MyTax101

WE DO THAT

OUR SERVICE

TAX SERVICES

We bring a personalized touch to your tax reporting needs. We are available to you all year round answering any questions or concerns you may have.

Our approach to working with small/medium sized business clients helps reduce the stresses of keeping in compliance and up-to-date with requirements of the Canadian tax code and other regulatory standards.

MANAGEMENT SERVICES

We offer a complete suite of management and payroll administrative services; from preparing/remitting source deductions to the CRA to setup and incorporating your business.

ABOUT US

We are myTAX101, helping you maintain financial health is our business.

A Canadian owned and operated business, we launched in 2009 with a mandate to offer exceptional accounting, tax preparation and business management/administration services while maintaining a personal and value-added connection with each client.

We are committed to:

1. Delivering consistently reliable and high quality financial expertise;

2. Building solid and lasting partnerships focused on our client’s financial wellbeing; and

3. Providing convenient personalized services that go well beyond simple transactions.

LEARN MORE

When should I apply for a GST / HST account?

You cannot register for a GST/HST account if you provide only exempt products and services. Examples of exempt products and service include: • long-term rentals of residential accommodation (of one month or more) and residential condominium fees • most health, medical, and dental services performed by licensed physicians or dentists for medical reasons • educational services such as tutoring services made to an individual in a course that follows a curriculum designated by a school authority You have to register for a GST/HST account if your business revenue was equal to or less than $30,000 in a calendar quarter and over the last 4 consecutive calendar quarters. If you fail to register for a GST account, CRA will create and backdate your GST owed to the date 60 days after your $30,000 was exceeded. There is no need to register for a GST/HST account before you reach the revenue threshold as it will only create unnecessary paperwork. The exception is if you will be purchasing many items in advance of your first sale - where this will allow you to recover the GST on items purchased (called ITC's) as Input Tax Credits.

If I already have a GST/HST account, when would I need another one?

You should register for a NEW GST/HST account for each new business or incorporated company. Each business (with sales/revenue at or exceeding $30,000) must have a GST/HST account. As part of our services, we review your businesses for correctness and will contact CRA for you so you stay in compliance.

Should I remain a sole-proprietor or should I incorporate?

The main reasons to incorporate are: • limiting liability – if, in the course of doing business, your actions may cause damage to property or injury to a person there may be a chance that you could be sued for damages. For a sole-proprietor, your personal assets (e.g. cash, home and vehicle) would be at risk. • tax advantage - if your business is achieving significant sales/revenues the advantage of a lower corporate tax rate will offset the additional structures required once you incorporate. • Incorporation can boost your business posture.

I buy the “Tax-in-a Box” package to do my own taxes every year. Is this okay?

These packages are convenient and may present limited risk of paying unnecessary tax for very simple/uncomplicated tax scenarios. First ask yourself how confident you are with classifying your tax situation as ‘simple and uncomplicated’ if you do not have a reasonable level of expertise. Your personal financial situation may deserve a review by an expert before settling too comfortably into a ‘simple and uncomplicated’ category. If you own a business, these packages don’t typically link what happens in your business and what happens in your personal life. Both sides need to be connected and assessed to avoid unnecessary tax. We bring our substantial tax expertise to review the many variables that may result in reducing your taxes.

Do I need a business bank account for my incorporated business?

Income that is NOT deposited into your business account may be taken to be your personal income and taxed at your marginal personal tax rate. A business account and its fees are an expense to your business and can be deducted when determining your business taxes.

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WHAT CLIENTS TELL US

Feraud Osman

Crown Marketers

myTax101 has provided both my business with great accounting and tax services. Very knowle

Carol L.

"MyTax101 has delivered personal tax services to my whole family easing all their fears an

Aleem Sufi

“I have been using myTax101 for my business for quite a few years and have never been di

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01 Feb 2017