Skip to main content

Veritas Taxes and advisory inc

Menu
647-577-7312

FAQs

Answers to Your Tax & Accounting Questions

Find clear, reliable answers to common questions about our tax, accounting, bookkeeping, payroll, and advisory services. If you can’t find what you’re looking for, our team is always ready to help.

  • Expert Guidance
  • Clear & Practical Answers
  • Trusted Financial Advice
  • Personalized Support

General FAQ’s

What services do you offer at Veritas Taxes & Advisory Inc.?

We provide personal tax filing, corporate tax filing, bookkeeping, payroll management, business tax and accounting, financial reporting, and strategic advisory/CFO-level services for individuals, entrepreneurs, and mid-size businesses within the GTA region.

The deadline for the 2025 personal tax return in Canada is April 30, 2026. Even if the deadline for filing is later, you still have to pay any amounts owing by April 30.

Generally, the deadline for the corporate tax return is 6 months after the corporation’s fiscal year-end. However, any amount owing is usually due either 2 or 3 months after the year-end, depending on whether the small business deduction is available for the corporation. We will be able to determine your specific dates depending on your fiscal year.

Typically, you will need T4/T4A slips, T5 slips for investments, receipt for RRSP contributions, medical expenses receipts, tuition slips, and self-employment or rental income receipts. We will provide you with a customized list of documents according to your specific situation.

The key to maximizing your refund is claiming all of your deductions and credits that are available to you – RRSP contributions, medical expenses, childcare expenses, home office expenses, and others. Our team will analyze your overall financial situation and make sure that you take advantage of all of the tax-saving opportunities available to you.

Just book a consultation call with us! We will get to know about your financial situation and objectives and suggest a combination of the services tailored specifically for you.

Missing the tax deadline results in a late-filing penalty and interest charges on any tax owing. If you missed your deadline for filing taxes, we will help you to file as soon as possible and, where applicable, apply for voluntary disclosure through CRA.

Yes, we regularly help our clients catch up on multiple years of unfiled returns, correct previous mistakes and communicate with CRA on your behalf to mitigate penalties.

Income of the self-employed individual is subject to personal tax rates. Corporate income is taxed at the corporate tax rates (which tend to be lower), but corporate taxation requires additional reporting obligations and liabilities are isolated. We can help you decide on the most suitable form for your income level.

Yes, we assist our clients with registering, filing, and remitting HST/GST taxes on the regular basis according to CRA reporting periods.

We offer invoicing, expenses tracking, reconciliations of bank and credit card accounts, management of sales taxes, and financial reporting through a cloud-based software.

The cost of our monthly bookkeeping service depends on the volume and complexity of your transactions. We offer flexible plans for our services so that you will only pay for what you really need – book a consultation call and we will provide you with a custom quotation.

Business Tax & Accounting

Do I need to file a T2 return if my corporation made no money this year?

Yes – every incorporated business must file an annual T2 regardless of its financial activity; CRA does not make any exemptions for dormant corporations.

Your T2 must be filed six months from your corporation’s fiscal year-end, but the due date for any tax you owe is sooner – two or three months after your year-end, depending on your corporation type, and differs from the actual filing due date.

The T2 Short is a shortened version of T2, taking two pages only, and can be used only by qualifying Canadian-controlled private corporations (CCPCs) with zero income or loss and/or tax-exempt corporations. The vast majority of active corporations file regular T2 with schedules attached.

Late-filing penalties and interest on any taxes owing will be imposed by CRA for non-compliance – there are no exceptions if you simply forgot or your corporation is a small one.

Our fees for tax services are quoted flat and upfront based on the complexity of your corporation’s tax return.

You should incorporate if your revenue exceeds certain thresholds, and also for limited liability reasons, however, incorporation allows using of a lower Small Business Deduction tax rate. We evaluate your situation and give our recommendations after analyzing all factors.

Examples of commonly available deductions and credits are Ontario Small Business Tax Credit, home-office and vehicle expenses, capital cost allowance on equipment and, if eligible, SR&ED tax credits – the full list of your available credits depends on your industry and corporate form.

Yes – we prepare the required documentation and represent you during this process.

