Time is on your side with comprehensive income tax filing services in Mississauga, ON, that save you money
World-changing events and uncertainty only underscore the importance of consistency: reliable, knowledgeable partners to guide on tax and compliance matters that can be complex and overwhelming even in so-called “good” times. The Chartered Professional Accountants at Miranda Professional Corporation view income tax filing services for Mississauga, ON, clients as an ongoing quest, rather than as a nail-biting deadline. It is when we perceive tax preparation as a specific “time” or “annual event” that the stress mounts and, inevitably, opportunities to minimise tax liabilities are missed. Since MPC’s tax advisors are partners with our clients (rather than outside counsel that is enlisted annually), we intimately know those credits, deductions, and other financial support that each organisation or individual may be eligible to receive. As we review assessments and returns periodically, there is no rush-rush to get documents over to us. We have made it easy to provide information that is required by the Canada Revenue Agency (CRA). A handy checklist is available, which identifies all of the information that our team will request as an extension of your team. These forms are generally categorized as:
- Income – including from employment; pensions, retirement accounts, and annuities; investments (mutual funds, GICs); real estate; social assistance
- Expenses – including related to employment (travel, moving); commissions (home office)
- Documentation to support deductions and credits – such as for tuition fees, donations to registered charitable organisations, childcare, home modifications for “aging in place” or to accommodate disabled persons (ramps, rails)
These records, receipts, slips, statements, copies, and other items allow MPC’s team to complete your taxes accurately and efficiently. Depending on your situation, you may also be subject to foreign reporting requirements. Another significant opportunity that is presented by the CRA but is often missed by other CPA firms in the GTA and elsewhere involves amending specific line items of tax returns for any of the preceding ten calendar years – yes, ten years. For example, adjustments requested for the 2020 tax year may apply for years going as far back as 2010. Most firms do not acknowledge this important provision. They may only look back at the previous tax year, and not at the preceding nine years, too. We at MPC view tax preparation and consultation holistically and comprehensively. You can benefit from the time and exacting nature of our preparation, which adds up to real peace of mind and savings.