We take the stress out of your taxes. Resolve your tax debts, keep your taxes simple, and plan to minimize future taxation burden. Stay in compliance quickly and easily. It is not just tax preparation that we do, we will empower you to use tax strategies to save more for you and your family.
we are good at what we do
We are here to assist
CANTAC has been serving Canadians since 2004. We are local Saskatoon business. Our mission is to provide you professional taxation advice and support all the year round with affordable price. We provide advice that you can trust. We protect your private information. We take care of your taxation affairs, in your best interests.
Personal Tax
Whether you are an individual, student, have a family or a pensioner, we cover all your tax needs. We ensure your personal circumstances are assessed and all available tax credits and deductions are applied in your tax file.
Self-Employed Tax
If you start working for yourself, you’re classed as a self-employed sole trader, taxi-driver, professional or contractor. Rest assured we will apply all eligible deductions to reduce your taxes.
Business Tax
Running a business is tough so as to determine your tax burden. Let us do the hardest part for you while you input your time to grow your business. Small business, Partnerships, Corporation – we cover them all.
Investment
We will assist you properly capture and report all your investment income. Let CANTAC tax professionals give you peace of mind by helping you claim relevant deduction and credits, such as eligible investment expenses and foreign income tax credits. We will complete required reporting of your partnership participation and can also take care of the applicable foreign reporting form T1135 if required for your filing.
Rental Property
CANTAC Tax professionals can prepare tax returns for landlords who receive income from property rented in Canada or internationally.
We’ll guide you on how to claim your deductions, including capital allowance and depreciation. If you own the property with your spouse and we are preparing their return, you only need to provide the details once.
Claiming Deductions
Let CANTAC’s Tax professionals advise you on what expenses you can claim as tax deductions this year, as well as identify expenses you may have overlooked.
Due to COVID-19, working-from-home expenses are on the rise. Our team is ready to guide you through work-from-home claim options and help you choose the appropriate outcome for your circumstances.
Why us? CANTAC Advantage
CANTAC | Traditional accountant | |
Access to Tax professionals | √ | – |
Affordable, competitive pricing | √ | – |
Secured, personal cloud account | √ | – |
Easy-to-understand non-tax language | √ | – |
Knowledgeable tax professionals review your return and file for you | √ | √ |
No appointments or paper documents needed when used virtual portal | √ | – |
Convenient, on-demand options to file your return | √ | – |
Year round service | √ | √ |
More you organized the better your tax returns filing will be!! When you have all the information, it ensures all your claims and deductions will be applied and your refund maximized. When tax time comes around, many people aren’t sure what they need to provide when they lodge their taxes and what they can claim back.
At CANTAC we have made a handy checklist to help make tax time easy. We cover a range of areas regarding your income and expenses. We’ll help you get the biggest tax refund possible. Whether your tax return is straight forward or slightly more complex, this tax return checklist will make the whole process simple.
Tax Preparation Checklist
File your Tax at Your convenience
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before filing your taxes
Important Things You Should Know
Under Canada’s tax system your residency status determines your tax obligations and filing requirements.
If you are not sure about your residency status you may contact CRA filling up the following forms. CRA will notify your official status in Canada for tax purpose.
Forms that you can use according to your situations:
a. Leaving Canada NR73 b. Entering Canada NR74
You may review the Residency Chart to find your residency status as well.
Before you file your tax as self employed, one need to determine if are self employed or an employee for a tax purpose. To distinguish between these two you may put yourself in the following test:
- Intent on working arrangement, is there any employer- employee relationship exist
- Working relationship between you and your payer such as a. Level of Control b. Who owns Tools and Equipment c. Are you allowed to subcontract your part of work d. Degree of financial risk e. Degree of responsibility f. Opportunity to make profit g. Written contract
Indicators showing that you are an employee
- You are not normally in a position to realize a business profit or loss.
- Your are receiving benefits, such as Pensions Plans, insurance and health plans, that are normally offered only to employees.
Indicators showing that you are a self-employed individual
- You can hire someone or subcontract your work to another person.
- You are compensated or received fees for your services and pay for expenses in carrying out the services.
