NSI Accounting & Financial Services

Its time to get ready for the tax season and the good news is we are doing everything remotely this year. Contact us today for free consultation. Lowest prices in Airdrie. Personal taxes starting form $30... Self- Employed starting from - $60 Corporate Starting from - $399 USA taxes starting from - $100 See more

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Its That time of the year again! The Efile portal is open and we are ready to help you with all your taxation needs, Contact us today for Corporate tax, Personal tax, T4-T5 Filing, ROEs, Sole proprietary taxes and Tax consultation. Don't forget to check out our reviews, Excellent service at low price is our Guarantee

Did you claim CESB this year? If so, make sure to file your 2020 tax return, including the amounts received from this benefit. Since it’s taxable, there may be a balance owing.

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CERB is ending September 26th but it’s not too late to apply. If you think you may be eligible for CERB, apply now. For more details on eligibility and how to apply, visit: http://ow.ly/t4aC50Bw1u7 or contact us today! #CERB #COVID19 #CdnTax

Reminder: The deadline to pay your taxes was extended due to COVID-19. Here’s how you can make a payment: http://ow.ly/WLaS50BqClO #COVID19

Applications for period 6 of the Canada Emergency Wage Subsidy open today! Remember to: Use the CEWS Calculator Register for direct deposit to get your subsidy faster... Apply online through My Business Account, Represent a Client, or our web form Get started: http://ow.ly/LksC50Bf5TS #CdnBusiness

Make sure you’ve filed your 2019 taxes as soon as possible so your benefit payments aren’t stopped. If you file too late you may need to repay your July, August, and September payments. Here’s help to get you started: http://ow.ly/xWE050BaQt3

Canada is transitioning away from the Canada Emergency Response Benefit (CERB) and towards two new pillars of support to ease the economic disruption caused by the pandemic. Pillar 1 includes three pared-down recovery benefits and Pillar 2 focuses on a new Simplified Employment Insurance regime. The CERB has been extended by another four weeks but will end on September 26. These announcements made late on August 20 have already stirred controversy, as the new EI benefits... will require only 120 qualifying work hours just 3.2 weeks - for recipients to receive up to 26 weeks of benefits. The new Canada Recovery Benefit, on the other hand, features a hefty 50% clawback when net income exceeds $38,000. We’ll share an example of a taxpayer who could experience marginal tax rates as high as 87%; which makes RRSP planning a critical year end strategy for low- and middle-income earners this year.

Doing your taxes has its benefits! Make sure you’ve filed your 2019 taxes as soon as possible so your GST/HST and Canada Child Benefit payments don’t stop. Wondering if you’re eligible? Find out here: ... http://ow.ly/GNnU50B5Fp5 See more

Today, the government announced changes to the Employment Insurance (EI) program and new income support benefits that will better support Canadians. Learn more: http://ow.ly/AhLq50B4XAz #EconomicResponse #COVID19

The Government of Canada has announced a one-time payment of $600 to help persons living with disabilities, in recognition of some of the extraordinary expenses they have encountered during the COVID-19 pandemic. Individuals who are determined to be eligible for the disability tax credit (DTC) or certain other disability-related benefit programs, may be entitled to receive the payment. Canadians living with disabilities who are eligible for the DTC but who have not yet app...lied, will have until September 25, 2020 to do so. For more information on how to apply for the DTC, please visit: http://www.canada.ca/disability-tax-credit. Recipients of the payment are encouraged to make sure their address and banking information is up to date in order to receive prompt payment. For callers who need help with changing their address, updating direct deposit, accessing My Account, or questions related to the DTC or their application, they can call CRA’s Individual Enquiries Line at 1-800-959-8281 (English) and 1-800-959-7383 (French) between 9:00 a.m. to 5:00 p.m. (local time) Monday to Friday. If you want to know more about the One-time payment support for Canadians living with disabilities, please visit: https://www.canada.ca//one-time-payment-persons-disabiliti

The Canada Revenue Agency (CRA) is closely monitoring the COVID-19 situation, and is committed to supporting Canadians throughout it. The CRA understands that individuals and businesses might be dealing with difficulties in meeting their financial obligations, including paying tax debts they may have incurred prior to the crisis. In addition to measures already announced, the CRA is extending the payment deadline and applying relief to interest on existing debt. Payment deadl...Continue reading

The federal government announced Monday that tax filing and payment deadlines have been informally extended once again, this time until September 30. Though the official deadline officially listed remains as June, no late filing penalties or interest will be charged provided the new September 30 deadline is met. However, tax credit or benefit recipients should file as soon as possible to avoid interruptions in payments. The CRA has stated that, The previously-extended filing due dates for individual, corporation, and trust income tax returns remain unchanged. . . .recognizing the difficult circumstances faced by Canadians, the CRA will not charge late-filing penalties where a 2019 individual return or a 2019 or 2020 corporation, or trust return is filed late as long as it is filed by September 30, 2020. Contact us today...

NSI Accounting & Financial Services is offering discounted packages for home based businesses. Like our page or contact us today for more info.

