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Tax Planning
Tax Planning
Custom Tax Services for both Organizations and Individuals
Whether you're a salaried employee, a contractor, or a business owner, tax preparation can be complicated. We understand that you want to keep as much of your money as possible, so we work with you to achieve your objectives through rigorous planning and clear communication, so you know exactly what you need for your yearly tax appointment. Throughout the financial year, taxes are assessed on personal and commercial incomes.
Services for Individuals & Business Tax
Personal Income Tax Return
Personal Tax returns: Personal T1 with e-filing Self employed businesses Real estate agents Rental income Employment expenses Investments Cryptocurrency tax
Property rental income
If you are renting a real state property that you own, you are considered to have a rental income. Whether you rent a building, a room in your house, or a commercial place, you have to declare your income or losses in your income tax return.
Investment Income
If you earn interest, capital gains, or dividends, you must declare it to the Canada Revenue Agency as investment income. However, there are exceptions, and knowing about them and how to take advantage of them might help you reduce your tax liability.
Tax audits with Canada Revenue Agency
We can help and guide you to ensure the best possible outcome in resolving your tax problem quickly and efficiently. We will represent your best interests with the CRA, ensuring that your rights are fully protected and that the audit process is conducted properly.
Tax filing for back years
The highly experienced Chartered Professional Accountants at Progress Group Inc will assist you with all your Back Tax and Tax Audit requirements in a stress free environment.
Tax minimization strategies
We will work with you to examine your financial situation and identify potential areas for saving tax. We can help you to formulate strategies to lighten your tax load and free up funds to enhance your life – now or in the future.
Business: Self-employed, sole-proprietorship, partnership – T1 income tax return
You must submit a personal income tax return and pay the same amount of tax as any employed wage earner if you're self-employed as a sole proprietorship or partnership. After deductions, your business revenue is deemed your annual wage, and you report it as professional or business income.
Business: Corporate – T2 income tax returns
The T2 is the mandatory corporate income tax return form for the federal government of Canada. The exact term for this statement is "declaration of corporate income." Each company must file a corporate income tax (T2) for each taxation year.
Business: GST/HST and other sales taxes
We advise you about the many complicated issues surrounding sales tax and GST and HST concerns.
Business: Assist with CRA audits & reviews
We offer a full range of tax services related to whatever your tax issues may be, including late tax filing, Tax Amnesty help, Reassessment, audit planning and representation, tax appeals, penalty and interest negotiation, and compliance matters involving information reporting and withholding, tax plan and much more. With our in-depth knowledge of CRA practice and procedure, we can help clients efficiently resolve difficult CRA tax matters.
Progress Group Accounting Inc (the “PGA”) Chartered Professional Accountants have the necessary experience in tax preparation that you require to feel confident about your financial well-being.