Once you determine you are in fact self -employed you need to report your income as business income. Next you need to find out how did you operate your business, was your business operated as sole-proprietor, a partnership, or as a corporation.
If you run your business as sole-proprietor or partnership, your business income will be reported with your individual tax return under form T2125. If you incorporated your business , your business income will be reported not with your individual tax return but on T2 Corporate Tax return.
Usually you have to report your business income from a business carried on in Canada on a calendar-year basis. This rule affects sole proprietorship, professional corporations that are partners of a partnership, and partnerships in which at least one partner of the partnership is an individual, professional corporation, or another affected partnership.
However, if your fiscal period does not end on December 31, you may be able to use an alternative method of reporting your business income that is available on a business-by-business basis.
If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records. These records will help determine your tax obligation, and document any business deductions claimed.
More details are available in CRA.
Thinking about lodging your first tax return can be a daunting experience with so many questions, what forms do I need? How do I submit? What information do I need to provide?
Don’t worry, we have got you covered. We tell you exactly what you need to provide, where you can get all the forms and information you need.
Helping you take the stress out of tax time!
Calculate your tax :
Before you file your income tax, find first the Canada Income Tax and Benefit package that related to your province. The Canada Tax and Benefit guide usually includes a copy of the guide, the income tax return, related schedules, and provincial or territorial schedules, information and forms (except Quebec). By clicking to Income Tax Package you may download the guide from CRA. You may collect this package in most of the Canada Post outlet, or you may order the package free from CRA during the month of February and early May.
Even though you have no income or nil income still you need to file your tax return. Here are some taxable benefits that you can get if you file your return:
- You want the goods and services tax/harmonized sales tax (GST/HST) credit (including any related provincial credits, such as Saskatchewan Lower Income Tax Credit or SKLTC ).
- You or your spouse or common-law partner want to begin or continue receiving Canada child benefit payments, including related provincial or territorial benefit payments.
- You want to transfer or carry forward to a future year the unused part of your tuition.
- You receive the guaranteed income supplement (GIS) or allowance benefits under the old age security (OAS) program. You can usually renew your benefit by filing your return by April 30. If you choose not to file a return, you will have to complete a renewal form.
- You’ve incurred a non-capital loss and want to be able to apply it on a future return
Whether you’re born and raised in Canada or a newcomer to this country, you’ll need to declare any foreign property you own when it comes time to file your tax return. The rules only apply to certain categories of foreign property with a value in excess of $100,000.
Foreign property includes bank accounts, stocks, bonds and real estate. Some examples of foreign investment property may include:
a. A life insurance policy you own from foreign issuer
b. Interest you own in any offshore mutual funds
c. Any real estate you own held outside Canada
d. Money in a foreign bank account
e. Foreign company share
f. Non-resident trust interest
g. Bonds or debentures owned from foreign countries
h. Any other income you earn from foreign property.
You can make this declaration using the form T1135, Foreign income verification statement.
As you move from one province to another due to employment, run a new business, or to study full time you may able to deduct certain moving expenses on your year-end personal tax returns.
However keep it in mind that your move should satisfy the following to be considered eligible move:
a. Your new home is at least 40 Kms closer to your new place of work than your prior home.
b. You moved to pursue full-time studies
c. You have full-time employment in new location
d. You moved to start a new business
What Types of Expenses Can You Claim?
You can deduct eligible moving expenses.
1. Transportation and storage costs are common, which include all movers, in-transit storage, packing, and insurance.
2. Travel expenses to the new location, including vehicle expenses, meals, and accommodations for you and your family members are all eligible.
3. Temporary living expenses (for up to a maximum of 15 days), including meals and accommodations for you and your family, can be deducted.
4. Costs of cancelling a lease of your old residence and costs to maintain your old residence (maximum of $5,000) when it was vacant after you moved are also eligible.
5. Incidental costs, such as changing your address on legal documents, replacing driver licenses, vehicle permits, and utility hookups and disconnections are deductible as long as they are related to the move.
6. If you purchased or sold property as part of the move, you can deduct those selling costs, including advertising, legal fees, real estate commission and mortgage penalties, if they’re applicable.