• Services for Businesses and Individuals

    I ensure a faster tax refund where due

Tax Services for Individuals

I will review your financial situation and advise you on the course of action that will help you maximize your tax savings

I will help you to decide how to pass over your wealth to your family members with minimum tax consequences

RRSPs Or TFSA’s

Many Canadian tax payers face a dilemma when it comes to choosing between investing in the Tax Free Savings Account(TFSA) or the Registered Retirement Savings Plan(RRSP).

While both offer tax shelters to investment income, care should be exercised when deciding which option to settle for to in order to safeguard both your current situation as well as your long-term financial goals.

WHAT IS AN RRSP?

A registered retirement savings plan meant to encourage Canadians to save for their future. Any gains through interest earned or growth in the amount invested is sheltered from tax as long as the money sits in the account. Any withdrawals are subject to tax.

  • Anyone who has earned income and files a tax return can open and contribute to an RRSP up until the end of the year they turn 71. You can contribute a maximum of 18 per cent of your earned annual income, up to a dollar ceiling that’s set at $27,230 for the 2020 tax year. Any unused contribution room builds up year over year.
  • Contributing to an RRSP by not later than March 01, 2021 may enable Canadians to reduce their taxable income for the year 2020 and consequently help trim their tax bill.
  • RRSPs allow a first time home buyer to make withdrawals to help pay towards the down payment with no tax consequences provided certain conditions are met.
  • However, caution must be applied before investing in an RRSP account. You must look at your overall current financial position and your long-term financial goals. Make sure that your short-term needs are covered and there is cash available for an  emergency.

 Tax Free Savings Account

The TFSA is a tax-free account that allows you to contribute with your after tax income. The basic contributions together with any income earned and growth made may be withdrawn any time without any tax consequences. The only disadvantage this account has when compared to a RRSP is that the annual contributions have a ceiling.

I assist my clients to file their tax returns as required by the law. This ensures a faster tax refund where due.

Services for Businesses

Optimizing a tax structure for your Business and making them more profitable

BUSINESS START UP – BUSINESS STRUCTURES AFFECT TAXES AND LIABILITIES

Organizations usually have three forms of business structures from which to choose: proprietorship, partnership and corporation. The business structure you choose will determine the taxes that you pay as well as your legal liability. The right business structure will optimize the potential of your business and help you avoid surprises at tax time. I have the expertise to help you to identify the most appropriate structure for your business and translate your business dreams into reality. I can help you set up the appropriate form of organization, help with the preparation of a business plan and offer seamless business start-up advice.

ACCOUNTING SERVICES

STOP FLYING BLIND – GOOD RECORD KEEPING MAKES GOOD BUSINESS SENSE

Good record keeping is the law, and yes, it makes good business sense to maintain good record keeping. By law any business is required to maintain books of original entry, sufficient to determine that all taxes are duly accounted for. Further, your business needs to keep records to enable you assess its viability and progress and identify opportunities for further growth. However profitable your business may be, if the record keeping system is not sufficient and or reliable then you are flying blind!

I can help you set up an appropriate record-keeping system, a well-designed and efficient system that will save you time and money, and provide quick access to the information necessary for your day-to-day decision making.

I offer a wide range of accounting services including payroll administration, commodity tax compliance and management reports. I can compile your financial statements on an interim or year-end basis. I can discuss the numbers and help you look beyond them to make informed decisions about your business.

INTERNAL CONTROLS AND SYSTEMS

I can help you choose a system which based on your needs and requirements will best serve your purpose, and assist you seamlessly with operations, monitoring and review. A system that will minimize revenue leakages and reduce costs and provide you with accurate, meaningful and timely management information to enable you make informed decisions about your business.

Remember effective implementation of internal control systems for record keeping, information control, asset protection and document retention is the key to wiping out chaos and bringing order to make a business sound and successful.

REMIT YOUR TAX AND PAYROLL DEDUCTIONS ON TIME – IT’S THE LAW!

Harmonized sales tax (HST) and payroll deductions are held in trust for government agencies. Regardless of how constrained your business cash flow, these liabilities must be remitted on time and in full. Failure to remit on time can result in very stiff penalties and fines. I assist my clients to submit accurate filings and remittances on a timely basis.

I can also assist you with your cash flow projections to ensure that all your financial obligations are honoured as and when they fall due.

ESTATE PLANNING – WANT TO QUIT?

A day may dawn when you decide to retire or move on to other challenges. Whatever your reasons for quitting, making the right decisions today will help ensure that you can exit your business knowing that both your needs, and the needs of your business, will be well taken care of. I will help you to formulate and develop an exit strategy that will ensure that your beneficiaries reap the maximum benefits from your estate.

TAX PLANNING AND PREPARATION

Tax planning and preparation goes well beyond the mere filing of tax returns on time. It’s the core to a successful financial planning process. Whether you’re an employee or an employer, whether you’re planning for your future or the future needs of your family, I can help you keep more of your hard earned money with the various effective tax strategies. Whatever your circumstances, whatever your tax planning and preparation needs, I am confident I can help you.

If you need any assistance in filing your tax returns, then please contact me and I will be very happy to provide you with my value-added professional services.

Be it for a business’ corporate tax and sales tax (HST) compliance or for a sound business tax planning, accounting and payroll requirements I have over ten years of phenomenal experience and have helped many clients to save money through effective tax planning strategies, and in the process enabled them to grow.  

Please come and see me or feel free to contact me if you have any questions regarding your taxes. I am located on Gable Drive in Clearview.  My hours of operation are very flexible.

Shabbir Bagha, CPA, CGA,

Chartered Professional Accountant

1114 Gable Drive

Oakville, ON L6J 7R3

Tel; 416-258-8263/905-582-5471

© 2024 - Shabbir Bagha CPA