Posts

Brampton Tax Accountants

Tax Accountant

Tax Accountant

Cheema & Assocaite – Your Local Brampton Tax Accountants 

Cheema & Associate CPA Professional Corporation is an accounting firm located in Brampton, Ontario at the main intersection of Kennedy Rd S and Clarence St. Our office address is 143 Clarence st. Suite 5, Brampton ON L6W 1T2.

We provide income tax services to all types of clients from Brampton. We have been serving the Brampton market for over three years. Tax has evolved over the years with strict regulations imposed by the Canada Revenue Agency. We can professionally prepare your tax returns while maximizing your refund by designing and catering unique tax planning strategies. Our professionals have experience in handling wide rage of unique tax returns. Contact us for your 2014 personal income tax returns.

Our Brampton tax accountants are dedicated in assisting you in all your income tax needs.

Personal Income Tax
Personal tax has evolved over the years with strict regulations imposed by the Canada Revenue Agency. Your local Brampton tax accountants can professionally prepare your tax return while maximizing your refund by designing and catering unique tax planning strategies. Our professionals have experience in handling wide rage of unique tax returns.

Corporate Tax
Our uniquely designed tax programs can assist you with complying with the complicated provisions of the Income Tax Act (ITA) while minimizing tax liabilities. We can structure your business to maximize profitability and minimize tax risks.Contact us for your 2014 corporate tax returns.

Audit & Appeal
Our team is dedicated to assist you in all your CRA appeals. We make sure that your company’s tax audit is handled smoothly and efficiently. We can assist you with the tax audit process – starting from the information gathering stage to negotiation with the tax authorities. We can also help in negotiating payments and even apply for interest or penalty relief.

Tax Free Savings Account and benefits

calculator-385506_1920

What is a Tax Free Savings Accountant (TFSA)
 
The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians
to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing
registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings
Plans (RESP).
TSFA Contribution limit:
The TFSA was started in 2009 and has an accumulating contribution limit. Any individual who is at least 18 can open a
TFSA. The contribution limit was $5,000 from 2009 through 2012, but it has been increased to $5,500 in 2013. Unused
TSFA contribution room is carried forward to future years. Your contribution room will be indicated in your notice of
assessment. An individual that has never made contributions to the TFSA (assuming the person was at least 18 years old on January 1, 2009) will have total contribution limit of $25,500 on January 1, 2013. This is how the limit is calculated:
 
TFSA contribution room on January 1st, 2012                                  $20,000.00
MINUS:  Contributions made in 2012                                                                      $0.00
Unused TFSA contribution room at the end of 2012                                        $20,000.00
PLUS:  Withdrawals made in 2012                                                                          $0.00
PLUS: TFSA dollar limit for 2013                                                                       $5,500.00
Subtotal of withdrawals plus TFSA dollar limit                                                 $5,500.00
TFSA contribution room on January 1st, 2013                                   $25,500.00

Canadian Tax Deadlines 2013-2014

 calculator-178127_1280
Important dates for Individuals
Tax return filing due dates
Employees file –> 2014 personal tax return is due April 30, 2015
Self-employed –> If you or your spouse carried on a business the 2013 personal tax return is due June 15, 2015. (If you have tax owing the payment still has to be made by April 30th)
Deceased persons –> The legal representative of the estate of an individual who dies in 2012, will have to file a tax return. The due date depends on the date of death and if the individual carried on a business.
Balance owing due dates
Your balance owing is due no later than April 30, 2013. When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, we consider your payment to be made on time if we receive it or it is postmarked on the next business day.
Installment payments due dates
Your installment payments for 2013 are due March 15, June 15, September 15, and December 15, 2013.
When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, we consider
your payment to be paid on time if we receive it or if it is postmarked on the next business day.
Your payment will be considered paid on one of the following dates:
  • Payments you make in person at your financial institution are considered paid on the date stamped on your INNS3 receipt.
  • Payments you send by mail are considered paid on the date you mail them.
  • Payments you make through your financial institution’s Internet or telephone banking services are considered paid when your financial institution credits us with your payment.
  • Post-dated cheques and payments you make by pre-authorized debit are considered paid on the negotiable date