Tax Credit
Services
TOP
TIER ACCOUNTANTS Chartered Accountants
is a full service accounting firm that helps clients identify tax credits in
Ontario. There are several tax credits that are offered in the province of
Ontario and TOP TIER ACCOUNTANTS CA focuses on helping clients identify tax
credits in Ontario that are most applicable to them. TOP TIER ACCOUNTANTS CA
has identified the following as popular tax credits in Ontario:
1) Digital Media Tax Credit Toronto– with
the Ontario Interactive Digital Media Tax Credit (“Digital Media Tax Credit”),
you can recover up to 40% of your eligible labour expenses and up to $100,000
of your marketing and distribution expenses. This Digital Media Tax Credit can
be a perfect fit for companies that may not qualify for the SR&ED
(“Scientific Research & Experimental Development”) program. The tax credit
is not applied automatically and requires you to submit an application. TOP
TIER ACCOUNTANTS CA has expertise in assisting clients with the Digital Media
Tax Credit and we encourage you to contact us if you need help with this
credit.
2) GST Housing Rebate Ontario– The
GST/HST new housing rebate allows for individuals to recover some of the goods
and services tax (GST) or the federal part of the harmonized sales tax (HST)
paid for a new or substantially renovated house that is for use as the
individual’s, or their spouse’s primary place of residence, and all of the
other conditions are met. In order to qualify for the Federal rebate, the total
purchase price of the home must be less than $450,000 otherwise one cannot
qualify to recover the federal portion of the HST paid.
If
your house is located in Ontario, you may also be eligible to claim a
provincial new housing rebate to recover some of the provincial part of the HST
that you paid to buy the house. TOP TIER ACCOUNTANTS CA has done hundreds of
applications for clients with regards to the GST/HST new housing rebate and
have helped those clients recover thousands of dollars paid in GST/HST. If you
feel that you meet the requirements of the GST/HST Credit then please contact TOP
TIER ACCOUNTANTS CA immediately to have a tax professional file your
application as soon as possible.
3) Disability Tax Credit Toronto– The Government of Canada offers a variety of tax benefits to people with disabilities.These benefits are provided under the assumption that people with disabilities will have unavoidable, additional expenses that are not faced by other taxpayers. The Disability Tax Credit (DTC) is intended to act as a fairness measure for people with disabilities and their families. As such, it is designed to help offset the additional expenses associated with having a severe and prolonged impairment in physical or mental functions, which markedly restricted a person’s ability to perform at least one basic activity of daily living. The credit is a great break by the Government of Canada for those people with disabilities. If you know or are affected by someone who is affected by disabilities and feel they are not taking advantage of the disability tax credit then please have them contact TOP TIER ACCOUNTANTS CA today to get help in filing this credit on their behalf.