... Personal and Business Taxation Services - Stratking Accounting and Tax Professional Corporation


Deferral of Bonus by Employer

Under ITA 78(4) an employer can pay a bonus within 180 days after it's business year end and still deduct the bonus amount in it's current business year. The employee includes the bonus in employment income for tax purposes when the bonus is received.

Tax Free Savings Account (TFSA)

This is a tax sheltered account which allows Canadian residents to invest or save up to $5,500 a year without payment of taxes on interest, dividends and capital gains. 

Also when TFSA holders withdraw funds out of the TFSA there is no income inclusion for tax purposes. Your TFSA room for a particular year is indicated in the Notice of Assessment issued by the CRA

Update your TD1 annually

As your situation changes you should update the TD1 form annually to claim tax credits you are entitled to and submit to your employer. This ensures that the correct amount of taxes is witheld at source on your behalf. 

The higher a tax credit, the lower your taxes and greater, your take home pay, all other things being equal.

Hiring Credit for Small Business (HCSB)

The hiring credit for small business (HCSB) has been extended for 2012. HCSB is a credit of up to $1000 to be paid to a small business employer, based on a 2012 increase in the employer's share of employment insurance premiums over those paid in 2011. 

If you are eligible, your HCSB amount will be automatically calculated when you file your T4 return for 2012.  

Due date for filing personal tax returns

April 30th is the due date for filing your Federal tax returns. If you are self employed, then the filing date is by June 15th. However, taxes owing is payable from April 30th.

Tax Planning should come before Tax Return preparation
After December 31st is past, the only remaining tax deduction strategy for the current year, would be to make an RRSP contribution in the first 60 days of the next year. 

Therefore, it is important to do tax planning early in the year, so tax planning strategies can be devised and executed during the course of the year, before the year end. 

This makes preparing and filing your tax return more effective since the tax return will merely record the strategies you planned and implemented in the past year.

For a confidential tax planning consultation, contact Stratking Accounting and Tax Professional Corporation for a tax accountant at 1-888-865-3870 

Professionals and owners of professionally owned small businesses get tax advice and we also help them prepare and file their tax returns to execute planned strategies.
How we help you!

Are you or your business paying too much tax?
  • Are you looking for affordable tax preparation and tax planning services?
  • Are you late with your tax filing?
  • Tax problems?
  • Are you thinking of hiring a Nanny to take care of your children and need Nanny tax services or Nanny tax advice?
  • Real estate income tax issues relating to the​acquisition, holding, development, leasing or disposition of real estate, non-resident taxation on rental income?

​Then a Tax Accountant with Stratking Accounting and Tax Professional Corporation can help you!

Avoid penalties, interest and undue delay by having your Canadian tax return professionally prepared and electronically filed by Stratking Accounting and Tax Professional Corporation using Efile. 

You can be assured that a professionally designated Tax Accountant works on your tax return to identify ways to reduce or defer personal income tax or corporate tax at no extra cost.

Flat rate fee for your personal or business tax return regardless of number of tax slips.  

We  provide convenient, accurate, and affordable tax preparation of business and personal tax returns.

Year round tax support with tax planning for more complicated needs

Free copy of your tax return in print or digital

Leading edge CRA tax certified software 

Conveniently located near Bayview Avenue and Elgin Mills Road, Richmond Hill near Yonge Street and Hwy 404

Dane has been preparing corporate (T2), personal (T1), estate (T3) and other tax returns and providing tax planning and financial planning advice since 2002.  

Certified Management Accountant (CMA) and Chartered Professional Accountant (CPA)
CMA Ontario and CPA Ontario

Chartered Management Accountant (ACMA,UK) since 1999 
Chartered Institute of Management Accountants 

Financial Management Advisor (FMA) since 2009  Canadian Securities Institute

Tuition, Education and Textbook Amounts Certificate - University Outside Canada

If you received education outside Canada, remember to file with your tax return form TL11AE to certify eligibility for the tuition, education and textbook amounts of a student attending a university outside Canada and to show the maximum tuition, education and textbook amounts a student can transfer to a designated individual.

Child Care Expenses

Child care expenses can be claimed for your child or your spouse's child,  if they have been incurred to allow you or your spouse to work, carry on business, attend school or carry on grant-funded research. 

