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TAX

Personal Tax

Trust Tax
 

Business Tax

Trust Tax

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Personal Tax
While personal tax filings may seem simple to prepare, many Canadians miss important deductions or tax credits. MBS Plus has years of experience and a proven process to help optimize personal returns.
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When it comes to preparing tax returns for each individual, the Income Tax Act provides limited options. Despite these limitations, MBS Plus will work with you to optimize your tax return by using proven methods during the preparation process. After all, a missed deduction means more costs for you. There are a number of considerations (deductions, tax credits and other benefits), that are always considered when preparing your tax return. We know these, let us help you with them.

  • Pension Plan Contributions

  • Automobile, travel, supplies and office expenses – if the employer has signed a T2200 for the current year

  • Trade union and professional dues

  • Transportation Employees’ board and lodging– if the employer has provided a TL2 for the current year

  • Legal expenses to recover, or attempt to claim, salary and wages from an employer. This includes fees for dealing with a lawyer when considering either an offer (if the offer is accepted) or termination of employment. This also includes legal fees to get a payment from an insurance plan that is provided via your employer.

  • Tradesperson, and Apprentice, Tool Deductions

  • RRSP deductions

  • Medical expenses

  • Charitable Donations

  • Spousal Support payments

  • Adoption expenses

  • Foreign Pensions and the relevant Tax Treaty implications

  • Disability support and attendant care costs

  • Moving expenses

  • Child care expenses

  • Pension Income Splitting

  • Allocation of Dividend Income between spouses

  • Treatment of stock options

  • Home Buyers Plan and Life-long Learner Plans

  • Student Tuition and Education/Textbook credits

 

Additional items that commissioned sales people may deduct include:

  • Payments made for a client list

  • Employment of an Assistant

  • Possible GST rebate on the expense incurred that are not reimbursed by the employer

Sole Proprietorships & Partnerships
Small Business Tax Return Preparation
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​Many small business owners start off as a sole proprietor or with partnerships, often deciding to incorporate as a company increases in business and profit. An unincorporated small business tax return is reported on additional schedule (s) of your personal tax return. Your revenues and expenses must be reported on a Statement of Business Activities and the accumulated net income is what will be considered when determining your tax liability.

Deceased Taxpayers

Whether a loved one has passed away or if you are interested in being proactive in managing your affairs, it is advisable to consult with MBS Plus LLP in addition to your lawyer to navigate complex issues relating to the death of a taxpayer. The following is a general overview of some of the taxation related items to be considered and acted upon when someone dies. When someone passes away the Estate ensures all prior tax returns have been filed. This will allow for a final return to be prepared for the deceased taxpayer.

 

The final return of the deceased taxpayer will include all components that fall within their personal tax return, however, this tax return covers the period from January 1st, to the date of death. This is known as the Final Return although in most cases, it is not the last return that needs to be filed. The final tax return is due on April 30th of the year following death unless the taxpayer passed away in November or December. In this case, the Estate has a maximum of six months to file this personal tax return.

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Business Tax

No matter if you are incorporated, a small business, or a sole proprietor we understand the unique tax implications of each type of return. MBS Plus can help you plan and file your taxes accurately & professionally. We are also there to assist with any requests or audits by the CRA.

Corporation Tax Return Services
With all the responsibility and rewards of being your own boss, becoming a business owner changes the way taxes are filed.

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Contrary to a personal tax return, a corporation is required to file a tax return each year regardless of whether tax is owing and can be significantly more complex. There are various taxes that a Canadian Controlled Private Corporation (CCPC) may have to pay depending on the activity that is generating the income. Additionally, corporate owners who earn active business income pay tax at a lower rate and can help defer taxes on income that is retained within the company. Being incorporated provides many advantages, tax-related and otherwise, and should be considered when starting and/or growing a business.

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At MBS Plus, we recognize that our corporate clients have significant assets and ensure them to take advantage of small business deduction (SBD) and/or manufacturing and processing (M&P) credits and preserve their entitlement to the capital gains exemption. Put us to work for you to benefit from leading tax minimization strategies to enhance your business value.

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Trust Tax

Estates and Trusts are a key part of succession planning and can impact multiple areas of tax returns. We can help guide you through the process of planning and preparing legacies, as well as filing the proper returns with the CRA.

Family Trust Tax Returns
A family trust is a proven strategy of passing wealth from one generation to the next.

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If held within a trust, assets that are “passed over” to the younger generation do not go through probate when the individual passes away. However, it does automatically get passed on to the beneficiaries of the will, which in turn, becomes a matter of public record. This process of “passing over” assets will lower probate fees and increase the privacy of your financial affairs.
 

Developing a plan for your family or trust is important for protecting everyone.
 

Family trusts can be a sensitive issue for a family. Despite this, it is vital to have a family plan and trust clearly laid out to avoid potential issues. Many business owners and their families have benefited from implementing this strategy. Let us demonstrate how a Family Trust works in your favor and how it may benefit your family.

Estate/Succession Planning Services
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A well-thought out Estate plan ensures that your family and/or business is cared for once you pass away.

Dealing with the affairs of an Estate can often be stressful and emotional for those left in charge of the Estate (also known as A Will). Structuring your affairs in advance provides all parties involved with peace-of-mind knowing that the Estate will be dealt with as smoothly as possible.

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Many business owners are unaware that having two (2) Wills is often advisable. A separate Will should be in place, specifically dealing with the affairs and succession planning of the business. This will help to separate personal and business assets. Having a Trust set up will provide years of consistency, help manage expectations of beneficiaries and help to make your intentions about your assets clear and concise.

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Let MBS Plus build the right Estate plan to protect your family and business. Let us help you get your Estate plan in order.

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