Full-Cycle Accounting for Small-and Mid-size BusinessesInstead of hiring an inhouse accountant, you can hire us to do the same task for a fraction of the cost of hiring a full-time accountant. That includes recording business transactions, managing A/P, A/R, payroll, government filing and remittances such as HST, WSIB and EHT.
BookkeepingMaintaining good books will save you money in the long run and help you understand your business.
PayrollUsing our payroll services will prepare your company to never miss deadlines or issue inaccurate payroll taxes.
Tax PlanningHave a full analysis of your life and business to get you read to pay less in taxes legally
Filing due dates for 2020 tax returns
Your return for 2021 has to be filed on or before April 30, 2022.
If you or your spouse or common-law partner carried on a business in 2021, your return for 2021 has to be filed on or before June 15, 2022. However, if you have a balance owing for 2021, you have to pay it on or before April 30, 2022.
NOTE: If you do not file your return on time, your goods and services tax/harmonized sales tax (including any related provincial credits), Canada child benefit payments (including related provincial or territorial payments), and/or old age security benefit payments may be delayed or stopped.
You can request a change to your tax return by amending specific line(s) of your return. Do not file another return for that year. You can request a change to your tax return by amending specific line(s) of your return. Do not file another return for that year. At IB TAX we can help you make the necessary changes to your previously submitted tax returns.
What if I don't have all my tax information slips?
Slips are prepared by your employer, payer, or administrator. You should have received most of your slips and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March. If you are missing tax slips, please let us know and we will obtain the missing information from the CRA represent a client portal.
What's new for 2021 tax filing (2020 tax returns)?
Immediate Support for Families with Young Children - The Government proposed to provide, in 2021, four tax-free payments of $300 per child under the age of six to families entitled to the Canada child benefit (CCB) with family net income equal to or less than $120,000, and $150 per child under the age of six to families entitled to the CCB with family net income above $120,000. Individuals who are entitled to receive a CCB payment in January, April, July and October, will receive these payments for children under the age of six. The first two payments would be based on the family’s net income in 2019 while the last two payments will be based on the family’s net income in 2020. Parents must file their tax returns for these years to receive all four payments.
Home Office Expenses - The Canada Revenue Agency (CRA) provided details of a new additional method that eligible employees could use to claim work from home tax deductions for 2020. This new method — the temporary flat rate method — is only available for 2020. The existing detailed method continues to be available and eligible employees can choose the method that provides them with a higher tax deduction.
Canada Training Credit - If you were at least 26 and less than 66 years old at the end of 2020 and you have a Canada training credit limit for 2020 on your latest notice of assessment or reassessment for 2019, you may be eligible to claim this refundable tax credit for up to half of your eligible tuition and other fees paid to an eligible educational institution in Canada for courses you took in 2020, or fees you paid to certain bodies for an occupational, trade or professional examination taken in 2020.
Recipients of COVID-19 Emergency Benefits - If you received CERB, CESB, CRB, CRSB or CRCB payments, you need to include the total amount you received on your return. For any such payments, you will receive a T4A (for benefits issued by the CRA) and/or a T4E (for benefits issued by Service Canada) tax slip in the mail. Residents of Quebec will receive both a T4A and RL-1 slip from the CRA.
Testimonials
Medical Centre: "Very professional, knowledgeable and personable. Working with IB Accounting & Tax gives me the peace of mind that my accounting and taxes will be done accurately and with great integrity".
Nadine: "IB Accounting & Tax helped me to get all my taxes in order. Their service was tailored to my needs"
Mr. Siave: "Very accommodating, reliable, trusted and always available to answer questions. Just great"
Alex: "Dropped off my tax paperwork in the morning and my tax return was ready by the end of the day. Very efficient"
