TAXATION

WE CAN HELP YOU WITH YOUR TAXES

Whether you’re a small business, incorporated, or you’re you need help with your personal taxes, we’re here to support you every step of the way.

From Basic to Complex

Taxes are getting more complicated and filing on your own can mean missed credits and/or misinterpretation of the tax rules and how they are applied to your situation. Both can become costly mistakes.

Long-Haggerty CPA Inc. has the expertise that will keep you informed and reduce your tax burden wherever possible.

We specialize in both basic and complex tax situations. Here are a few examples of our experience:

Voluntary disclosures
Foreign investment and asset reporting
Foreign income reporting
Cross-border tax (CDN side only)
Investments
Deemed dispositions
Rental income earned in Canada by non-residents and elections under section 216
Rental income reporting
Sole proprietorships
Tax planning
RRSP optimization

When you face a complicated tax situation, it is in your interest to have a Chartered Professional Accountant review your case and see that you maximize any refunds and minimize any taxes. Errors or missed opportunities can end up costing you much more than it would cost to pay a professional to review your situation and make sure that your tax returns are done correctly.

Personal taxes range from $200 – $500. We base fees on time involved so ask us how you can save on fees!
Non-resident returns - we are currently not offering non-resident returns but are happy to refer you to a tax expert who does.

PERSONAL INCOME TAX RETURNS

(Federal & Provincial) From Basic to Complex

As a small business owner, you rely heavily on your accountant for effective tax minimization strategies.

Long-Haggerty Chartered Professional Accountant Inc. has experience working with small and medium sized businesses within diverse industries. We will work with you to develop a custom-tailored approach to your tax planning needs. Our team keeps up-to-date with legislative changes through advanced education, thus giving us the edge and you the opportunity to always plan ahead and strategize accordingly.

Our corporate tax services include T2 corporation income tax return preparation, larger groups, connected corporations and integrated corporate and personal tax planning.

Compilation or review engagement – fees included (see Financial Statements for fees)
T2 Only Engagements from $2,000
NIL T2s from $1,750

CORPORATE INCOME TAX RETURNS

There are three types of deceased returns that might be filed after death. The legal representative (executor) has to file at least one return called the Final Return. However, it is possible to file multiple returns after death that includes Optional Returns and the Trust returns.

You may use the optional returns to declare certain types of income that cannot be claimed on the final return. Also, by claiming certain amounts more than once, splitting them between returns, or claiming them against certain kinds of income, you may be able to reduce or eliminate the deceased’s tax payable as the personal income tax credits may be claimable on each return.

Trust returns are required when assets remain in the estate of a deceased individual and not disbursed immediately upon death.

Date of death returns & rights and things returns start at $200
Estate tax returns start at $500

ESTATE INCOME TAX RETURNS

Not-for-profit organizations have different reporting requirements than regular for-profit organizations. This can include restricted and non-restricted fund accounting, special information returns (T3010, T1144, and others) for CRA and even audited financials if government funding is significant. With the sector and the unique set of accounting standards for not-for-profit organizations (ASNPO).

Compilation or review engagement – fees included (see Financial Statements)
T3010 or TR2/T1044 Reporting only from $1,800
NIL Filings from $1,575

NON-PROFIT/CHARITY INFOMATION RETURNS

Trust returns are not just for estates of deceased individuals. There are 2 main categories of Trusts:

a testamentary trust
an inter vivos trust

Each trust has different tax rules.

A testamentary trust is a trust or estate that is generally created on and as result of the death of the person. The terms of the trust are established by the will or by court order in relation to the deceased individual’s estate under provincial or territorial law. If the assets are not distributed to the beneficiaries according to the terms of the will, the testamentary trust may become an inter vivos trust.

An Inter vivo Trust is a trust that is not a testamentary trust – and there are many categories of inter vivos trusts, but a few common ones are Alter ego Trusts, Spousal or Common-Law Partner Trust and Real Estate Investment Trust (REIT).

For a full list and description of trusts, please visit the CRA: Types of trusts – Canada.ca