Our Services
An overview of the services you offer and how they will benefit the visitor.
Personal Income Tax
Personal tax situations vary from individual to individual. At Paywad Tax and Accounting Services, we take a personalized approach to understand each client’s unique circumstances. By working closely with you, we tailor our tax strategies to meet your specific needs and ensure effective tax planning. Our goal is to maximize your tax refunds while helping you optimize your savings through efficient tax planning. We specialize in the following areas:
- Personal Income Tax (T1)
- Rental Income
- Investment Income
- Expense Claims (including home office, medical, and education expenses)
- Capital Gains and Losses
- RRSP Contributions and Withdrawals
- Childcare and Dependent Claims
- Tax Credits (including Canada Child Benefit, GST/HST credit, etc.)
Self- Employed Tax
Self-employed individuals face unique tax situations that require specialized
attention. At Paywad Tax and Accounting Services, we understand the complexities
of self-employment and provide tailored solutions to help you navigate your tax
obligations effectively. We work closely with you to develop a customized tax
strategy that maximizes your savings while ensuring compliance with tax laws. Our
expertise in self-employed tax services includes:
- Self-Employment Income and Expense Claims
- Deductible Expenses (office supplies, vehicle, travel, etc.)
- Home Office Deductions
- Capital Cost Allowance (CCA) for Business Assets
- GST/HST Registration, and Filing.
- Tax Planning for Sole Proprietors and Partnerships
- Taxation of Freelance and Contract Work
- RRSP Contributions for Self-Employed Individuals
- Income Splitting and Family Business Tax Planning
- Tax Credits and Deductions for Small Business Owners
Corporation Tax
Corporation tax requires careful planning and compliance to ensure your business meets
all regulatory requirements while optimizing its tax position. At Paywad Tax and Accounting
Services, we provide specialized tax services for corporations of all sizes, from small
businesses to larger enterprises. We work closely with you to understand your business
structure and tailor a tax strategy that minimizes liabilities and maximizes opportunities for
growth. Our expertise in corporation tax includes:
- Corporate Tax Return (T2) Filing and Compliance
- Income Splitting and Family Business Tax Strategies
- Small Business Deduction (SBD) and Tax Credits
- Capital Cost Allowance (CCA) and Depreciation Planning
- GST/HST Registration, Filing, and Remittance
- Taxation of Dividends and Salaries
- Shareholder Loans and Tax Implications
- Tax Planning for Mergers and Acquisitions
- Handling CRA Audits and Corporate Tax Disputes
Business Registration
Business registration is a crucial step in establishing a legitimate and compliant business.
At Paywad Tax and Accounting Services, we provide comprehensive support throughout
the business registration process to help you get your business up and running smoothly.
Whether you’re starting a sole proprietorship, partnership, or corporation, we guide you
through every step to ensure your business is properly registered and meets all legal
requirements. Our expertise in business registration includes:
- Business Structure Advice (Sole Proprietorship, Partnership, Corporation)
- Registering Your Business Name and Trade Name
- Obtaining a Business Number (BN)
- Registering for GST/HST and Other Provincial Taxes
- Filing Articles of Incorporation for Corporations
- Setting Up Payroll and Employee Deductions
- Registering for Import/Export Permits (if applicable)
- Licensing and Permits Requirements
- Understanding Corporate Governance and Compliance
- Registering for T4/T5 Filing and Payroll Accounts
- Tax Elections (e.g., HST, Small Business Deduction)
- Setting Up Proper Record-Keeping Systems for Tax Compliance
- Advising on Business Tax Obligations and Deadlines
- Navigating Cross-Border and International Business Registration
Payroll Services
Payroll management is a critical function for any business, ensuring employees are paid
accurately and on time while meeting regulatory requirements. At Paywad Tax and
Accounting Services, we offer comprehensive payroll services tailored to your business
needs. Our expert team ensures compliance with all payroll laws and regulations, allowing
you to focus on growing your business. Our payroll services include:
- Payroll Processing and Timely Payment
- Calculating Salaries, Wages, and Overtime
- Payroll Deductions (CPP, EI, Tax Withholdings)
- Generation and Distribution of Pay Stubs
- Year-End Reporting (T4, T4A, T4 Summary, T5)
- HST/GST Remittances for Payroll
- Employee Benefits and Pension Plan Administration
- Managing Vacation, Sick Leave, and Other Benefits
- Payroll Compliance with CRA and Provincial Regulations
- Employee and Employer Tax Filings
- Setting Up and Managing Direct Deposits
- Handling Payroll for Multiple Employee Classifications (full-time, part-time,
contractors) - Payroll Tax Planning and Optimization
- Assistance with Employee Reimbursement Programs
- Government Remittances and Reporting
- Payroll Integration with Accounting Systems
US Tax
Navigating U.S. tax laws can be complex, especially for Canadian businesses and
individuals with U.S. income or investments. At Paywad Tax and Accounting Services, we
offer specialized expertise in U.S. tax compliance and planning to ensure you meet your tax
obligations while minimizing your liability. Whether you’re a U.S. citizen, resident, or have
cross-border business interests, our team provides the necessary support to help you
navigate both U.S. and Canadian tax systems. Our U.S. tax services include:
- Filing U.S. Tax Returns (Form 1040, 1040NR, etc.)
- Tax Planning for Cross-Border Income
- U.S. Income Tax for Canadians with U.S. Employment, Investments, or Rentals
- Filing U.S. Corporate Tax Returns (Form 1120, 1120S)
- Compliance with the IRS on U.S. Tax Withholding and Reporting
- U.S. Sales Tax Compliance for Canadian Businesses
Accounting & Bookkeeping
Effective accounting and bookkeeping are essential for maintaining the financial health of
your business. At Paywad Tax and Accounting Services, we provide comprehensive
accounting and bookkeeping solutions that ensure your financial records are accurate, upto-date, and compliant with regulatory requirements. Our expert team works closely with
you to manage your business’s finances, providing the insights and support needed to
make informed decisions and drive growth. Our accounting and bookkeeping services
include:
- Financial Statement Preparation (Balance Sheet, Income Statement, Cash Flow
Statement) - General Ledger Maintenance
- Bank Reconciliation and Account Balancing
- Accounts Payable and Receivable Management
- Recording and Categorizing Transactions
- Expense Tracking and Management
- Inventory Management and Cost of Goods Sold (COGS) Tracking
- Payroll Integration and Reconciliation
- Tax Filing and Compliance Support (GST/HST, Corporate Taxes)
- Financial Reporting and Analysis
- Budgeting and Forecasting
- Cash Flow Management and Optimization
- Year-End Financial Statement Preparation for Tax Filing
- Audit Preparation and Support
- Bookkeeping for Multiple Business Entities
- Cloud-Based Accounting Solutions for Easy Access and Real-Time Updates
- Custom Reporting and Insights for Business Performance
