FAQs

I'VE BEEN DOING MY TAXES ONLINE, WHY SHOULD I SWITCH TO YOU?
 

Tax laws are complex and ever-changing and unfortunately, many Canadians go through the stress and time consuming exercise of filing their own taxes and often miss opportunities to optimize their returns. In fact, a 2013 study by BMO Nesbitt Burns found that:

• More than half of Canadians (58%) are not sure about how capital gains are taxed, while almost two-thirds (62%) are not knowledgeable about how dividend income is taxed.

• One-third (33%) lack knowledge on how charitable donations are taxed.

• One-quarter (25%) have trouble understanding the tax implications of a Registered Retirement Savings Plan (RRSP) and 36% lack knowledge on the tax implications of a Tax Free Savings Account (TFSA).

Our firm has throughout understanding of taxes and tax regulations. With us, you can trust we will identify opportunities to lower the amount of tax you pay and we will teach you tax optimization strategies for next year and beyond.

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I ALREADY FILED MY TAXES THIS YEAR – WHY WOULD I NEED YOU?

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After the tax season is over, we offer our “Look Back Service”. We will review the last 3 years of your filed tax returns to ensure you claimed all the deductions and credits you were entitled to. If you missed anything, we'll file any necessary adjustments. Not only that, we can give you a list of commonly overlooked deductions specific to your situation to limit the following year's tax liability.

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I HAVE AN ACCOUNTANT/OTHER SERVICE DO MY TAXES. WHY SWITCH?

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We're pros in taxes exclusively, so we know tips and techniques that generalists may miss. Also, we're flexible, customer-service focused and don't have hidden fees.

What's more, we work around your schedule and explain things clearly and simply. We easily accommodate you if you want to go paperless -- in fact, we prefer it! - while ensuring files shared with us are secure and confidentially kept. Lastly, our fees are often lower!

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I DON'T HAVE AN INCOME. DO I NEED TO FILE TAXES?

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Technically, if you don’t have any income you don’t have to file taxes. However, you may be eligible for tax refunds, climate action incentives, HST credits and Trillium Benefits if you do file them. Here are some of the reasons to file taxes:

• You have to pay taxes last year.

• You received a request to file a return.

• You and your spouse or common-law partner elected to split pension income last year.

• You sold property or realized a taxable capital tax gain.

• You have not repaid any of your Old Age Security (OAS) or Employment Insurance (EI) benefits.

• You have not repaid all of the amounts you withdrew from your Registered Savings Plan (RRSP).

• You have to contribute to the Canada Pension Plan (CPP).

• You received Working Income Tax Benefit (WITB) advance payments, and you want to apply for WITB advance payments.

Even if the reasons above aren't relevant to your situation, you still may want to file if any of the following apply:

• You want to receive a refund.

• You want to apply for the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit.

• You or your spouse or common-law partner wants to begin or continue receiving Canada Child Tax Benefit.

• You have incurred a non-capital loss and you want to be able to apply in other years.

• You want to carry forward or transfer the unused part of your tuition, education or textbook amounts.

• You want to report income for that you could contribute to your Registered Retirement Savings Plan (RRSP) so that you can keep your RRSP deduction limit for future years.

• You want to carry forward the unused investment tax credit.

• You are applying for the Ontario Energy and Property Tax Credit.

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