Having the financial activity of the business properly organized and recorded is critical for preparing the required tax filings.
The time you spend working on your own bookkeeping is, most likely, not your most productive day at the office. As your business grows, the time required to keep your books in good shape will increase too. At some point, you will need to consider delegating the bookkeeping to another person as opposed to taking time away from your business.
At MBS Plus, we are happy to provide bookkeeping services from our offices. If you prefer bookkeeping services available to you elsewhere, we are happy to work with the bookkeeper of your choice.
Preparing Tax Information Slips
Tax Information Slips report the income paid to one taxpayer from another (employer, corporation, sole proprietor, trust, etc.). These slips are required to be filed with the CRA in order for them to verify whether or not a taxpayer is reporting the correct amount of income on their tax return.
The most common Tax Information Slips are:
T3 – Represents income from a Trust. This income often retains the nature of the income received by the trust – dividends, capital gains or interest for example.
T4 – Reports employment income (i.e. salaries, wages, bonuses, commission, taxable benefits, employment, etc.)
T4A – Represents income from self-employment or pension income (i.e. fees for services, commissions, pensions, etc.)
T5 – Reports Investment Income (interest, dividends, etc.)
T5018 – Statement of Contract Payments
There are several other Tax Information Slips that can and should be filed. Should you require MBS Plus to assist in preparing your Tax Information Slip, or any other slip, call us to book an appointment to see how we can be of help to you
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same to an untrained eye.
Payroll Tax Management
Managing payroll seems as easy as taking the hours worked and multiplying it by the hourly rate of an employee or self-employed individual.
However, there are various related issues and liabilities involved in having someone on payroll. This includes payments to the CRA, WSIB payments and other taxes that are often required. Not paying your company’s payroll taxes is serious and may result in fines against your business. Managing your payroll taxes can be intimidating. Working with MBS Plus allows you to have the confidence that your payroll taxes are being filed on-time and correctly.
Sales Tax Returns
What are sales taxes?
Sales taxes are taxes paid on the sale of certain goods and services, such as HST or GST. We can help keep you compliant and up to date with all your Federal and Provincial excise and commodity taxes.
How to strategize commodity taxes:
Many people can prepare and file a Sales Tax Return for you. However, Numbers Plus is your professional in commodity taxes. The difference between an average person and a professional is someone who can not only file these for you, but also develop a strategy to maximize your gains. We can help you:
Claim your ITC's before they expire
Apply for rebates (i.e. new housing and rental)
File elections (i.e. the quick method or agreement under associated corporations)
Determine tax and rate applicability under the Place of Supply Rules
It is important to have an in-depth knowledge of the rules and be up to date on decisions regarding the various levels of the Government, particularly relating to managing your commodity taxes.
"Behind every good business is a great Bookkeeper"
File and manage required tax information slips