• Bookkeeping using DEXT program
• Filing and Reports to CRA
• Payroll: Paystubs, Withholding, Remittances to CRA
• Issue of Record of Employee (ROE)
• T4, T4A, T5(CRA) and RL1 (Quebec)
• Financial Statements for Corporations
• Preparation Audits and Objection to CRA
• Accounting System Reviews & Setup
At Global Tax Services (GTS), we are dedicated to meeting the unique needs of entrepreneurs and their growing businesses.
We aim at paperless, non-face-to-face communication, as well as timely online reporting to our clients. To achieve our goals, we invest and implement various digital tools such as DEXT program, QuickBooks Online, Dropbox, Zoom meeting software, Taxprep, Firewall program, plus.
AT GTS, we highly focus on helping our clients to make fast business decisions in a timely manner through a monthly reporting automated accounting system. Our entrepreneurial business services are designed to serve privately held and owner-managed businesses with cost-effective, innovative, and flexible solutions in their accounting, taxation, and financial needs. Our value highly lies in our ability to provide a customized approach to our clients for their unique needs whether it’s managerial advice or tailoring tax planning, accounting.
We employ knowledgeable and motivated people and invest in employees’ continuous training, giving them hands-on experience with leading-edge tools and technology to keep up to date with regulatory changes in the Canadian Economy. Our esteem for offering quality services in an ethical and objective way is a part of our solution for clients’ success.
What are taxable accounting services and who needs them?It is the process of accounting for the Tax which applies to everyone including individuals, businesses, corporations, and other entities. Taxation accounting services include bookkeeping, accounting, financial statements preparation along with other services like federal or provincial tax returns, tax rebates, and refunds, forms, including tax claims research and development.
Why it is important to have record-keeping for small businesses?Every Entrepreneur should keep track of earning and spending, goods in stocks, debt as well as collection left on business. To keep the record up to date, bookkeeping accounting is the process of distinguishing, calculating, recording, accumulating, abstracting, storing, and channelizing the information about the activities of a firm. Without balancing records, of income, spending, and asset, a business is certain to fail.
How to make sure that my business taxes are properly executed?Accounting and taxes are closely interrelated in accounting service, so bookkeeping statement should be clear and flawless. Not all companies get an opportunity to do bookkeeping for some reason. Third party accounting services can help in reducing the cost for all activities on the company.
How does the Federal Government of Canada support research and development?The Federal Government of Canada manages several funding, grants and incentive programs to encourage research, development and demonstration in Canada. Emissions Reduction Fund: Learn about the new funding program for eligible oil and gas companies.
What is remittance to CRA?A amount that you send to CRA after paying taxable benefit or remuneration to a recipient.
How can I reduce my tax bill?You can control your tax bill in several ways. By contributing to an employer-sponsored retirement plan or your own individual retirement account you can reduce your taxable income. Also, you can make a high deductible health plan through a Flexible spending account (FSA).
What is the deadline for filing the Taxes?The deadline is April 30, the deadline for most of the Canadian employees, and June 15, if you or your partner are self-employed (but you should file and pay your bill by April 30, otherwise interest will be charged)
What happens if I miss filing My Taxes on time?If you file your taxes after the deadline, you’ll be charged a 5%penalty of your balance owing, and 1% for each full month that your return is late, up to maximum of 12 months. For more info on penalties, you can contact us.
How long does it take to get a Tax Return after filing the tax?For electronically filed returns, you can expect to get a refund within 2 weeks and for filing a paper return, your waiting time will be at least 8 weeks.