Business Details
Your Trusted Partner for Tax Consulting Services in Toronto
Common Accounting Business Service is a trusted tax consulting firm dedicated to protecting clients' financial futures. With certified professionals and advanced tools like voice recognition technology, we provide year-round support, strategic planning, and precise filing services. Our expertise spans personal and corporate tax compliance, financial planning, and business advisory services, ensuring accuracy and savings for small businesses and individuals. We prioritize CRA compliance, maximize Canadian tax benefits, and streamline processes to help clients focus on growth.With a proven track record in tax optimization, we deliver tailored strategies to minimize liabilities, maximize deductions, and enhance financial efficiency. Our team combines technical proficiency with personalized service, addressing complex tax laws and offering proactive solutions for sustainable growth. Clients benefit from our commitment to transparency, ethical standards, and client-centric approaches, ensuring reliable and compliant financial management.
Services
Tax Consulting
Financial Consulting
Business Consulting
Corporate Tax Services
Payroll Services
Highlights and features
- Our certified professionals specialize in Canadian tax compliance and optimization.
- We provide year-round strategic tax planning and filing support.
- Advanced voice recognition technology streamlines tax processes for accuracy.
- Tailored solutions for small businesses and individuals to maximize savings.
- Proven expertise in CRA compliance and minimizing tax liabilities.
Services
Tax Consulting
Our tax consulting services provide personalized strategies for individuals and businesses. Certified professionals review financial situations to optimize tax savings while ensuring CRA compliance. We specialize in identifying deductions, credits, and planning opportunities tailored to Canadian tax laws.
Financial Consulting
Financial consulting focuses on long-term wealth management and strategic decision-making. We guide clients through investments, retirement planning, and budgeting to build sustainable financial futures. Our approach combines tax efficiency with personalized growth strategies for individuals and businesses.
Business Consulting
Business consulting services address operational, financial, and strategic challenges for small enterprises. We offer management guidance, compliance solutions, and growth strategies tailored to Canadian regulations. Our expertise helps businesses optimize processes and achieve sustainable development.
Corporate Tax Services
Corporate tax services ensure compliance with Canadian corporate tax regulations. We handle T2 filings, year-end reporting, and strategic planning to minimize liabilities. Our team specializes in deductions, credits, and compliance for small to medium-sized businesses.
Payroll Services
Payroll services streamline employee compensation and tax reporting. We manage salary calculations, deductions, and CRA filings for businesses. Our solutions ensure compliance with employment standards and tax regulations while reducing administrative burdens.
Questions
What is the deadline for filing income tax in Canada for 2024?
The deadline for filing personal income tax returns in Canada for 2024 is April 30, 2025. Self-employed individuals have until June 15, 2025, but taxes owed must still be paid by April 30.
What is the basic personal amount in Canada for the 2024 tax year?
For 2024, the federal basic personal amount is $15,678. This non-taxable portion varies slightly by province and is automatically calculated when you file your return.
What happens if I file my 2024 income tax late in Canada?
Late filings may incur penalties and interest on unpaid taxes. The CRA charges a late-filing penalty of 5% of the balance owing plus 1% for each full month the return is late, up to 12 months.
What documents do I need to file taxes as a self-employed individual?
Self-employed individuals need business income records, expense receipts, GST/HST records, and personal identification documents. Specific forms include T2125 for business income and T4A for contract work.
How can I maximize tax deductions for my small business?
Maximize deductions by tracking all business expenses, including home office costs, vehicle usage, and professional fees. Consult our experts to identify eligible deductions like CCA, startup costs, and employee-related expenses.
