EXPERIENCED TAX PREPARATION IN WINDSOR, ONTARIO

The Income Tax Act of Canada allows for a variety of taxation structures.
Let MCO Partners help you navigate this maze of information and opportunities. From the basic personal tax return, to the implementation of estates, trusts, partnerships, corporations and beyond, we can help with your tax needs, whatever they may be.

What We Offer

Canadian Personal Taxes

Tax Return Preparation
The base of the Canadian taxation system is the filing of personal tax returns. At MCO Partners, we have substantial experience in all matters of personal tax, from your first tax return to your estate return. And if you run into any obstacles along the way, our experienced personal tax group can help with CRA audits, appeals and voluntary disclosures.

Tax Audits, Appeals & Voluntary Disclosures

A tax audit is NOT to be taken lightly. The CRA has well-trained, specialized tax auditors. Unless you’re an expert in tax, you’re taking far too much risk trying to navigate the audit process without real help. A negative tax audit can result in a substantial balance owing, plus the risk of penalties, interest and even criminal charges that could potentially result in bankruptcy. At MCO Partners, we’re experienced in all aspects of dealing with CRA. Whether it’s early in the audit process, or after you’ve been reassessed, we can help you. We can explain the audit process to you, and work with you every step of the way. We’ll explain your rights to you, and even manage the whole audit process. Don’t go through a tax audit or objection without expert help. Contact us today to let us help you with your tax audit or objection.

Estate Tax

Estate planning is essential in order to ensure that your obligations are met upon death, and that your wishes are carried out after death. Whether through the establishment of a trust, a corporation, or through the use of wills, there is a variety of mean to help you meet your estate goals and we can discuss these options with you. We also offer estate trustee services, where we will maintain your estate and ensure that your plans are achieved after death.

Canadian Corporate Taxes

Tax Return Preparation
The most common Canadian taxation vehicle beyond the standard personal return is the use of a corporation to help manage your risk and your tax burden. Let us review your situation to determine whether a corporation is right for you. If you already have a corporation in place, and are wondering whether you are taking full advantage of potential structures and tax credits, our corporate tax experts can guide you through your options and optimize your tax structure.

Tax Audits, Appeals & Voluntary Disclosures

Audits & Appeals: The corporate audit process must be taken seriously. While its roots may seem minor in nature, it can quickly grow into an all-encompassing review of your company’s operations if the utmost care is not taken to control the audit from the very beginning. At MCO Partners, we have the experience and expertise to manage the audit process to minimize the risk of a simple audit becoming a long, expensive process.

Voluntary Disclosures: The CRA’s voluntary disclosure program applies to all legal entities in Canada, including corporations. If you have not yet received a letter from the CRA, requesting information on a previously-undisclosed or misreported item on your financial statements, then you are likely able to disclose the issue voluntarily, and avoid extensive penalties. In the age of increased sharing between financial institutions, governments, and the corporate world, it is likely in your company’s best interest to come forward with information before the CRA comes to you.

Corporate Tax Planning

The proper use of a Canadian corporation can yield significant tax benefits. The Federal small business corporate tax rate of 10 per cent on the first $500,000 of taxable income has never been lower for small businesses, and Provincial rates are falling too, typically to around half of the Federal rate. By earning taxable income within a corporation, you can effectively use it as a retirement tool, an investment vehicle, or as a way to grow your business more quickly.

If you have a corporation, and are wondering if it’s being properly utilized as a tax planning tool, or if you just need a hand filing your corporate returns, we can help. We also work extensively with other accounting firms to assist with reorganization of corporate structures to fully access the tax benefits available to Canadian businesses.

Sending Employees into Canada

As the world’s economy grows, so too does the commerce across borders. Located minutes from North America’s most economically-significant border crossing, MCO Partners focuses much of its efforts on aiding U.S. employers to navigate the complex and time-intensive process of sending employees into Canada. The cash flow implications of non-filed tax waiver forms can be very significant, as can the penalties associated with the late-filings of the associated forms.

When sending employees into Canada, a few steps are important. All employees who travel to work in Canada must obtain an identification number in Canada, known as an Individual Tax Number, by completing form 1261. For each day that they are employed in Canada, tax must be withheld and remitted to the Canada Revenue Agency (“CRA”) by the 15th of the following month (earlier in some situations). However, the tax withholding requirement may be avoided by filing form 102J for each employee who will be crossing the border, requesting relief from tax under the treaty between Canada and the U.S. This form asks for the expected length of time to be spent in Canada by the employee, and the earnings associated with those days. If the employee is expected to earn less than $10,000 while working in Canada, the waiver will generally be approved. In many situations, the CRA will also administratively approve a waiver for an individual expected to work fewer than 183 days in Canada in the year. A waiver will not be approved for an employee who is expected to earn more than $10,000 and work more than 183 days in the year. The CRA will administratively accept waivers filed within 60 days of the employee’s start date in Canada.

At the end of each calendar year, the foreign employer has several tax-filing obligations. The first is the completion of T4 forms, summarizing the income earned by each employee during his/her employment in Canada during the year, as well as any withholdings from that income. These forms are due by February 28th after the end of the calendar year. The second requirement is the filing of a T2 corporate income tax return, summarizing the employer’s economic activity in Canada for the calendar year. This return is due within six months of the employer’s fiscal year end.

In addition, the employee must file a T1 personal income tax return, summarizing his/her earnings in Canada, and whether those earnings are exempt from tax for the year. This return is due by April 30th following the calendar year in which the income is earned.

This is a non-exhaustive summary of the most significant issues facing non-resident employers who are sending employees into Canada. If you are considering sending employees into Canada, contact us today to help structure your internal records to make the step as painless as possible. If you have already sent employees into Canada, and have not yet become compliant with your tax-related filings, we can discuss whether the CRA’s voluntary disclosure program is available to you to avoid expensive penalties.

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We take tax very seriously. That’s why the partners at MCO Partners have specialized in tax throughout their careers. Experience, knowledge and service at affordable rates. We’re here to help. Please contact us with any questions you may have about your needs and our services.