PRACTICE AREAS

TAX SERVICES

We provide tax-related services to individuals and small to medium sized businesses.  We are committed to proactively working with our clients to ensure that all reporting requirements are met and all possible tax saving opportunities, current and future, are considered.
 

Personal Tax

 

We offer personal tax assistance for sole proprietors (unincorporated business), partnerships, seniors, students, rental properties, full-scale and hobby farms, investment-holdings, and various other sources of income.  

 

In addition to the preparation of personal tax returns, we can help with tax planning and other tax advice such as:

  • Determining RRSP deduction limits and TFSA contribution limits

  • Determining optimum RRSP contributions

  • Calculating the tax impact of investment sales, property sales, and other dispositions

  • T4 preparation for proprietorships and live-in childcare providers

  • Advising on deductability of expense items for tax

  • Use of office in home 

  • Deductability of various employment expenses 

  • Advising on meal and lodging deductability

  • When should you incorporate?

  • Advising on income-splitting opportunities

 

 

Corporate Tax

 

Numerous Corporate Tax services are available.  We prepare all types of Corporate Tax returns, including:

  • T2 Corporate Income Tax Return

  • GST and HST

  • Payroll and T4 filings

  • T5 filings for dividends and other investment income

  • T5018 filings for subcontractors

  • T5013 filings for Partnerships

  • SR&ED

  • Apprenticeship Tax Credit

  • Advising on deductability of expense items for tax

  • Advising on optimum salary/dividend tax alternatives

  • Advising on the difference between employees, subcontractors, and Personal Service Businesses

  • Advising on income-splitting opportunities

Farms

 

Farms and Fisheries have specific tax opportunities that are important to consider when filing a personal or corporate income tax return with farm operations.  

 

Our qualified staff will help ensure that tax liabilities are minimized for both hobby farmers and full-scale farms.   We ensure consideration is given to

  • Cash basis reporting

  • Inventory adjustments

  • Appropriate reporting of sales of qualified farm property

 

We ensure completion and filing of Agristability forms and AgriInvest reporting requirements.

Estates & Trusts

 

Numerous post-mortem tax strategies are available.  

 

We serve estates by preparing the Final T1 Personal Income Tax return and ensuring that all reporting requirements and clearance requests are filed with CRA.  We will also ensure that any possible additional deductions and tax savings are explored. 

For larger estates with investments and other assets requiring the future completion of T3 Trust Income Tax and Information Return, we will work with our client and their legal advisor to ensure that all reporting requirements are met and accurately reported.   

 

We also facilitate the transfer of assets from an estate-owned corporation to the beneficiaries.

 

Succession Planning

 

Pro-active succession planning is a key component of minimizing future tax liabilities.   We will help you determine what options you have to:

  • Freeze the values of corporate holdings and set up the most beneficial ownership structure going forward

  • Determine feasible options for transferring farming operations and other businesses to a child

  • Advising on the sale of a business 

  • Assistance in the creation of family trusts for the inter-generational transfer of assets

 

After the options are clear, we will help implement the chosen strategy and ensure your plan is appropriately executed.

 

  

Restructuring Private Corporations

 

As a shareholder's circumstances change, a need may arise to alter the structure of their Corporation(s).   We can help determine the best, most tax efficient re-structuring in situations such as the

  • Entry of new shareholders

  • Exit of existing shareholders

  • Estate Freezes

  • Family Trusts

  • Bringing adult children into existing Businesses

  • Creditor Proofing

 

We advise on the tax implications of each different reorganization option and help you select the one that best suits your needs.    

We determine the current and future tax implications of different methods of corporate acquisitions as well as the tax consequences of different methods of selling your business.   

© 2019 Tober Hembling & Associates LLP