Self employed? We can teach you how to become CRA "audit-ready"
Unlike other accountants who say "bring us your expense totals" and "use Excel to add up your expenses", we we specialize in educating our clients how to get their expense information organized each year so that, if audited, they can CRA send package which supports their tax filings and is easy for a CRA officer to follow. In the first year (and after being engaged) this includes a meeting at our offices (typically 1+ hour) where we teach clients a system for sorting-compiling-adding their revenue and expense totals. We also provide a folder with custom labeled dividers so our new clients can use this to organize next tax years paper expense receipts.
Self-employed tax filings
Self-employed individuals (who are not incorporated) report their financial results to CRA in Schedule 2125 - Statement of Business Activities as part of their annual Form T1 Return.
Motor vehicle / home office
Where you are claiming a motor vehicle you will need to prepare an auto log which supports your km's driven for business / personal purposes. If you are claiming a home office, you will need to provide a breakdown of your square footage used for business / personal purposes.
Where your annual gross revenue is under 30,000, you qualify as a small supplier and, unless your voluntarily register, you do not have to collect GST nor do you claim Input Tax Credits. If your revenues exceed 30,000, you are no longer a small supplier and you must register for GST.
Where you are not claiming motor vehicle / home office, your tax filings are more straight forward.
Choosing Staffords was one of the best decisions I made. The process is thorough and efficient, and I continually leave feeling confident with the work being done.
Staffords have a way of making you feel at home, especially in the stuffy/cold/corporate world of taxes. Walking into our initial meeting, I had no clue what to expect. Walking out I can assure you I had one of the best experiences in customer service and care. I recommend Staffords to all of my friends, colleagues and listeners.