Accounting, Corporate & Personal Tax Planning and Incorporation
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.
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.
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.
We are dedicated to client satisfaction, and we're ready to use our knowledge and skills to make your life easier while best serving your financial needs. So whether you need help with an internal processes and controls or require assistance with filing your taxes, we're up to the challenge. For more information about our accounting services or to schedule a consultation, call us today.
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
BUSINESS ADVISORY SERVICES
Preparation of financial statements based upon client provided information. Generally compilation services…Read More…
Forecasting is a necessity when trying to effectively manage and lead a business to profitability…Read More…
We provide a full range of tax services from basic compliance to advanced tax planning and reorganizations…Read More…
Effective estate planning facilitates the orderly transfer of your assets to the next generation, provides security…Read More…
Business Advisory Services
These services can help your business to identify and find solutions for areas negatively affecting profitability…Read More…
Business Succession Planning
For business owners, providing for business continuity and succession of ownership is essential. Proper…Read More…
Is there a minimum age for work under the Employment Standards Act, 2000? No. But there are minimum age requirements for certain industries and workplaces set by other laws. The Occupational Health and Safety Act sets the minimum ages to work as follows: 18 years of age for underground mines 16 years of age at[…]
Budget 2016 proposes tax amendments that will limit the benefits of certain corporate and partnership structures which currently allow for the small business tax rate to apply to multiple instances of $500,000 of active income. This has historically been accomplished through the use of more complex structures that use a combination of multiple corporations, partnerships[…]
Earlier this week, Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. Read More…. […]
Jointly held property can also be held in two different ways: as joint tenants or as tenants in common. Joint tenancy invokes the right of survivorship, so that on the death of one of the owners, the ownership of an asset passes in equal shares to the surviving owners. Tenants in common, on the other[…]
New rules beginning in 2017 will affect the taxation of Canadian life insurance policies. If you are considering changes to an existing policy or the purchase of permanent insurance for yourself, your family, and particularly for your business, it’s important to consider the potential benefits of taking action during 2016 in order to meet your[…]
While life insurance products have changed over the years to meet the evolving financial protection needs of consumers, the tax rules used to design and price the products have not. This has caused inconsistency between the products and the Canadian insurance companies that sell them. The federal government has introduced new tax laws, which reflect[…]
The ORPP is mandatory for employers without a comparable workplace pension plan. Employers will contribute up to 1.9% on an employee’s annual earnings up to $90,000. Both employers and employees will make equal contributions. The ORPP minimum earnings threshold (the amount a plan member earns before they begin making contributions) will be $3,500 for eligible employees between the ages of 18[…]
Justin Trudeau has vowed to increase taxes on the wealthiest of Canadians – many of whom have achieved their status by building businesses. These business owners could one day find themselves facing a tax-strategy dilemma: Should they leave money in the business, take it as income, or do something completely different? Read more….. […]
The lifetime maximum amount you can contribute for a child into an RESP is $50,000. Assuming a rate of return of 5 per cent for 17 years, and that the child starts a post secondary school education at age 18, if you contributed the full $50,000 to the RESP upfront, that amount would have grown[…]
Late-filing penalty If you owe tax for 2015 and do not file your return for 2015 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2015 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html Interest Rates on Balance Owing: The interest rate[…]