Eligible expenses include baby-sitting, day nursery services, day camps, boarding schools and overnight camps. For two parent households, child care expenses usually must be deducted by the spouse with the lower income. 

The amount of the child care expenses you are entitled to claim is subject to various limits, depending on the age of the child and whether the child has a disability. For instance in 2012 the annual limit for a child under age seven was $7,000. The deduction is capped at the lower of the limit for each child and 2/3 of the earned income of the lower income spouse or single parent. The deduction is based on when the services are provided rather than when the amounts are paid, so prepayments are not effective. 

Nanny Tax Issues

If you are hiring a Nanny to take care of your children, it may be best to prepare an employment contract to protect both parties. You will also have to register with the CRA as an employer and remit the right amount of Nanny income taxes, EI and CPP accurately on behalf of the Nanny, within the required time frames. You must file your nanny taxes and WSIB premiums by the due date. 

A private householder who employs a domestic worker for more than 24 hours a week must register as an employer of domestic workers with the Workplace Safety and Insurance Board. If you file after the due dates, you may have to pay penalties and interest. Additionally, you would have to provide a T4 to the Nanny. 

Remember if you employ a Nanny to care for your children to enable you to work, attend school or conduct grant funded research, then the salary paid can generally be tax deductible as a child care expense for tax purposes, subject to the limits for child care expenses. See child care expenses above. 

The cost of the wages/salary paid, CPP and EI contributions usually qualify. 

If you bring a Nanny from overseas to work at your home under the Citizenship and Immigration Canada Live-In Caregiver Program, the cost of transportation may be claimed plus any medical insurance coverage paid for by the employer for the Nanny in the first three months. 

See our Nanny Payroll Services

Revised Form T1135, Foreign Income Verification Statement

Starting with the 2013 taxation year, Canadian taxpayers who hold specified foreign property with a cost amount of over $100,000 in total, at any time in the taxation year, are required to provide additional information to the Canada Revenue Agency (CRA). The criteria for those who must file Form T1135 have not changed; however, the new Form has been revised to include more detailed information on foreign property.

Specified foreign property that must be reported to the CRA includes:
•Funds held outside Canada;
•Shares of non-resident corporations (other than foreign affiliates);
•Indebtedness owed by non-residents (other than from foreign affiliates);
•Interests in certain non-resident trusts;
•Real property situated outside Canada (other than personal use property and real property used in an active business); and
•Other types of foreign property such as intangible property not used in a business and certain rights under contract.

To read more or download Form T1135, visit the CRA website

Chartered Global Management Accountant (CGMA) since 2012  

Former Lecturer in Accounting & Professor  Taxation, Marketing and Retirement Planning

Taxation of Canadian Businesses, University of Toronto 

QuickBooks Pro Advisor and QuickBooks Accounting Online Certification

Taxation Services 

Personal Income Tax Return (T1) preparation and Efile

Self Employed tax return preparation and filing

Corporate Tax Return (T2) preparation and Efile

GST/HST Tax Return preparation and filing

WSIB and Payroll Remittance

Final tax returns for deceased taxpayer, T3 estate tax returns and Requests for tax clearance certificate

Taxation issues and tax advice relating to severance  packages

Taxation planning

Nanny tax services including CRA registration, payroll preparation and tax remittances

Taxation of real estate

Canadian tax for non-residents - employees, services rendered in Canada, disposition of real property, taxation of rental income, Section 216 returns, taxation of Canadian benefits, etc. 

We represent clients under CRA taxation audit

New immigrant or newcomer to Canada income tax planning and advice services

Advice on tax issues relating to investments and insurance contracts

Taxation of life insurance contracts and taxation of investments

Tax efficient ways of drawing income from business

Assistance with tax appeals and work with tax lawyers

Providing tax return preparation and tax planning services to persons and businesses in York Region (Markham, Richmond Hill, Newmarket, Whitchurch-Stouffville, Vaughan, Woodbridge, Aurora, King City), North York, Toronto and the rest of the GTA. 

Call Toll Free: 1-888-865-3870 and book a confidential tax return, tax advice or tax planning appointment or fill out the form below

Stratking Accounting and Tax Professional Corporation
8 Lanebrooke Crescent, Richmond Hill,Ontario,L4S 1W6
Phone: 416-270-6608 | Toll Free: 1-888-865-3870 | Fax: 1-888-865-3870 | Email: service@stratkingaccountingandtax.com