As a startup founder, it may feel like you have the entire world on your shoulders. You’re consumed by the many challenges that stand in the way of bringing your idea to life. All the while managing the day to day operations of your business.
We can help with everything from managing day to day operations, to working on your long-term strategy. All while working hard to ensure that you are profitable. We’ve also worked with several high growth startups to help secure funding through government tax credits.
Services
We'll make sense of the numbers so you don't have to
Advisory Services
We have seasoned experts to help you with SR&ED Claims, Business Consulting, Forecasting and Budgeting.
Accounting Services
Have your Audits, Reviews, and Financial Statements professionally prepared on time, every-time.
Tax Services
Never worry about your Personal and Corporation Taxes, HST, Payroll Taxes, Tax Planning and Advisory again. We will manage it all.Incorporation Services
Incorporating your chiropractic clinic can drastically reduce your tax liability. We’ll get you setup in no time.Bookkeeping Services
Let our office handle the books. Our team of proficient & professionals bookkeepers that can help keep your practice finances in order.What Founders are Saying
Great service and attention to detail from the team at SRJ Shayan and his colleagues are experts in what they do and provide a full range of services including SRED claims, financials and general book keeping for business.
Zamir Z, CEO at JumpFactor Inc
Resources for StartUps
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The 4 Most Common Tax Write Offs and Deductions for Small Business
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Should You Lease or Buy a Car? How to Determine Which Approach Will Save You More in Taxes
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How to Pay Less Corporate Tax in Canada
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Interest and Penalties for Not Filing Your Tax Returns in Canada
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The 4 Most Common Tax Write Offs and Deductions for Small Business
As a small tax-paying business owner, you care about two things and two things only, that's increasing revenue and decreasing expenses. In this video Shayan Rashid (partner), explains the four largest expenses that you can deduct on your tax return so that you pay less to the CRA.
1. Office Expenses: This includes any upkeep expenses that you incur to maintain your property.
2. Automobile Expenses: You can deduct the capital cost allowance or the amount of the vehicle price from your taxes up to $30,000.
3. Capital Assets: These expenses include equipment, vehicles or even upgrades to your property.
4. Industry-Specific/General: The last group of expenses that we're going to discuss are those that are industry-specific or just general to you. You can also deduct these from your tax return, unless they are specifically prohibited by the CRA.
If you are looking for an accounting firm in Toronto, then schedule a free consultation with SRJ Chartered Accountants by phone, email, or our website.
SRJ Chartered Accountants
(647) 725-2537 | info[at]srjca.com
https://www.srjca.com/
330 Bay Street, Suite 1400
Toronto, ON M5H 2S8
Should You Lease or Buy a Car? How to Determine Which Approach Will Save You More in Taxes
Many people will justify purchasing a more expensive vehicle for the related tax deductions. In this video, Shayan Rashid (Partner) discusses which factors to take in mind before deciding to lease or buy a car to save the most on your taxes.
Taxes: When you compare the lease vs. buy option, you want to see on an annual basis what the lowest amount is and that's going to be the option that's best for you.
Other Costs: When you lease a vehicle, if anything happens to the car, you'll have to fix it before you return it to the dealer. And also, there's a limitation on kilometers so you want to make sure that you know exactly how many kilometers you can drive per year before getting into a lease agreement.
The number of factors and each one is going vary depending on your situation. Other factors you want to consider are pride of ownership and cash flow.
If you're still unsure if you should lease or buy, we can help determine which option is best for you. Schedule a free consultation with SRJ Chartered Accountants by phone, email, or our website.
SRJ Chartered Accountants
(647) 725-2537 | info[at]srjca.com
https://www.srjca.com/
330 Bay Street, Suite 1400
Toronto, ON M5H 2S8
Real Estate Investors 5 Things You Should Know Before Buying a Property in Canada
If you don't structure your investment properly from a tax point of view, even if you do make a lot of money, you may give a ton of it to the CRA. In this video, Shayan Rashid (Partner) explains the 3 main factors to take in mind before deciding to buying property in Canada to save the most on your taxes.
