Accounting, Corporate & Personal Tax Planning and Incorporation
Corporate Structuring
Based on your family composition, we advise the best corporate structure to minimize your bottom line tax bill. The best practice for tax planning begins with appropriate corporate structure.
Health Professionals
If you’re a health professional entrepreneur (e.g. doctors, psychologist, and pharmacist) with or without partners, we can advise you an appropriate structure for your corporation including shareholding and officers with effective tax planning and in compliance with applicable college guidelines.
CRA Tax & Payroll Audits
We manage CRA tax and payroll audits by acting in a professional and businesslike manner. We will discuss with you, gather and compile all required information to support your claims/returns filed with CRA.
Tax Planning
We provide a full range of tax services from basic compliance to advanced tax planning and reorganizations. We discuss your family structure and identify key tax planning opportunities that minimize both current and future tax liabilities.
About Us
Arora Professional Corporation, Chartered Professional Accountant offers bookkeeping services, corporate tax planning and income tax preparation, estate planning, CRA audits in Brampton. A good accountant can give you pertinent advice on taxes, accounting systems, corporate structuring, and estate planning. Our goal is to save your valued time and uncertainty by providing reliable, efficient and personalized business accounting and bookkeeping services. The more successful your business becomes, the more difficult it will be to keep the government's tax fingers out of your chequing account. Our team provides valuable experience, knowledge and skill to our wide variety of clients
OTHER SERVICES
Compilations
Preparation of financial statements based upon client provided information. Generally compilation services…
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Financial Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability…
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Tax Services
We provide a full range of tax services from basic compliance to advanced tax planning and reorganizations…
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Estate Planning
Effective estate planning facilitates the orderly transfer of your assets to the next generation, provides security…
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Business Advisory Services
These services can help your business to identify and find solutions for areas negatively affecting profitability…
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Business Succession Planning
For business owners, providing for business continuity and succession of ownership is essential. Proper…
Read More…Latest news
TFSA limit rises to $7,000 for 2024, officially
https://www.advisor.ca/tax/tax-news/tfsa-limit-rises-to-7000-for-2024-officially/ The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022. “This marks the first time that we have seen two consecutive years of increases on the annual TFSA limit,” said Aaron Hector, private wealth advisor with CWB Wealth in Calgary, in Read more about TFSA limit rises to $7,000 for 2024, officially[…]
7 ways to improve your credit score
https://www.cibc.com/en/personal-banking/smart-advice/borrowing-and-credit/7-ways-to-improve-credit-score.html Boosting your credit score can feel like an uphill grind, but it doesn’t have to be. Whether you’re just starting a credit history or are rebuilding after your scores have taken a hit, it’s important to get acquainted with some of the basic ways to improve them. Get started on these 7 strategies to improve Read more about 7 ways to improve your credit score[…]
October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour
TORONTO — The Ontario government is increasing the minimum wage to $16.55 an hour on October 1, 2023. This 6.8 per cent pay raise for low-income workers builds on the government’s steady and predictable increases every year to help families offset the rising cost of living. “Under the leadership of Premier Ford, our government is putting Read more about October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour[…]
2022 Personal Tax Update and Checklist
CRA will open accepting electronic filing of tax returns for year 2022 from February 20, 2023. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive Read more about 2022 Personal Tax Update and Checklist[…]
Tax-Free First Home Savings Account (FHSA)
https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from Read more about Tax-Free First Home Savings Account (FHSA)[…]
Underused Housing Tax (UHT)
The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. Many Canadian corporations, partnerships, and trusts — including those with no Read more about Underused Housing Tax (UHT)[…]
Corporate Owned Life Insurance – Watch Those Beneficiary Designations!
As a business owner, your corporation has a life insurance policy on your life – a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Where your corporation is the owner and payor of the Read more about Corporate Owned Life Insurance – Watch Those Beneficiary Designations![…]
2021 Personal Tax Update and Checklists
CRA will open accepting electronic filing of tax returns for year 2021 from February 21, 2022. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive Read more about 2021 Personal Tax Update and Checklists[…]
CRA My Account and My Business Account
We have been receiving many requests to provide NOAs, RRSP limits, refund issued etc. We encourage you to register with CRA to view or download any statements you need including NOAs, RRSP limits, track your assessments and many more. CRA has following two videos showing how to register for CRA My Account (used for individuals) Read more about CRA My Account and My Business Account[…]
How to retire with over $200,000 Non-Taxable Family Income
The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax free throughout their lifetime. Unlike an RRSP, investors are not able to deduct contributions to a TFSA for tax purposes; however investment Read more about How to retire with over $200,000 Non-Taxable Family Income[…]