Yes – we file your corporation’s HST/GST returns and reconcile them with your books of account in order to ensure compliance of HST/GST and corporate return filings.

Payroll Services

How much will it cost for payroll services for a small business in Ontario?

We offer flat monthly fees per number of employees and pay frequency, quoted to you before we begin, with no per-slip surprises.

The ROE must be completed within 5 days after the pay period where earnings have been interrupted – delays could affect the EI benefit claim process.

CRA penalties for late T4 filing start at $100 per return and depend on the number of slips and the delay.

It is dependent on your average monthly withholding from the prior two years – the CRA gives you a monthly, semi-weekly, or quarterly remitter schedule.

Yes, we can register your CRA payroll account, conduct the first payroll processing, and guide you through the necessary TD1 forms and withholdings right away.

If you operate in Ontario in one of the WSIB covered industries then you will likely need to register and make WSIB premium payments.

The payroll software such as QuickBooks payroll will automate your calculations, however, the onus for timely remittance and filing accuracy rests on you. You are also responsible for keeping up to date with the rules changes.

Yes, all vacation pay and statutory holiday pay calculations follow the Employment Standards Act in Ontario.

We would analyze your history, correct the outstanding filings, and arrange for timely ongoing processing – we would be glad to coordinate with the CRA on the payment of shortfall.

Payroll can be incorporated into your bookkeeping service plan so your payroll expenses and remittances are reconciled in your accounting records each month.

Bookkeeping Services

What's the price of bookkeeping for a small business in Ontario?

The fee is a monthly flat rate that’s calculated according to your transaction volume and complexity, and it falls in a $300-$1,000+/month range, depending on your situation.

A bookkeeper performs daily record keeping, classification and reconciliation of your transactions. The difference with an accountant (our CPA team) is that he/she also possesses tax law knowledge and financial analysis skills — hence, working with us, you’ll not only get your accurate bookkeeping, but also the advice of a CPA who reviewed it.

Sure. You just need to tell us about your backlog, we’ll quote the fixed scope price for getting your books updated, and then transition you to a regular monthly bookkeeping process to avoid this problem in future.

Our primary platform is QuickBooks Online, and we also support Xero and Wave. If you already have any of them, we’ll work within your existing system; otherwise, we’ll set you up on QuickBooks Online or the other one according to your needs.

You will receive your monthly profit & loss report and balance sheet reports according to a certain schedule each month.

Yes — small companies suffer from bookkeeping mistakes even more than large ones. Having your accurate books guarantees healthy margins, helps you take all the deductions you can and keeps you CRA-compliant.

Yes — HST/GST calculation is a part of your monthly bookkeeping procedure and we submit your tax returns according to a schedule formed on the basis of those numbers.

Yes — the same people will handle both procedures, and your final books will be automatically included in your corporate or personal tax filing, which can also reduce your filing time and cost as nothing needs to be re-verified.

 None — if you have no system yet, we’ll configure and set it up for you (e.g. QuickBooks Online) during our onboarding process.

Yes — your payroll expenditures and liabilities can be automatically reflected in your monthly bookkeeping procedure.

Personal Tax Returns

By when must I submit my tax return in Canada?

 The deadline is typically April 30. However, if you and/or your spouse are self-employed, your deadline is extended to June 15, however the balance due will still be payable by April 30, along with interest from May 1st.

The cost varies according to the complexity of your return – an employment-only return is less expensive than a self-employed or rental income return. We charge fixed rates for each type of return so that you know your price before work begins, plus an accountant reviews your specific situation rather than asking yes/no questions as in tax software.

The T2125 (Statement of Business or Professional Activities) is filed along with your T1 if you are self-employed, freelance, or a sole proprietor; this return provides your business income and expenses. Almost all self-employed Canadians need one.

Yes; self-employed individuals pay both the employee and employer parts of CPP on their self-employment income, twice as much as employed persons, since there is no employer part to split the cost.

You may incur a late filing penalty and compound daily interest if you owe tax and your return is late. There is no penalty if you are owed a refund, but you should file anyway to claim your benefits and credits that relate to your tax return.

If your total net tax owing for the current year exceeds $3,000 along with either of the previous two years, then the Canada Revenue Agency requires you to make quarterly installments rather than paying it all at once at filing time.

