employee.

what is the difference between T1 & T2?

T1: is referred to T1 general. when people file personal income tax

T2: is referred to corporate return.

What is a financial statement?

for income tax purposes sole file statement of business activities

and corporations file two financial statement: Profit & Loss and Balance sheet.

How often should I do my books?

we recommend monthly or quarterly depends on how busy you are