Frequently Asked Questions (FAQ)

Since the tuition tax credit is a non-refundable credit, it may help you to lower your tax bill if you owe taxes on any income you’ve made. If you don’t utilise the entire credit, the balance will be carried forward to the next tax year or can be passed to a family member who qualifies.

You can claim moving expenses you paid in the year if both of the following criteria apply:

- you moved to work or to run a business at a new location, or you moved to study courses as a full-time student enrolled in a post-secondary program at a university, a college, or other educational institution

- your new home must be at least 40 kilometres closer (by the shortest public route) to your new work location or school

The Canadian tax system is based on residency. So, if you are in Canada on the 31st of December of the fiscal year, you can file taxes for that year.

Even if you haven’t worked, you can claim your benefits by filing your taxes with a zero income.

For information on making payments, please refer to CRA- Make a payment for individuals – Payments to the CRA – Canada.cahttps://www.canada.ca/en/revenue-agency/services/payments/payments-cra/individual-payments/make-payment.html

We can assist you in updating your address with the CRA during your tax filing. In all other cases, you can either contact CRA to update your address or direct deposit information, an agent may help you make these changes through a secure online channel such as My Account or you can update yourself through your CRA My account, as they won’t allow the representatives to update your personal information once after the tax filing.

For personal tax filing, you typically need T4 slips, investment income statements, RRSP contributions, and deduction-related documents. Businesses need financial statements, expense receipts, and payroll records.

The processing time varies depending on the complexity of your return. In most cases, electronic filings are processed within 2-3 weeks, while paper filings may take longer.

Accounting services are crucial for any business, regardless of size or type. You can effectively manage your finances and make informed decisions by maintaining accurate financial records and reports. Accounting services also ensure compliance with tax laws and regulations, reducing the risk of penalties or fines.

Moreover, these services can help identify areas where costs can be reduced, and profits increased, laying a strong foundation for the future of your business. With detailed financial information, you can confidently make strategic decisions to foster growth and success in your venture.

When selecting an accounting company, it's crucial to do your research. Look for a firm with relevant industry experience and proper credentials, like a CPA designation. Also, consider their ability to communicate financial information in a way you can understand. Reputation and reviews from past clients should also be considered.

Lastly, ensure their fees fit your budget. Considering these factors will help you find an accounting company that best suits your business's needs.

As a reputable accounting firm, ND Professional Corporation offers various services to benefit businesses of all sizes. These services include bookkeeping, payroll management, tax preparation and compiled financial statements. Our team of experienced professionals provide personalized, attentive services to ensure your financial records are accurate and up to date.

The 5 main purposes of accounting are to:

- Provide financial information for decision-making

- Track and manage income and expenses

- Comply with tax and regulatory requirements

- Monitor the financial health of a business.

- Facilitate communication with stakeholders (e.g. investors, creditors).

When choosing an accounting firm, it's important to consider their credentials, communication skills, reputation, and fees to ensure they can effectively serve these purposes for your business.

At ND Professional Corporation, we recommend requesting referrals from reliable sources, such as friends, colleagues who have previously used an accountant's services. You can read reviews and look up prospects candidates online to further your due diligence. As a reputable accounting firm with a team of highly qualified professionals, we pride ourselves on our quality of service and being reputable accountants in Canada.