Here we are working away on our businesses, quite often 7 days a week. We show a slight profit, then it is tax time. What happens, our profit is gone to the tax people in Ottawa and Queen's Park.
But what can we do? Nothing?
Acutally there is something that can be done.
Why?
Let's review....when do you give the documentation to your accountant? If you are like most of us it is a week or a day before the June 15th deadline.
Do you think your overworked accountant will find all the deductions you are entitled? Well, in your business, if you are swamped at the last minute, do you clients get your best? Most likely no, there are only so many minutes and hours in a day.
No difference here. Your overworked accountant is attempting to get all the returns completed before the deadline. That is priority number 1.
Now, there is a way to get those credit and deductions you missed.
Did you realize your corporate returns can be reviewed up to 4 years in the past to recoup the deductions and credits you missed?
Did you realize your personal returns can be reviewed up to 10 years in the past to recoup the deductions and credits you missed?
It is true, right in the Income Tax Act. We have teamed up with an accountant that has been review taxes and returns since 1978. He has found millions of dollars for his clients over the years. These are all legitimate deductions missed by clients.
But does this spark an audit? The simple answer is no. Millions of returns are re-submitted every year. If every one had to be audited the CRA would do noghint else. Besides, your returns are already being reviewed by an expert in taxes. They know this and normally just send you a cheque.
Let me know if you are interested. Email me at bhconrod@consultant.com or call my office in Waterloo at 1-800-878-1952 Ext 0.
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