Tax Preparation and Bookkeeping in Stoney Creek

Stoney Creek runs from the shore of Lake Ontario up over the Niagara Escarpment, and it has been part of the City of Hamilton since amalgamation on January 1, 2001. Our office at 537 Queenston Rd. is just west of it, in east Hamilton. Infoetax prepares tax returns and handles bookkeeping, payroll and HST filings for individuals, families, self-employed professionals and businesses on the Stoney Creek side of the city.

People who search for an accountant in Stoney Creek are often looking for one of two things: someone to file this year's return, or someone to keep a small business's records straight all year. We do both, as part of the tax preparation, bookkeeping and accounting services Infoetax has offered for over 15 years.

Suburbs, farms and small business

Below the escarpment, Old Town and the streets toward the lake are mostly residential. Upper Stoney Creek sits up on the Mountain, and to the east, around Fruitland, Winona, Tapleytown and Vinemount, much of the land is still farmed. The area has a long history of fruit growing and lies on the fringe of the Niagara wine region. That mix means one Stoney Creek household's return can look nothing like the one next door.

Self-employed and working in the trades

A lot of work here is done by people who send their own invoices: contractors, renovators, electricians, landscapers, cleaners and consultants. If that describes you, your personal income tax return includes a T2125, the CRA's Statement of Business or Professional Activities, where business income and expenses are reported. The CRA gives self-employed people, and their spouses or common-law partners, until June 15 to file, but any balance owing is due by April 30.

Records kept through the year are what that form is built from. Our bookkeeping and accounting service covers monthly bookkeeping, bank reconciliations and financial statements, so the year's figures are organized before the return is started.

Sales tax comes up as a business grows. Under the CRA's rules, you generally stop being a small supplier once your taxable sales pass $30,000 over four consecutive calendar quarters, and then you need to register for GST/HST. In Ontario the HST rate is 13%. HST reporting covers monthly, quarterly and annual returns, and our HST deadlines guide sets out when each period is due.

Small businesses with staff

Taking on a first employee brings new paperwork: source deductions, remittances to the CRA, T4 slips after year end, and a Record of Employment when someone leaves or has an interruption of earnings. Payroll services cover processing, CRA remittances, T4 and T4A preparation, ROE support and the initial payroll setup. For weekly, biweekly and semi-monthly pay, an electronic ROE is generally due within 5 calendar days after the end of the pay period in which the interruption happened.

Seasonal operations, such as a farm market or a vineyard that hires help for part of the year, tend to have payroll that starts and stops, with an ROE each time. Many trades and contractors also report to the WSIB, and WSIB reporting covers registration, reporting, premium calculations and payroll reconciliation.

Incorporating a Stoney Creek business

When a sole proprietor decides to incorporate, business registration and incorporation covers the registration, Federal or Ontario incorporation, a CRA business number and the HST, payroll and WSIB accounts that follow. The company then files a T2 corporate return each year, due within six months of the end of its tax year. The steps are laid out in our guide to incorporating in Ontario.

Families, seniors and students

Not everyone in Stoney Creek runs a business. We also prepare returns for employees, seniors, students, people with a rental unit or investments, and anyone catching up on returns from past years. The slips and receipts that usually matter are listed in our guide to what to bring. If the CRA later writes about one of those years, CRA audit assistance covers the correspondence, audit preparation and organizing the documents they request.

Getting in touch

Phone 905-393-7664 on a weekday between 10:00 AM and 5:00 PM, or write to ravi@infoetax.ca with a short note on what you need and which tax years it involves. The contact page lists our address and fax number as well.