Taxation

GST/HST filing is mandatory for a registered Canadian business owner. As per the guidelines issued by the Canadian government, a business must register for Goods and Services Tax (GST) and the Harmonized Sales Tax (HST) if their annual income exceeds $30,000. Failure to collect or pay sales tax or file GST/HST returns before the deadline can attract heavy penalties from CRA.

Candle Accounting will register your business for GST/HST, guide you on the applicable sales tax rate for your business, and advise you on the due date of paying GST/HST. Our team will make sure that your GST/HST returns are filed on time so that you stay on the good side of CRA.

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Disclaimer: We prepare and file GST/HST returns based on the data provided by the clients. We do not perform audit. Although we exercise due care and diligence while preparing GST/HST returns, we cannot provide any assurance relating to the accuracy of the returns since the source data we receive is ultimately provided by the clients. Further, filing accurate returns does not mean that CRA will not select you for audit. CRA selects businesses for audit on a random basis. Though the timely payment of sales tax and filing of GST/HST returns reduces the possibility of a company being selected for audit, we cannot be held responsible for any fines or penalties levied by CRA after being selected for audit.

As a small business owner, you might have difficulty understanding complex tax rules. In fact, not being able to understand tax laws properly may result in inaccurate returns and might invite CRA to audit your books. Having tax experts on your side can help you minimize taxes through proper tax planning and keeping your business away from the prying eyes of CRA.

At Candle Accounting, we help small business owners understand basic rules regarding the deductions they can take from their business income and the tax credits available to them. We can help you prepare financial statements as per tax accounting so that you understand precisely how much tax you will be paying. In addition to tax advisory services, we also offer:

• Preparation and filing of T1 Tax return – applicable for Proprietors
• Preparation and filing of T2 Tax return – applicable for Corporations
• Preparation and filing of T3 Tax return – applicable for Estates and Trusts

Disclaimer: We advise on tax planning based on the information available to us and explanations provided by the client. Preparation and filing of a tax return is done solely based on the data provided by the client. We do not perform audit. We exercise due care and diligence while preparing and filing the income tax return. Generally, we obtain clients’ approval before paying any taxes on behalf of them or filing any tax return. However, we can not provide any assurance relating to the accuracy of the returns since the source data we receive is ultimately provided by the clients. Further, filing accurate returns does not mean CRA will not select a business for audit. CRA selects companies for audit on a random basis. Though the timely payment of income tax and filing of income return reduces the possibility of a business being selected for audit, we cannot be held responsible for any fines or penalties levied by CRA after being selected for audit.