Whether you need help with bookkeeping or filing your personal taxes, having an experienced accountant’s services can be invaluable. Guelph has one of the most diverse groups of people, and at Hart Accounting Services, we love finding solutions to all the financial challenges our clients face.
Modern accounting has evolved dramatically, making it easier to share information with the touch of a button. We use accounting software that’s easy to understand and accessible from your desktop or phone, so you don’t have to worry about dropping off documents at our office.
In addition to meeting with clients face-to-face, we can also schedule Zoom meetings at any time that suits you. Our clients always come first, so we’ll provide you with the best advice and service possible. Our aim is maximum transparency, so we are happy to discuss any concerns or queries you may have.
If you’re looking for accountants who have your best interests at heart and are flexible enough to meet your requirements, give us a call today! You’ll quickly see why Hart Accounting Services ranks among the most highly recommended accounting firms in the Guelph area.
When it comes to personal accounting, the first step is to identify your sources of income. These vary from person to person but can include:
- Employment income slips
- Pension and annuities
- Investment income
- Rental income
- RRSP income
- Foreign assets
- Business income for self-employed business owners
Many people are relatively uncertain about what counts as income and what doesn’t. Others don’t keep their slips, which can make identifying sources of income slightly tricky. We’ve worked with hundreds of clients and have extensive experience in accurately identifying your income for the tax year.
Whether you want to file a personal tax return or just want a good idea of where your business currently stands, knowing your sources of income is essential. At Hart Accounting Services, we use modern accounting software to minimize the busywork involved in bookkeeping and tax filing, giving you more time to spend on more important matters.
Once we’ve identified and quantified your income, we’ll do the same for your expenses. Several expenses count as deductions, which may impact your tax returns for the year. Some of the most common of these include:
- Employment expenses
- Expenses from a rental property
- RRSP contributions
- Child care expenses
- Stock options
- Business investment losses
- Paid income tax installments
- Legal fees
As tax law continually changes, knowing what counts as a deduction and what doesn’t can be challenging. Instead of worrying about it yourself, let our experienced team of accountants handle your accounts to identify any deductions for which you might qualify in the next tax return.
The CRA has an extensive list of tax credits that it awards to individuals based on their personal situations. As with deductions, these can be tricky to identify and apply correctly to your tax return.
As your dedicated accountants at Hart Accounting Services, we’ll identify and apply any tax credits to your tax return. We’ll discuss your personal situation to maximize the number of credits you receive. Some of the most common credits for which we file include:
- Spousal exemption
- Adoption expenses
- Child fitness credits
- Child arts credits
- Medical expense
- Public transit pass fees
- Charitable donations
Many people will break out in a cold sweat when you mention the words’ tax returns’. Tax season is always stressful for most people, but it really doesn’t have to be. While the process may seem intimidating, our accounting team knows it inside-out and will use this knowledge to make your tax return a breeze.
Most people don’t have the time or inclination to wade through the complexities of filing their tax returns, which makes working with an accountant the obvious logical choice. We’ll handle every aspect of your tax return to ensure that the CRA doesn’t come knocking at your door.
The deadline for filing personal tax returns is usually April 30, though this deadline was extended in 2020 due to the COVID-19 pandemic. The deadline for tax payments in 2020 is September 30.
The CRA recommends filing early to minimize adjustments to your benefit and credit payments. So don’t wait until September to file your tax returns.
Frequently Asked Questions
Most frequent questions and answers
Why should I use an accountant?
Keeping track of your finances can be challenging and time-consuming. Whether you’re a small business owner or want a better picture of your personal finances, working with an accountant will ensure that you’ll have a much better sense of your financial situation.
At Hart Accounting Services, we can handle any aspect of your finances, from managing your books to filing your taxes. We’re only a phone call away and will always take the necessary time to have a thorough chat about your concerns and queries.
Working with an accountant will give you peace of mind on many different levels. Find out what you’ve been missing out on by getting in touch with us today.
How can I save money on taxes?
When you get in touch with us at Hart Accounting Professionals, we’ll start by asking about you and your needs. We’ll schedule a meeting to discover as much as we can about you and your finances without wasting your valuable time. After this meeting, we’ll give you several fixed-price options that will fit your particular needs.
Once you accept, we’ll set up an onboarding process to provide you with the tools you need to succeed. Whether you’re looking for someone to file your tax returns or an active partner in your business, we’ll devise the perfect strategy to help you.
At Hart Accounting Professionals, we believe that fostering a relationship with our clients leads to success, both for you and us. We’d like to take an active role in your financial journey to new fiscal heights. We’re here whenever you need us, for advice or service. Don’t hesitate to get in touch—we’re just an email or phone call away!
What should I look for when choosing an accountant?
You will find hundreds of accounting firms in the Guelph area, which makes finding the right one slightly intimidating. We strongly recommend taking the time to research potential accountants since some will be a better fit for you and your financial needs.
Your first step should be to identify the services you need from an accountant. Some firms specialize in corporate tax, while others help individuals with personal finances. Identify your needs and search for accountants that meet your criteria.
Wherever possible, try to find reviews of the accountant and their practice. They’ll give you a good idea of how the accountant interacts with their clients, as well as their knowledge and expertise.
Once you’ve narrowed down your search to two or three accountants, get in touch with them. Having a chat with your potential accountant will let you confirm if they’re the right fit for you.
How does your customer process work?
There are several ways that we can save you money on your tax return. For instance, if you have a pension, splitting it with your spouse can result in significant savings, as can paying a family member to work for your business.
We focus on understanding our clients’ business and personal situations to identify methods to save you money. By providing tailor-made service, we can advise you on any aspect of your business or personal finances to maximize income and minimize losses.