Tax preparation is our business; we help clients save money, reduce liabilities in Mississauga, ON
Taxes are universally associated with stress and dread. The process is (jokingly?) compared to root canal treatments and turbulence. In Canada, it appears taxes are viewed as a “necessary evil,” as 52% of Canadians in a BMO Nesbitt Burns’ Psychology of Taxes study said they file each year because it’s “the right thing to do.” The study also looked at those among us who don’t file; one in four said they “were too busy” to bother, while 20% “didn’t know how.” The tax process doesn’t have to be this way – scary and reviled, complex, and time-consuming. As an accounting and tax preparation business in Mississauga ON, Miranda Professional Corporation is more than happy (and equipped) to free you from the hassles of filing, and the weight of taxes on your mind. No one — regardless of if you are a salaried employee, a member of the gig economy, a sole proprietor, or small business owner – should feel as if their only option is to dig their head in the sand.
As with most things, the consequences of avoidance are significant and dire. Consider this: If a taxpayer has a balance owed for the tax year, the Canada Revenue Agency (CRA) charges compound with daily interest, and the CRA will charge interest on penalties starting the day after the filing deadline. Additionally, interest compounds daily on amounts owed from previous tax years, with payments applied first to those amounts owed from previous years – working backwards should the payer be severely delinquent. There are additional penalties assessed for late filing, repeated failures to report income, and false statements or omissions, which can be made knowingly or that may reflect “gross negligence.” If all of this sounds expensive to you, you’d be right. But you don’t have to risk an audit or put yourself in the position to pay exorbitant fines associated with these tax penalties by partnering with the professional, experienced tax preparers at MPC.
One of the ways we make the process as easy as possible is to view taxes not as some big event that comes but once a year, but rather as an ongoing process. When one waits for the “last minute,” the process feels unwieldy and overwhelming (and sets the taxpayer up for failure, as he or she is more likely to make errors or to miss out on money-saving credits).
Additionally, we encourage all of our clients to view taxes, in partnership with MPC, as an opportunity to grow one’s personal and business wealth. We go above and beyond to assure that your liability is minimised and savings opportunities are maximised; for instance, we analyse your “tax past” over 10 years. Many other firms might only look at the current and previous year.
Rethink tax time. Call +1 855-839-4969 to schedule your appointment at MPC in Mississauga, ON.