Looking for an accountant - tips?

[corpfan1]

1. I am in Canada (Toronto area).

2. I need an accountant to help with Affiliate Revenue for 2007 (full-time).

3. I have always done my own taxes with a regular T4 and job.

4. I need help with write-offs.

5. I need help with deciding how much/whether to contribute to an RRSP (I have never contributed before).


Any tips? What are the steps to finding the best situation here?

Thanks for any advice!

[kaus]

Originally Posted by corpfan1

5. I need help with deciding how much/whether to contribute to an RRSP (I have never contributed before).


Any tips? What are the steps to finding the best situation here?

Thanks for any advice!

I would personally get an accountant - they are held responsible for your info and if CCRA does enquire they will speak to them not you.( Personal experience my tax guy(rev canada guy) is an ass...... you really dont want to have to deal with them) As far as your RRSP your 2006 assesment should have a sheet attached as to what your limits are I think its something like 30% of your income each year is allowed for contributions the following year.

If you have never contributed than each year you have worked that amount will just be stacked on top of each other. ( I have always been told to try and make sure I dont go over my contribution limits)

Also I would see a chartered accountant in a firm before I go to H&R block for this

[Graham]

Chris... I am in a similar situation. If you find a good one, let me know. I am going to Vegas for a few days, but we can chat more on MSN about it when I get back.

As for RRSP I try and put as much in as I can afford. It'll help make the amount you owe in taxes a little better

[Kyle]

Originally Posted by kaus

I would personally get an accountant - they are held responsible for your info and if CCRA does enquire they will speak to them not you.

Even if someone else prepares the return, you are still responsible for the information on the return.

[Dave]

Hey Corp,

Happy belated Birthday by the way!

You should go here and study:

http://www.cra-arc.gc.ca/menu-e.html

I wouldn't trust anyone but the real deal and do all my taxes myself.

You've never contributed to your RRSP?

Contribute the max whenever possible man..... it's the only real tax break you'll get here in Canada.

Huge savings for us self-employed.

I recommend putting all your tax saving into semi-conservative Mutual Funds through TD WaterHouse.

I've made a killing in the last three years with the strong Canadian economy.

Here's my picks and have ten's of thousands personally in these funds...all doing well 20% plus annually:

Universal Canadian Resource Fund

CI Canadian Investment Fund

TD Monthly Income "I" Fund

My birthday present to you.

Write-offs?

Everything even remotely related to your online business.

I have written-off all of the internet marketing ebooks and software I've bought on Clickbank. Over 2k last year alone with no problems from Rev Canada.

Hosting... advertising... office supplies... you name it.

Be sure to keep all your receipts as proof just in case.

But Cherlye is right..... if you feel like you need a CPA you probably do if just for peace of mind.

Rock on Corp!

[kaus]

Originally Posted by Kyle

Even if someone else prepares the return, you are still responsible for the information on the return.

Yes you are but they will act on your behalf as long as you have given them everything. The way my accountant put it was if I get audited they do the leg work not me. A regular tax return is something like $80 for me she said next year will run a couple hundred as long as I have most of it done. (all reciepts organized and if possible an excel file to make it quicker)

The only reason I suggest having an accountant is you know its done ( as long as you trust them) Besides that would you rather know that what you claimed is correct or have the tax man calling you a couple of years down the road cause they randomly selected yours to review again. Your accountant is a write off too

For myself I would rather play it safe,

[corpfan1]

Thanks everyone...Graham we will talk.

Thanks for the info/advice Dave.

My real question is....

If I have never contributed to an RRSP...is there an amount that is TOO MUCH to contribute in 1 year (up to my max on my 2006 return)?

In other words, should I save any (since I have a big chunk allowed) for the following year??

Also, I would rather do it myself - but I am not sure of the best way to arrive at the best figure for RRSP contribution and not sure of ALL the things I can write off?



Furthermore, does anyone have any tips/how-to info for RRSPs? It is all new to me!

Cheers!

[Dave]

My real question is....

If I have never contributed to an RRSP...is there an amount that is TOO MUCH to contribute in 1 year (up to my max on my 2006 return)?

In other words, should I save any (since I have a big chunk allowed) for the following year??

It's always a bit of a crap shoot Corp.

Do you know how much money you will make next year to take full advantage of your RRSP contribution?

Because if you don't.... we sure don't.

You're over analyzing the situation.

You can't go wrong taking your maximn RRSP contribution right now... this year.

Just do it and put 99% of Canadians to shame for not doing it.

[corpfan1]

So if I do the full amount...can it OVEREXCEED helping me reduce my taxable income? Is that possible?

Just curious...

Rough example...

I can contribute $18,000

My gross income before deductions is $40,000


How does the math work roughly for this? Just so I get an idea of how the RRSP affects stuff.

Thanks!

[kuzma]

H and R block..


the way it works is if the IRS audits you.. H and R block will help defend you with its own lawyers...