Our Accounting and Tax Services

Our Services in Detail

We provide full range of personal and business tax services including sole proprietorship, partnership, corporations, self-employed individuals, etc.

We work with our clients in order to minimize their tax liability and increase profitability.

Our tax experts ensure that your tax returns are filed accurately and comply with all tax laws and regulations.

We also assist our clients in dealing with any issues with Canada Revenue Agency (CRA). If CRA contacts you during the year requesting some additional information and/or documents, we can help you address those inquiries.

At H & M Accounting And Tax Services , we will determine appropriate deductions as well as credits that you may be eligible for in order to ensure your tax liability is minimized. We have listed below some of the deductions & credits that you may be eligible for:

Employment Expenses

Membership Fees

Union and Professional Dues

Legal Fees

Stock Options

Child Care Expenses

Moving Expenses

Spousal Amounts

Dependents

Disability Amounts

Caregiver Amounts

Charitable Donations

Tuition, Fees and Education Amounts

Interest Paid on Student Loans

Medical Expenses

To ensure that all of the applicable deductions, and credits have been applied to your personal tax return accurately, be sure to have your taxes prepared and filed by professional accountants at H & M Accounting And Tax Services.

In terms of Corporate Tax Returns, they must be filed within 6 months following the fiscal year end. All payments for taxes owed must be paid within 90 days after year end. If you own or manage a corporation and need to file the corporate return then be sure to do so as failure to file the return and/or making payments on taxes owed could result in penalties and interest charges.

Call us today so we can take care of these tax matters for you!

We provide Payroll Management Services to our clients

If you are looking to have your payroll professionally managed by an Accounting firm then look no further, we at H & M Accounting And Tax Services can manage your payroll function for you regardless of the number of employees you have in your company.

As part of our payroll services, we can prepare your payroll, deposit funds into employees'accounts, and provide payroll reports for record keeping purposes.

In addition, we have a team of professionals that you can utilize to not only manage your payroll function, but also analyze and payroll interpret reports in order to better understand correlations between certain costs, and prepare forecasts for the fiscal year.

As part of our payroll services, we ensure that our clients are in full compliance with Income Tax & CRA rules and regulations.

We ensure that our clients are in compliance with the Ontario Ministry of Labour requirements such as calculating vacation pay, statuary holidays and over time etc. Registering with Workplace Safety and Insurance Board (WSIB) is also important for a business having employees, our team can register your business with WSIB as well as help you calculate and submit WSIB payments that are required specific to your business.

In terms of Year-End Employer responsibilities, we prepare and issue tax slips for our clients as part of payroll services such as T4, T4a, T5, and any other slips applicable.

At H & M Accounting and Tax Services, we encourage you to focus on growing your business and meeting the day to day demands by taking care of all your accounting, payroll, and tax related aspects of your business.

We also provide monthly, quarterly and yearly HST filing for your business.

If you are registered with Canada Revenue Agency for GST/HST then you would be required to file a periodic return in which you would be reporting taxable sales, and calculating the amount of GST/HST which must be remitted to the federal government for that period.

To some extent, you may have a choice in how often you are required to file your GST/HST return depending on your business size.

When the return period is annual, returns and remittances for the period are due generally no later than three months after the fiscal year-end of the business

Any GST/HST remittance owed for the year is due and payable to the federal government by April 30. If you have a business and require your HST return to be prepared and filed with CRA, you can contact us and we can prepare and file it for you so you can any penalities and/or Interest charges due to late or no filing.

Call us today!
Bookkeeping Services at H & M Accounting And Tax Services can be customized based on your business needs regardless of the size and type of business you manage/own.

Bookkeeping is one of the highly important services since it generates the financial data used later by managers to make key decisions in business. If you aren't able to rely on the financial data due to inaccuracy, then your financial decision making in your business may be at risk. Thatís why it might be better to let a professional accountant (CPA) deal with your accounting needs.

Some of our bookkeeping services are:

-We assure that your A/P, A/R and payroll records are up to date.

-We reconcile your Bank and Credit card Statements.

-Filing your Monthly, Quarterly GST/HST returns for your business.

We prepare Yearly and Interim NTR Financial Statements.

Reliable and Accurate Financial Statements is crucial to any business and is considered an key tool to make sound business decisions. Not only that but when you apply for a Loan with a bank or any othere lender for your corporation, you are likely to be asked to provide Notice to Reader Financial Statements (NTR). These NTR Financial Statements may form basis for your business's ability to obtain the required funding from a bank or any other lender.

When you are filing your corporation's tax return, you are going to need professionally prepared Financial Statements as a basis for your return. Have your financial statements ready is a great way to help speed up tax filing process. At H & M Accounting And Tax Services, our CPA team help our clients manage all aspects of their Accounting function, from bookkeeping to filing HST returns, preparing Financial Statements, preparing corporate tax returns, and personal tax returns.

If you would like one firm to professionally manage all your Accounting related needs in order for you to better focus on core business activities then call us today so we can manage your accounting and tax related needs.

We can work with you in terms of budgeting for your personal and business needs. This can include retirement planning, investment advice, costs reduction, sales forecast, etc.

If you are looking for budgeting services in Toronto then let our team of professional accountants help you improve your financial planning, budgeting and forecasting for your business.

Budgeting is an crucial element of financial success for any type of business. You need strong budgets in your business to provide a mechanism for cost control as well as predict and forecast upcoming revenues and costs in your business. In order to ensure that you are fully prepared to handle any unforceeable business and/or operating expenses, you would need a financial expert who understands your business, industry, and your cash flows so your financial budget for your business will have marjins to cover such challenges.

At H & M Accounting And Tax Services, we help clients prepare financial goals, strategic plans, and budgets as a benchmark to evaluate business performance against expectations.

Our team can provide high-quality budgeting & financial forecasting services in Toronto at competitive rates.

We will assist you in planning for all of your personal and business financial needs. This involves preparing cash flow projection statements to asses the financing needs, cost analysis, cash inflows and outflows, sales forecast and budgeting.

Often businesses end up in bankruptcy due to lack of cash flow which can happen there are no processes in place to monitor working capital and cash flow. Being in control of your cash flow and working capital can help you avoid financial issues occurring and helps your bank and creditors feel more confident about the future of your business. Through our financial analysis and advisory services, we give you the expert advice you need so you feel completely in control of your finances while operating your business.

At H & M Accounting And Tax Services , we perform purchase evaluations for our clients. To ensure you do not end up over paying when purchasing business, be sure to give us a call so we can provide with a evaluation of the business you are interested in acquiring.

When performing business valuatons, we look at various methods & tools available to provide you the average price of the business you are interested in.

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H & M Accounting and Tax Services has a team of Chartered Professional Accountants (CPAs) with over 35 years of combined industry experience in helping businesses and individuals stay focused on their core professional activities in order to achieve their goals.

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