June 30 is not typically a tax filing milestone, but this year is an exception as it is the extended GST/HST deadline for businesses. What needs to be filed, and what’s due next week? This extended GST/HST deadline requires that businesses make net GST/HST remittances on June 30, 2020 based on the following collection periods: Monthly filers: Net GST/HST collections for February, March, April... Quarterly filers: Net GST/HST collections for January 1 March 31, 2020 Annual filers: Net GST/HST collections for all prior year sales, due June 30, 2020 GST/HST remittances are adjusted in the positive for items like collections on bad debts or in the negative for input tax credits. The net tax reduced by any instalments paid or GST/HST rebates is then remitted if there is a balance due. See more

Who needs to file a 2019 T1 return and when? It’s a question Canadians and their advisors continue to struggle with, as filing deadlines become an ever-moving target. Last Friday (May 22), CRA changed their website to announce they will not charge a late filing penalty as long as the extended June 1 filing deadline is met by September 1. So why file now? Here are some key reasons: Expecting a Refund? If CRA owes you a refund, don’t wait: get that money into your own hands. It... can be used to: Pay off non-deductible consumer debt Saved in a TFSA for emergencies Make quarterly tax instalment remittances (September 1 for the June 15 remittance and following that your September 15 remittance If you are eligible, you can put the money into an RRSP to save money on next filing season Expecting to Pay? You won’t have to remit your payment until September 1, nor will there be a late filing penalty so why file by June 1? It will allow you to find out exactly how much you owe so you can tuck that money aside. Here is the bigger problem: interest will be attached to those overpayments at a rate that is currently 6%. Although, this is expected to drop by a percentage point as of July 1. Expecting Benefits? Are you eligible to receive OAS, GIS, a GST/HST or Canada Child Benefit? The CRA indicated on May 15 that you aren’t required to file a T1 by June 1 to have benefits continue. Payments will continue until the end of September 2020 uninterrupted, as they’ll have trouble assessing all the tax returns that will come in late on June 1 in time to use this to calculate the amounts. That will be a problem for anyone whose income decreased in 2019 as it means that benefits for this period will still be calculated based on 2018 family net income figures. File that tax return as soon as possible in order to qualify for the correct benefit amounts this year, especially if your income situation has further deteriorated in 2020. CRA has further noted that if they are unable to assess tax returns by early September 2020, estimated benefit amounts will stop in October. Further to this, if estimated amounts issued to credit and benefit filers over the summer are overpaid, recipients will have to start repaying those amounts in the fall. Sole Proprietorship? If you are a sole proprietor, your tax filing deadline of June 15 has never changed. However, any amounts owed can be paid by the extended September 1 deadline as well. As no interest or penalties will be charged if this deadline is no met, technically these folks can extend their filings to September 1 as well. CRA has been silent on this however on their website.

The deadline to file your personal taxes is June 1st and for self employed its June 15th. Contact us today to book your last minute remote tax filing appointment.

Last few days remaining to file your taxes, June 1st is the tax filing deadline for 2019. CONTACT NSI Accounting & Financial Services today to get the burden off and file your taxes with us. Your taxes will be efiled remotely and instantly. Phone consultation and support will be provided and full confidentiality will be maintained. ... Check out our FB page and Google page for review. Contact us on 403 922 5004 today.

Notice of Assessments received by many Canadians who have filed their 2019 individual tax returns indicate an incorrect payment date of April 30, 2020. However, the extended deadline of September 1 to pay any balances due does still apply. At this time, the CRA is also warning that they have been experiencing technical difficulties with their phone system, and wait times are not available for anyone looking to speak with a representative.

CEBA: More Businesses Qualify for a $40K Interest-Free Loan image On April 16, 2020 the federal government announced that the payroll threshold for businesses qualifying for the Canada Emergency Benefit Account (CEBA) has been reduced from $50,000 to $20,000 and increased at the upper end from $1 million to $1.5 million. Additional commercial rent relief measures to help SMEs will be introduced soon. Here are the details you need to know: What is the CEBA? Businesses and no...n-profits can qualify to receive an interest-free loan of up to $40,000 if their revenues have been reduced due to COVID-19. There is no specific criteria on how much your revenues have to decrease to qualify for this program. Further, 25% of this up to $10,000 will be forgiven if the loan is repaid by December 31, 2022. It’s a $25 billion program offered through financial institutions in co-operation with Export Development Canada (EDC). How to get the CEBA: Loan candidates will need to apply to their financial institution and meet four basic criteria to qualify. The business. Yours is a Canadian operating business in operation as of March 1, 2020 with a federal tax registration and you intend to continue to operate this business or resume its operations.The payroll. You paid total employment income between $20,000 and $1,500,000 in the 2019 calendar year.The relationship with the financial institution. You have an active business chequing/operating account with the Lender, your primary financial institution, having been opened on or prior to March 1, 2020. You must not be in arrears on existing borrowing facilities with this lender by 90 days or more as at March 1, 2020, and will not have previously used this program or applied for support under this program with any other financial institution.Follow-up. You must agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents. What should the money be used for? You must use the money to pay for non-deferrable operating expenses like payroll, rent, utilities, insurance and property taxes and/or regularly scheduled debt servicing. You cannot use it to prepay or refinance existing debt, pay dividends, distributions and increases in management compensation. Be sure you can back that up in an audit trail. Who is ineligible? You won’t qualify if you are a government organization, body or entity owned by either. Neither will a union, charitable, religious or fraternal organization registered or owned by one, or if so, it is a registered T2 or T3010 corporation generating some revenue from the sale of goods or services. Yours cannot be an entity owned by anyone holding political office, nor can your business must not promote violence, incite hatred or discriminate on the basis of sex, gender, sexual orientation, race, ethnicity, religion, education, age, mental or physical disability. Knowledge beaureu.

IT'S Tax Time! Have you filed yet? It is time to get your personal tax returns completed! Let’s get your tax refund into your pocket sooner rather than later.... Contact us today for personal, self employed or corporate taxes. We also give guidance and provide help related to CERB application.

File your taxes while practicing social distancing, it's as easy as sending documents via email to us. Book a spot today.