FAQ
1. What can Victor Lee CPA help me with my CRA audit?
Victor Lee CPA has extensive knowledge in Canadian taxation matters and extensive experience defending taxpayers against CRA audits. He can quickly identify situations that the CRA auditor has applied the law incorrectly, negotiate the best possible settlement or convince the CRA auditor to terminate the audit.
2. How can Victor Lee CPA help me to avoid a CRA audit?
First, we help you to file your tax returns correctly so that your tax return will not be reflagged for filing errors. Corporate Tax Returns are complex and errors are common for inexperienced filers. Secondly, we know the areas that the CRA pays particular attention to. We help you to stay away from those areas. The areas that the CRA is interested can change from year to year and we make sure we are current.
3. Am I a non-resident or a resident for income tax purposes?
The terms ‘non-resident’ and ‘resident’ are not defined in the Income Tax Act. Whether you are a non-resident or a resident for income tax purposes depends on your connections with Canada not physical presence or absence. You could e a resident despite having lived for 10 years outside Canada. It takes a great amount of professional judgement and knowledge to determine the residency of an individual.
4. How can Victor Lee CPA help me with financing my business?
We understand the financing process very well having been through hundreds of them. We will guide you through the process and, more importantly, help you find the best possible lender with the best terms and rate.
5. Why do I need estate planning and how can Victor Lee CPA help?
Without proper estate planning, your estate could lose up to half of its value to taxes. As well, the distribution of your estate might not be in full alignment with your wishes. We know how to use the various tools (such as trust, holding company..etc ) to achieve your estate planning goals. We have done it many times.
6. My business is located in Ontario. How much HST should I charge selling to a client in British Columbia?
It depends on a number of factors. First, British Columbia is not a HST province meaning it has its own Provincial Sales Tax. And then, you need to know the type of goods or services provided and a host of other information. It can get fairly complicated unfortunately.