M&R Tax Pro Accountants Ltd.
M&R Tax Pro Accountants Ltd. is an accounting office in Toronto providing Taxation, accounting, business advisory, bookkeeping and payroll services to a brand range of clients, including small- to mid-sized businesses, and individuals. we have diversified client base of closely-held businesses, high net worth individuals and sole proprietors that we regularly work with them throughout the year to make sure they have less work to handle when it comes to tax time and deadlines.
You are subject to Canadian taxation if you are a resident in Canada, carrying on business in Canada, or selling certain real estate or certain property within Canada. Non-resident tourists who own certain types of property in Canada that are available for rent may also subject to Canadian tax.
Many clients struggle with keeping up-to-date with Canada’s always-changing tax laws. This can lead to significant risks, like the CRA assessing additional taxes, interest and penalties
You are subject to Canadian taxation if you are a resident in Canada, carrying on business in Canada, or selling certain real estate or certain property within Canada.
Have you recently had one the below situations?
- purchased a house?
- Renovated your home for the benefit of a relative with disabilities?
- Had any employment expenses such as automobile, telephone or such?
- Your employer paid you in check with no deductions at source?
- Used part of your home to earn income, meet your customers or to fulfill your employer’s business’ needs and wants?
- Did you get married or separated or had a child?
We can help you to learn about these special situations, and others, that can get you a bigger refund or less balance owing
We learned form our years of Canadian personal tax filing experiences that accounting and tax matters involve a combination of host of services, knowledge, and respect. At M&R Tax Pro Accountants we act as your personal tax accountant and assist you in identifying the tax slips, tax credits and deductions needed to complete your personal tax return.
What we do:
Our personal tax return services include:
- Assist you calculate all your tax obligations
- Calculate capital gains/losses
- Offer tax advisory, planning and preparation services
- Help you to prepare response to CRA review or audit
- We help you in identifying your tax credits and exemptions
- Give you a peace of mind at the end of the process
The following are some regular tax slips or sources of income in preparation of personal tax return:
- Employment Income- T4, T4A
- Investment Income- T5, T3, T5008
- Rental Income
- Partnership income-T5013
- Income from Self Employment
- Pension and Annuities- T4A(OAS), T4A(P), T4RSP, T4A, T4RIF
- Income from foreign source such as employment, self-employed and investment income
- Social assistance and employment insurance, T5007, T4E
- Employment insurance
- Debt Forgiveness
Tax deductions or Tax write-off
Identifying your eligible tax deductions or tax write-off is another great way of reducing your taxable income and pay less tax or receive more refunds. At M&R Tax Pro, we assist you to identify your eligible tax deductions to included in your tax return. Below are some examples of deductions you might be eligible for your personal tax:
- RRSP deductions
- Annual union, professional, or like dues
- Child care expenses
- Moving expenses
- Support payments made
- Carrying charges and interest expenses
- Other employment expense
- Allowable Business Investment Losses (ABIL)
- Legal Fees
- Disability Support Expenses
- Business-use-of-home office expenses
- Advertising expensed
Identifying tax deductions is the first step, but the other important aspect is to deduct them properly. For instance, advertising expenses are deducible, but depending on the medium, you might deduct a portion or part of that as below:
- Online Advertising is 100% deductible. This includes the website’s domain name registration and web hosting costs.
- Television and Radio Advertising: is also 100% deductible for Canadian stations.
- Magazines and Newspapers: are fully deductible, but to write-off 100% of the costs, at least 80% of the material in the magazine or newspaper must be journalistic in nature. This means advertising cannot take up a majority of the space. If the journalistic content is less than 80% in nature, only 50% of the costs can be written-off.
There are also several tax credits for individual to consider when filing their personal tax returns. In M&R Tax Pro, we ensure all of them considered properly when preparing your personal tax return. The below list includes some of the tax credits that you might be eligible for:
- Medical expenses
- Eligible dependents
- Disability tax credit
- Tuition, fees and education amount
- Interest paid on student loan
- Caregiver amount
- Public transit passes
- Home buyer’s amount
- Adoption expenses
- Donations
At M&R Tax Pro, we represent you with CRA and will update you if you have any tax owing with CRA and make sure that your tax return is filled on time unless beyond of our control.
