FAQ
Your Questions Answered
Straightforward answers to common accounting and tax questions our clients ask most often.
Chartered Professional Accountants
We’ve addressed many of the common accounting and tax questions clients ask, making it easy to find answers in one place. For personalized advice or additional support, please contact our office.
FAQ
Common Asked Questions
What do I need to bring to file my Personal Taxes?
- Any of the Applicable slips that may have been issued to you, such as:
- T4, T3, T5, T5018, T5008, T5007, T4OAS, T4AP(CPP), T4RIF, T4RSP, T2202
- T4, T3, T5, T5018, T5008, T5007, T4OAS, T4AP(CPP), T4RIF, T4RSP, T2202
- Rental Receipts and/or Property Tax statements
- Medical Expenses including receipts, prescription statement, appointment confirmations and travel required
- Moving Expenses including supporting documentation
- Donation receipts including political donations
- Expenses incurred for Employment including Professional or union dues, tool expenses, telecommunication expenses, travel expenses, in home office expenses
- Childcare expenses such as daycare receipts, before and after school care receipts, fitness expenses
I’m self employed / I’m a business owner - what do I need to bring to file my taxes?
Bringing organized financial information allows us to provide the most accurate and helpful advice. This typically includes financial statements, bank and credit card statements, prior tax returns, business registration details, and payroll records if applicable. Here are common examples:
- Advertising
- Meals & Entertainment
- Insurance expenses
- Interest
- Business Licenses & Memberships expenses
- Office expenses including stationary and supplies
- Professional fees including legal and accounting
- Rent receipts
- Repairs and Maintenance
- Salaries, wages and benefits information
- Property taxes
- Travel expenses
- Utilities
- Delivery, Freight, postage & expenses
- Convention & Education expenses
- Home utility statements (if business is based out of home) including mortgage statements, home insurance, property taxes, hydro and maintenance
How can I know which accountant is right for me?
The right accountant should be responsive, approachable, and willing to listen to your concerns. You should feel comfortable asking questions and confident that your accountant understands your goals and provides clear, thoughtful advice.
Do I really need a CPA if I already use QuickBooks or Xero?
Accounting software is a valuable tool for tracking transactions and generating reports, but it does not replace professional advice. A CPA provides tax planning, strategic guidance, and support with CRA matters, helping you make informed decisions and avoid costly mistakes.
When is the best time to hire a CPA for my business?
Ideally, a CPA should be involved early, before financial or tax issues arise. Beyond tax filing, a CPA helps with business structure, tax planning, compliance, and long-term financial strategy, giving you clarity and confidence year-round.
How do I know if a CPA is a good fit for me?
A strong CPA understands your industry, communicates proactively, and provides clear guidance before issues arise. Transparency around fees and timely responses are also key indicators of a reliable professional relationship.
Can a CPA help if I’m behind on taxes or dealing with the CRA?
Yes! CPA support is especially valuable if you are behind on filings, facing penalties, or communicating with the CRA. A CPA can help file overdue returns, explore payment options, communicate on your behalf, and put a plan in place to prevent future issues.
Book Your Consultation
To book your consultation, personalized advice or additional support, please contact our office.