Frequently Asked Question
Happy to Answer All Your Questions
Price: Our rates are competitive.
Convenience: Being on the cloud, we can service local and national customers
Customer service: We are friendly, knowledgeable, and quick to respond. We are here to take care of you
Reputation: We have an excellent reputation. Please ask us for references, and check what our customers say about M7 Group.
While bookkeepers record the financial transactions of your business, accountants analyze the data and use it to generate reports and prepare financial reporting records, including tax returns, income statements and balance sheets.
Accounting involves creating the balance sheet, accruing for non-cash transactions and calculating the income taxes. At this stage, we make sure you get credit for all the deductions and write-offs you qualify for. We’ll also explain where all your cash went and how much equity you are building in the business, review your company’s financial results, plan for the future, and e-file all the tax returns, GST returns, T4 slips (wages), T5 slips (dividends) and T5018 slips.
The CRA is a Canadian federal agency that administers tax laws for the Government of Canada and for most provinces and territories. It also oversees the registration of charities in Canada and delivers social and economic benefits and incentive programs through the tax system. The CRA is responsible for reviewing tax returns and collecting taxes owing.
We’ll help you prepare your tax returns and related documents, and we’ll are your representative with the CRA, much like your lawyer would represent your interests in court. We know the rules, laws and rates, and we handle your otherwise unpleasant dealings with the CRA. We make sure your books are kept in accordance with the law, and also ensure you’re taking advantage of every tax credit and deduction available to you.
We help individual, small business, or corporation owners who are incorporated. We specialize in bookkeeping and accounting for truck drivers, construction industry, restaurant owners, wholesalers, startups and entrepeneurs, contractors, small business owners, tradespeople and holding companies. We’re always available to answer your questions, big or small, and can recognize if there’s a tax advantage you’re missing out on.
It doesn’t mean we don’t have experience in it – it just means it’s not one of the more common industries we serve. And if you are in a completely new industry to us, even better! We’re curious folks by nature and love a challenge.
Everything, really. As your small business partner, we support you by doing your bookkeeping, deductions, write-offs, expenses, tax returns, GST filing and more. We can help you with tax planning too.
Accountants prepare your tax returns based on the information you provide, and your accountant does not know things about you unless you tell them. The accountant will have a director of the corporation sign a management representation letter prior to filing the corporate tax return. By signing this letter, the director agrees that there’s nothing in the financial statements that they know to be false or misleading. When reviewing a tax return with you, we answer any questions you have and explain the returns in as much detail as you need. If a mistake is made on our end, we resolve it without any inconvenience to you.
We’re true small, medium and large business experts who understand the unique challenges related to being a business owner. We do everything possible to streamline the process and make running a business as easy and stress-free as possible. Need more convincing? Here are some other benefits of working with M7 Group:
- A customized calendar of important dates and payments
- Automated tax and GST instalment payments through your online banking
- A customized document request list using terms that you understand
- Reminder notifications to keep you on schedule
- Options when it comes to communication and file sharing – in-person, Dropbox or email
- Efficient technology and software
- One price with zero surprises
You can go to www.cra-arc.gc.ca/myaccount and sign in or register for an online profile. If it is your first time using this service, this may take a few weeks. The CRA “My Account” profile allows you to track your refund, view or change your return, view your RRSP limit, change your address and much more. Once you complete the registration process, a CRA security code will be mailed to you. Once you receive this security code, you can enter it during the “My Account” registration process and gain access to your profile online.
Technically, yes, but it’s a lot easier with an expert on your team. In fact, the CPAs we have on staff have extensive knowledge of the changing tax laws – including ones related to the equipment and resources you need to do your job. You won’t spend your valuable time sorting through a mountain of receipts. You won’t have to deal with the CRA. Your taxes will be filed on time. And you’ll get a streamlined process that makes life as a small business owner just a little bit easier.
Accountants prepare your tax returns based on the information you provide, and your accountant does not know things about you unless you tell them. The accountant will have a director of the corporation sign a management representation letter prior to filing the corporate tax return. By signing this letter, the director agrees that there’s nothing in the financial statements that they know to be false or misleading. When reviewing a tax return with you, we answer any questions you have and explain the returns in as much detail as you need. If a mistake is made on our end, we resolve it without any inconvenience to you.
t’s extremely important that you do not over-contribute to your RRSP account. Before you invest in an RRSP, check the balance on your NOA or call us to confirm your RRSP balance. RRSP contributions that exceed the allowable RRSP threshold available to you are subject to a 1% per month tax.
If you receive wages, and are under the age of 65, then you must pay into CPP. The more you pay into CPP over your career, the larger the benefit you will receive when you retire. CPP contributions are not a tax – they are an investment into your pension plan. If you do not contribute to CPP, you won’t receive CPP payments when you reach age 65.
You can use the CRA payroll remittance calculator (see link below), or you can ask us to determine the amounts. There are a number of payroll technologies and services available, including Payment Evolution. Ceridian is a payroll service that you can engage to perform your payroll administration.
CRA Payroll Deductions Online Calculator:
http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-eng.html
For regular remitters, payroll remittances are due by the 15th of the month following the payment. If you’re an owner paying yourself a wage on an annual basis, your CPP must be paid in full by January 15th of the year following. T4 slips are due February 28 and summarize all the wages and remittances made for each employee during the year.
To declare T5 or T5018 slips, your business needs an investment account. An investment account number is your 9-digit business number followed by “RZ 0001.”
