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Business Services

Business Tax Filing

Does an approaching tax deadline have you worried? Whatever your business structure may be, Honest Accounting will ensure your tax return is handled in full compliance with the latest tax laws (which are constantly changing). We make sure you take advantage of all potential deductions and tax credits while fulfilling your tax obligations.

Overdue Tax Filing

Each day you’re overdue on filing your taxes increases the severity of the financial penalty and the interest you’ll have to pay. Honest Accounting can negotiate manageable payment options and offer advice to help get your business back on track. Let Honest Accounting be your advocate!

Incorporation

In Canada, there are four types of corporations: Federal Named, Federal Numbered, Provincial Named, Provincial Numbered. Honest Accounting also incorporates PRECs (Personal Real Estate Corporations). In order to reduce your personal liability and qualify for a lower tax rate with the CRA, Honest Accounting will ensure you are properly registered for your jurisdiction.

Bookkeeping

Chances are you didn’t open your own businesses just to spend your days reconciling accounts, paying bills, and pouring over cash flow statements (unless you’re a bookkeeper). Let Honest Accounting manage your financial reports so you can direct your energy elsewhere. With our help, you’ll always be ready for tax season or a surprise CRA audit. Improved expense tracking and budgeting allow you to make the best decisions for your company’s future.

Payroll Services

Payroll is a big responsibility that even some large accounting firms don’t like to handle. Employment laws and payroll deductions make it a time-consuming responsibility. And no two employees are ever the same. The team at Honest Accounting is happy running your payroll. From PD7A remittance reporting to filing ROEs, you can rest easy
knowing your employees will always be looked after.

HST/WSIB Filing

HST and WSIB (Workplace Safety & Insurance Board) remittances are a part of doing business in Canada, but that doesn’t mean they have to take any more time out of your day. Honest Accounting can deal with the government on all financial matters concerning your business. Why spend time on the phone with the CRA when you have a trusted partner capable of handling all filings and communications promptly. Don’t subject yourself to potential penalties. One call to Honest Accounting is all it takes.

FAQ's

When are corporate taxes due?

Corporate Tax Returns are due 6 months after your year-end, however the tax balance is due three months after your year-end.

E.g. For a December 31st year-end, tax returns are due June 30th, and the tax balance is due March 31st.

    I haven’t filed taxes for a few years; can you help me file overdue returns?

    Certainly! We are able to go back multiple years to straighten out your books and file your taxes. This process should be started as soon as possible to avoid fines and interest.

    What are the benefits of incorporating my business?

    There are many benefits of taking the next step and incorporating your business!

    The four main benefits are: Limited Personal Liability, Income Flexibility, Reduced Tax Rates, and Name Protection.

    Federal Corporation or Provincial Corporation?

    Here are some quick facts to help you make a decision!

    Federal Corporation:

    • Lower cost
    • Must be a Canadian resident (Citizen or P.R.)
    • Federal business name protection
    • Annual Return filing required ($12 fee) Provincial Corporation

    Provincial Corporation:

    • Higher cost
    • No Canadian residency requirements
    • Provincial name protection
    • Easier to get preferred business name
    Does my business need bookkeeping services?

    Do any of these apply to your business? If they do, you should consider bookkeeping service!

    • Your books are out-dated
    • You are only updating your books before tax season
    • Your time would be better spent on other business tasks
    • Your business is growing, but not large enough for a full-time accountant
    What are your bookkeeping prices?

    Our Bookkeeping Solutions are 100% customized to your businesses needs; prices will vary depending on your needs. Get in touch for a quote!

    How long do I need to keep my tax documents?

    You are required to keep your documents for a minimum of 6 years.

    Are you taking on new clients?

    Honest Accounting is always taking on new clients! Get in touch today!