Personal & Corporate Taxation

In Canada, your personal tax return is due by April 30. If April 30 falls on a Saturday, Sunday, or public holiday, Canada Revenue Agency will consider the return filed on time and/or payment received on time if it is received or postmarked on the following business day. Even if you cannot pay the full amount by April 30, you can still avoid the 5% late filing penalty, by filing your return on time.

Hence individuals and business enterprises operating in Canada encounter taxation from all four levels of the government.

At KAL, we will manage and customize solutions to suit your tax issues, managing the intricate details and assist you in understanding how to strategically plan the flow of your transactions.

Canada Revenue Agency regularly reviews individual income tax returns, whether they are filed electronically or on paper, to ensure that they have properly assessed them. In some cases, they will request supporting documentation after they have issued your notice of assessment. Note: This does not mean that you or your electronic filer made any errors or omissions.

Save time and frustration by having a your tax returns prepared by professionals.

Tax Calculator

You must include in income all amounts you received for the year except for the following:

• Any GST / HST credit or Canada Child Tax Benefit payments, as well as those from related provincial or territorial programs

• Child assistance payments

• Compensation received from a province or territory is you were a victim of a criminal act or a motor vehicle accident

• Lottery winnings

• Most gifts and inheritances

• Amounts paid by Canada or an ally for disability or death due to war services

• Most amounts received from a life insurance policy following someone’s death

• Most strike pay you received from your union

Common tax credits you may be eligible to claim are as follows:

• Payments made to boarding school, sports school or camp

• Donations you made to registered charities or political parties

• Payments made for medical premiums, prescriptions, or dental

• Payments made to union or professions boards

• Payments made for moving within 40 km of your work or school

• Payments made for safety deposit box or most interests on money borrowed for investment purposes

• Payments made for disability

• Payments made for adoption

• Payments made for public transit passes

• Payments made for tuition

From a business enterprises point of view, taxes represent a forced contribution toward the expense of running our various government bodies.

Hence, taxes are a normal expense of earning revenues.

Tax planning implications for the business owner, plays an important part in taxation so as to maximize the reduction of taxes payable. As a result, Kypreos & Associates Ltd., maximizes your tax credits refunds/and or deductions to ensure that you get all that you are entitled to receive.

We are the best choice you could make, because we are not a tax house, we are professionals who stand behind our work and we can assist you or represent you in the event of an audit. DON’T BE FOOLED BY A TAX HOUSE, consult a professional.