Personal Tax Returns
Your personal tax return is an important document that
summarizes your income, deductions, and tax credits for the year. The
Supreme Court of Canada has supported your right to minimize
your tax obligations within the rules of the Income Tax Act. We believe
in identifying all legal ways of minimizing your tax bill. We also
believe that you should have an income and tax strategy that meshes
with your short and long-range goals.
Our personal tax clients consist of business people and
individuals who have challenging personal tax issues for many reasons.
Many of our older clients depend on us to deal with their investment,
capital gains, pension income, or tax credits.
Kevin Dunn has developed an expertise in the area of Pension
Income Splitting, which has provided thousands of seniors in Canada
with thousands of dollars of annual savings. Kevin developed a program
that maximizes the pension splitting rules each year for personal tax
clients. This program is used annually by tax accountants across the
After we prepare your tax return, we won't just call you up
and tell you to pick up your tax
return. We will go over the return in detail with you before filing it
to ensure you understand the results. It also provides us with the
opportunity to present you with tax-savings opportunities that you can
use in future years.
Corporate Tax Planning
Corporate tax planning is one area where it pays to deal with an expert. The tax advantages of corporations can only be enjoyed if your professional advisors are providing you with the key information to make your decisions. Kevin Dunn is a member of the Canadian Tax Foundation and has completed the CICA In-Depth Tax Program. He focuses on income tax, estate planning, business succession, and business reorganizations.
We have been able to assist a wide range of small business owners and professionals meet their financial goals because they are maximizing the benefits that incorporation offers them.
Are you enjoying the benefits of income splitting with your family that can lower your overall tax burden? Do you have a tax-effective retirement strategy for passing your business on to your family or others? Have you reviewed the advantages of a "family trust"?
Estate planning is one important issue that is often left to chance.
Most people are so busy
dealing with the demands of today that they never take the time to deal
with tomorrow's needs.
A common misconception is that estate planning is for rich
people. If you want your assets to go to your family with the least
amount of tax applied then you need to engage in estate planning.
Our focus is to assist you in identifying the uncertainties
you will face in the future and ways to mitigate those uncertainties.
We also identify prudent tax strategies to help you maximize
your wealth while minimizing your tax.
Estate planning is a cooperative process that usually involves
your lawyer, accountant, insurance advisor, and investment advisor.
These other professionals usually look to the accountant to provide
recommendations that take all areas into account.
The financial statements of a business or a non-profit
organization provide a recap of the organization's operations over the
previous year as well as a statement of affairs as of the year-end
date. The financial statements are more than balances from your
accounting records. They may be used to prepare tax returns, apply for
financing, report to your members or other shareholders, or to aid in
the sale of your business.
We work with you to streamline the process of collecting
information and to determine the use for which your financial
statements will be used and how your business can be made to look its
Tax Representation With Canada Revenue
We believe in our clients and will put your best case forward
CRA. We look for all tax relief that may apply to you and represent you
in your dealings with the tax authorities. This could be for simple queries from
CRA, dealing with a CRA auditor, preparing and filing a Notice of Objection to appeal
a decision by CRA, or appealing on your behalf and appearing in the Tax Court of Canada.
Kevin Dunn appeared in the Tax Court of Canada as agent
for clients who claimed amounts paid to a retirement home as
medical expenses. CRA and the Department of Justice both disallowed the
claim because the institution was not a long-term care facility.
Kevin convinced the Tax Court of Canada that these payments met the
definition of medical expenses under the Income Tax Act. This decision
has been reported across the country. In addition to over $26,000 of
medical expenses his client was able to claim for that year and
subsequent years, this decision opened the door for
annual tax savings to seniors in all parts of Canada.
Kevin argued for the deduction, by one of his clients, of
significant accounting fees paid to another accountant. The client had
paid legal and accounting fees in the determination of spousal support
to be received. CRA allowed the legal fees but would not allow the
deduction of accounting fees.
Kevin was able to convince the CRA appeals officer that CRA's
administrative policy of allowing the deduction of legal fees in this
situation should also be applied to the deduction of accounting fees.
Another win for our clients!
Haven't filed your tax returns for prior years? We assist
taxpayers in getting caught up with their tax filings. We can often
avoid costly penalties in filing these returns by applying to CRA under
the Voluntary Disclosure Program.
Canada taxes taxpayers (corporate and individual) based on
"residency" as opposed to citizenship. There are no clear-cut rules to
determine when someone is a resident or non-resident of Canada for tax
purposes. However, the tax implications of each can be far-reaching.
We can assist you in the determination of your residency
status and the tax rules you must follow based on that determination.
Planning to become a Canadian resident or a non-resident of Canada
should also be done well before any moves.
Many Canadians have income tax issues with the United States. It is
important that you know and deal with the tax reporting obligations
imposed by the US Internal Revenue Service. We assist our clients in
identifying and complying with these obligations.
Are you an American citizen? If so, you are subject to
the same filing requirements as if you lived in the United States. This
means that you must report your world-wide income on both a Canadian
and US tax return. However, we use the Canada-US tax treaty to ensure
you are not taxed twice on the same income.
Canada has tax treaties with most countries with which our
clients have dealings. One of the main purposes of these tax treaties
is to ensure you are not taxed twice on the same income. We use these
treaties to ensure you pay the least overall tax possible.
Some of our clients use us for the most basic part of the
accounting process .. bookkeeping. We can assist you in the setup of
your accounting system, whether you use Quickbooks, Simply Accounting,
or another program. We can set your business records up on something as simple as an Excel spreadsheet. We can provide you with a chart of accounts that
will let you track the information that will help you make your
We can also do your bookkeeping and provide you with month
financial statements or prepare your HST returns. We can also prepare
your T4's, EHT, and WSIB returns.