Capital Gains: The sales price of your property can be reduced. Also, your initial purchase price can be increased but also in land transfer tax and other ancillary fees that incur during your purchase.
Reporting Rental Income:The rental income and the associated expenses have to be reported each year for any investment property, even if you generate a lost.
GST/HST New Housing Rate: You need to be reporting the correct details to the builder or else the CRA may audit you at a later date.
Principal Residence Exemption:You may be able to reduce the capital gains tax if you, or a family member lived in the property at any point in time.
CRA Audit: You want to make sure that you have the correct documentation and you're ready for the CRA in case they come to look at your books.
If you have any questions about the tax implications of your investments and how to properly structure it before you get into real estate in Canada. Make sure you give us a call so we can discuss the best way for you to move forward.
SRJ Chartered Accountants
(647) 725-2537 | info[at]srjca.com
https://www.srjca.com/
330 Bay Street, Suite 1400
Toronto, ON M5H 2S8
What To Do If You Haven t Filed Your Tax Returns (Voluntary Disclosure Program)
There's a program called the Voluntary Disclosure Program set up by the CRA, which will allow you to file back taxes without having to incur any penalty. In this video, Shayan Rashid (Partner) explains the voluntary disclosure program and why you shouldn’t worry even if you have years of outstanding taxes.
In order to qualify, it has to be voluntary,you have to have more than one years of outstanding taxes or returns to file and the information has to be substantially complete and accurate.
Luckily there's a provision within the Voluntary Disclosure Program that allows us to file an anonymous application. Once the application is approved, you have 90 days in order to submit all of the returns or documentation to the CRA.
If you're still unsure and you want some guidance, make sure you contact us and we can look at all the facts and determine the best way to move forward for you.
SRJ Chartered Accountants
(647) 725-2537 | info[at]srjca.com
https://www.srjca.com/
330 Bay Street, Suite 1400
Toronto, ON M5H 2S8
How to Convert a Sole Proprietorship into a Corporation
So your business is growing and you've heard that it could be beneficial if you incorporate and continue your business on in this manner. In this video, Shayan Rashid (Partner) outlines the steps required to convert your sole proprietorship into a corporation in Canada.
1.Limited Liability Protection: This is the case when you own a corporation and you get sued, only the assets within the corporation are exposed to that potential lawsuit.
2. Lower Corporate Tax Rate: In Ontario, the corporate tax rate is 15% combined with federal taxes.
3. Income Splitting: It gives you the ability to add family members on as shareholders and pay them a percentage of the profits each year.
The process of converting involves eliminating the sole proprietorship, removing the tax accounts and transferring both tangible and intangible assets.
Make sure you give us a call so we can properly guide you through the process and ensure all the paperwork is correctly filed with the Canada Revenue Agency.
SRJ Chartered Accountants
(647) 725-2537 | info[at]srjca.com
https://www.srjca.com/
330 Bay Street, Suite 1400
Toronto, ON M5H 2S8
How to Pay Less Corporate Tax in Canada
In this video, we discuss how you can reduce your corporate taxes on an annual basis.
Learn about the benefit of dividends, shareholder loans, how to pay salaries from your corporation and much more.
If you want to do a complete analysis to determine if you're paying as little tax as possible, give us a call and we can schedule a personal consultation for you.
SRJ Chartered Accountants
330 Bay Street, Suite 1400, Toronto, ON M5H 2S8
647-725-2537
416-981-7979
www.srjca.com
Interest and Penalties for Not Filing Your Tax Returns in Canada
Have you or someone you know not filed their tax returns in a long time?
Watch this video and make sure you don't pay the Canada Revenue Agency more than one cent of what's owed to them. Shayan Rashid (partner), of SRJ Chartered Accountants, will fill you in everything you need to know.
If you have any questions about how to move forward, or if you want to get your returns filed, give us a shout and we'll guide you through the process.
SRJ Chartered Accountants
330 Bay Street, Suite 1400, Toronto, ON M5H 2S8
647-725-2537
416-981-7979
www.srjca.com