Frequently Asked Questions About Taxes

Submitting tax returns accurately and on time will ensure that you stay in good books with the Canada Revenue Agency. You can also benefit from receiving rebates if you take advantage of legal loopholes.

However, When it comes to paying taxes, there are many questions clients have but often find it tricky to get all the answers they’re seeking. 

So, to ensure you have all your doubts cleared, The Tax Shop Inc. wants to arm you with the most accurate information available to help you file your tax returns. To do this, we’ve answered some of the most frequently asked questions about taxes.

1. Why am I paying more taxes than my friend at work? 
Employees often compare tax outcomes without knowing all the details of their respective co-workers’ situation. You should keep in mind that everyone’s circumstances are unique, and there are many reasons to explain the different amounts.

2. How can I reduce my taxes?
The best way to reduce tax is to create a clever strategy with an experienced tax professional that keeps up with the latest accounting laws. They will use their vast expertise to analyze financial statements and apply accounting principles prudently to save tax.

3. What tax services does an accountant provide?
A tax accountant can help monitor your finances monthly or quarterly, which will allow you to take stock of your position and realign goals if necessary. The accountant will also render tax preparation using suitable accounting methods.

If you have any more tax questions, get in touch with the experts at The Tax Shop Inc. As a leading tax accountant in Brampton, Ontario, we provide accounting, bookkeeping, payroll, and various tax services for individuals and corporate clients.

We serve clients across Brampton, Mississauga, Milton, Oakville, Toronto, Burlington, Guelph, Halton Hills, Caledon, Vaughan, Markham, Aurora, Newmarket, and Erin, ON. 

To learn more about how we can help you, please click here or contact us by clicking here.