As a newcomer to Canada, filing your tax return – even one with little or no income – is what establishes your eligibility for programs such as the GST/HST credit and the Canada Child Benefit program. We will help you understand how to recognize income in your first partial year as a newcomer to Canada.

Rental income is included on your T1, where you can deduct eligible expenses. If you sell the property, the capital gain provisions apply – we help you plan for that rather than dealing with it after the fact.

Yes, we help you catch up on your unfiled or late returns, including explanations of any Canada Revenue Agency penalties or interest, and bring you up to date and on-time going forward.

Your refund or balance owing is a consequence of your filed return. Your Notice of Assessment is issued by the CRA, showing what they assessed on your return – you should read it carefully, since it might differ from what you filed due to CRA adjustments.

Advisory & Planning

What is the difference between business advisor and accountant?

Accountant deals with accurate bookkeeping and compliance issues – he or she files your taxes and maintains your books in order. Business advisor uses those numbers for making future-oriented decisions regarding pricing, staffing, cash flow and growth strategy. We do both of those jobs, therefore all your advisory recommendations are made on the basis of real numbers of your business.

Probably yes – the earlier you build proper cash flow management and appropriate business structures, the less adjustments you will have to do down the road. Advisory services are scalable – the needs of a startup and of an established company differ significantly.

It depends on your personal tax bracket, cash flow situation of your business, available RRSP contribution room, and your plans for the long term future – the answer isn’t black-and-white. We calculate numbers to evaluate both options and then make recommendation.

Regularly using credit to cover payroll and expenses, being profitable on the paper, but poor in terms of cash flow, or unexpected coming expenses are usually signs of cash flow problem. Cash flow forecasting shows such patterns in advance.

Ideally 3-5 years prior to planned transition – succession planning requires complicated tax structuring, valuation of your business, and sometimes negotiations with partners or family members, so it takes some time.

we analyze your case, evaluate whether or not it is worth fighting and file the Notice of Objection to the CRA with all the necessary documents.

At minimum: historical financial statements, tax history, existing liabilities, customer/revenue concentration, and any ongoing disputes with CRA. All this information is part of our due diligence services and will be evaluated before you make decision.

Value of your business is defined by industry, revenue, profitability, assets, and market situation. There is no simple solution. We can tell you basic concepts of business valuation and help you to find a certified valuator if needed.

 The cost is depending on the scope – strategy session costs differently from advisory sessions every quarter. All our engagements are scoped and priced in detail before we start working on them.

Both options are available – some of our clients require only one strategic session (for example, before making an important decision), while others prefer to have ongoing advisory sessions quarterly.

CFO Services

What is a fractional CFO?

Fractional CFO provides you with the financial strategy, forecasting, and reporting of a Chief Financial Officer (CFO), however not on full-time – this is what your business requires to get the executive financial guidance without paying for a full-time position.

Your bookkeeper manages the records of your transactions, your accountant ensures your accounting and tax are up-to-date. A fractional CFO goes beyond it advising you on forward-thinking matters – pricing, hiring, cash flow forecasting, fundraising or financing strategy.

The cost depends on the size of your business and its maturity level – typically a fraction of the salary of a full-time CFO. We provide you with the cost estimate based on your specific requirements.

You may need it if you outgrow the insights you get from your regular bookkeeping, plan to raise funds or finance, face a decision-making challenge without the numbers or generally require more financial strategy.

Yes, we will help you prepare financial modeling and reporting to meet the expectations of investors and lenders making the fundraising process smoother and credible.

It applies to both. Start-ups require it to prepare for fundraising while established businesses will benefit from cash flow forecasting, financing or selling preparations.

No, our fractional CFO service can be added to your existing bookkeeping setup or integrated into our Bookkeeping Services.

Yes, we will ensure that all your financial reporting, margins, and documentation are prepared properly before the valuation or due diligence.

It depends on your specific requirements – some clients need monthly strategy meetings while others prefer quarterly ones with on-demand assistance in between.

We can provide you with the fractional CFO services regardless of your industry of activity – especially beneficial for e-commerce and technology businesses with fast-growing teams and professional services firms scaling their businesses, as well as for general small and mid-sized businesses in Ontario.