Individual – deadlines
Normally, the deadline for individual to file their tax return is April 30th of the following year to ensure accurate federal and provincial benefits payments. If you owe any tax corresponding to your tax filing, you have to pay until April 30th as above. However, filing date for 2019 tax year set up by CRA until June 1, 2020 and the tax owing payment for 2019 tax year to prevent applying any penalty and interest set up until September 30th, 2020.
Self-employed and their spouse or common law partner – Deadlines
The CRA is seeking T1 returns by June 15, of the following year for sole proprietors in order to ensure accurate federal and provincial benefits payments. Normally, you have to pay until April 30th as other individual. However, for the year 2019, penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 30, 2020
Deceased individuals – Deadlines
Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. However, extended date for 2019 tax year set up by CRA until June 1, 2020
- If the death occurred between November 1 and December 31 inclusive, the due date for the final return is 6 months after the date of death.
- If the death occurred after October 2019 and before June 1, 2020, The later of June 1, 2020 or six months after their day of death.
Deceased self-employed individuals – Deadlines
If the deceased or the deceased’s spouse or common-law partner was carrying on a business in 2019 (unless the expenditures made in the course of carrying on the business were mainly the cost or capital cost of tax shelter investments), the following due dates generally apply:
- If the death occurred between January 1 and December 15 inclusive, the due date for the final return is June 15 of the following year.
- If the death occurred between December 16 to December 31 inclusive, the due date for the final return is 6 months after the date of death.
For 2019 tax year (extended):
- If the death occurred between January 1 and October 31, 2019, inclusive, June 15, 2020
- If the death occurred after October 2019 and before June 1, 2020, The later of June 1, 2020 or six months after their day of death.
If you would like to have peace of mind for your personal tax return and receive sufficient and efficient supports afterward, M&R Tax Pro accountants is here to be your personal tax accountant and assist you for your personal tax matters.
The federal government says targeted aid is coming for some businesses hit by closures as a second wave of COVID-19 hits parts of the country.
Finance Minister Chrystia Freeland, flanked by the prime minister and other cabinet colleagues, announced a combination of new and previously announced measures in Ottawa today.
“The difficult reality is that the health measures we are taking to contain COVID-19 mean there are some businesses that simply cannot operate at full capacity, and some are closed down by public health orders. These measures are to support those businesses and to provide a bridge for all of us to the full containment of the virus,” she said.
TORONTO, ON –After more than ten years advocating for the right to incorporate, the Ontario Real Estate Association (OREA) is proud to announce that as of today, Ontario REALTORS® will be permitted to operate their business through a personal real estate corporation (PREC). For Realtors who will benefit from a PREC, it can significantly lower their tax burden – helping them reinvest in their business and save for the future.
You or your employer(s) must submit a record of employment (ROE) for each job you had in the 52 weeks before the beginning of your CERB. We need your ROEs as soon as possible to determine if you qualify for EI benefits and how much you’ll receive.
For more information about your EI claim, including the number of weeks and the weekly amount you’ll receive, register for My Service Canada Account (MSCA).
If you received the CERB through Service Canada
In most cases, you do not need to apply for EI benefits. After you receive your last CERB payment, continue completing reports. We’ll automatically review your file and your ROE, then start a claim for EI regular benefits if you qualify. If you don’t qualify, you’ll be notified by mail.
The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
The Canada Emergency Response Benefit (CERB) ends when you’ve received 28 weeks of benefits or on October 3, 2020, whichever comes first. For those who applied through the Canada Revenue Agency, the last four-week period for the CERB was August 30, 2020 through September 26, 2020. However, you can still apply for the CERB retroactively through CRA.
On July 17, 2020, the Canadian federal government announced the expansion and extension of the Canada Emergency Wage Subsidy (CEWS) program. Among the proposed changes, as of July 5, 2020, any business, charity and not-for-profit organization in Canada that has experienced a decline in “qualifying revenue” will be entitled to a subsidy. The program has also been extended to at least November 21, 2020.
The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the COVID-19 outbreak.