ABM covers all of the necessary areas of Canadian tax law, both federal (HST/GST, Payroll Deductions) and provincial (PST, WSIB), starting with an accurate preparation and ending with the proper filing with the government.
Our main goals in this complex process of preparaing and filing the government remittances for businesses are to keep business owners and their staff well informed, up to date with the latest news in our ever changing Canadian tax system, and compliant.
GST/HST RETURNS - The filing frequency established by the CRA differs from business to business. It could be monthly (for medium to large corporations), quarterly (for majority of small businesses) or annually (usually for sole proprietorships and self-employed). We can accomodate any of the filing frequencies in place. Also, during our initial business assessment, we can review the filing frequency and propose an official change to a different filing frequency to better suit the reporting needs of the business.
PAYROLL DEDUCTIONS RETURNS - Usually the filing frequency established by the CRA is monthly. There are exceptions where CRA allows particular businesses to file quarterly, based on their approval only. However, for very small businesses, like family owned or one-man company, the filing frequency could vary from monthly to yearly and any other frequency in between, depending on the frequency the actual payroll is paid with. In this case, it is very important for the payroll system to be set up properly, so the payroll deductions are paid on time and in full during the respective calendar year. Nevertheless, the annual reporting conditions of the T slips and summaries are the same for everyone. Because payroll and payroll deductions are a very complex and sensitive aspect of the Canadian tax system, it is advisable that business owners/employers consult a professional bookkeeper prior to start a payroll system, either in-house or outsourced. Incorrect calculation and treatment of payroll, source deductions and late remittance could be subject to significant interest and penalty charges to the business.
WSIB RETURNS - Each employer who hires employees, contractors, subcontractors and any other trades (which don't have their own WSIB account), has to remit insurance premiums to Ontario WSIB on a quarterly basis. This is a complex process and is very important to set it up and remit properly to avoid significant interest and penalty charges to the business.
RST RETURNS - This is a provincial retail sales tax that in Ontario is applied to insurance premiums and benefits. As we are serving insurance brokerage industry as well, we can prepare and file RST returns based on the remittance frequency established for the business by the Ministry of Finance (usually on a monthly basis).