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  • Corporate Tax
  • Personal Tax
  • Audit Insurance
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Audit Form | Corporate Form | Personal Form

In order to minimize accounting fees it is important to categorize and total all revenues and  expenses. The categories provided in the services questionnaire are only examples of some of the expenses that may be incurred by an individual or self-employed client.

We encourage our clients to submit any additional changes or information to the suggested expense categories listed. Please provide all information appropriate to your own circumstance.

How to Prepare for a Tax Interview

The following is a brief outline on how to prepare for your tax appointment with us. Note: this is applicable only to individuals who have decided to file quarterly or annual GST returns.

For those individuals who have elected to use the quick method of accounting, you do not need to concern yourself with segregating GST from income or expenses, unless you have some foreign source income or Canadian income which is exempt from GST.

In addition, you must provide us with the amount of GST installments you remitted during the year.

Please note that we can extract the GST from your expenses; however, it would be more accurate if you calculate your total GST collected and paid on a receipt by receipt basis.

Self-employment income

In order to complete the forms,  the following steps can be taken:

1. According to Canada Revenue Agency, income reported on T4A slips should not include GST. In most instances, this will make it relatively easy to calculate the GST received on the T4A income; simply multiply the T4A income by 5% for income earned in 2008.
   
   
2. For income where no T4A is received, a simplified way to extract the GST would be to multiply the total amount received by .0476. This will determine the GST earned on the total income. To determine total income excluding GST, simply subtract the GST calculated from your total freelance income.

GST Expenses

Over the years we noticed that clients found it difficult to extract the GST from their expenses; consequently, we developed a computer program which will do this automatically. Therefore, in most instances you only need to insert the expense figures including GST.

Please note for this program to work accurately you must ensure that each expensed item either includes GST or excludes GST. For example, travel expenses could include travel within Canada which will include GST, and foreign travel which excludes GST. In this instance, the two separate travel numbers should be displayed on the questionnaire.

Audit Form | Corporate Form | Personal Form