About us our services Ultra Financial Services Precision accounting for your peace of mind. About us our services Balancing your books, balancing your business.
Over 60 Years of Combined Experience for all your accounting, bookkeeping and tax preparation requirements.

Expertise and Experience. Trust your finances with us!

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Tax Preparation

Tax preparation can be a daunting task for many people, with its many rules, regulations, and forms to fill out. That’s where our tax preparation service comes in!

finance

Payroll Service

We support you in all aspects of your organization’s payroll processing. This includes tasks such as calculating employee wages and salaries, withholding taxes and other deductions, WSIB and generating paychecks or direct deposits.

finance

Bookkeeping

Recording financial transactions and maintaining accurate financial records is an essential part of managing a business, as it helps keep track of income and expenses, monitor cash flow, and make informed financial decisions.

What We Do For You

We offer a wide range of accounting services, including tax preparation and planning, bookkeeping, financial statement preparation and assurance services. We have a diverse client base, ranging from small businesses and startups to large, well established companies.

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FAQs

Do you have to file an income tax and benefit return?

You should find out about your tax obligations to see if you need to file an income tax and benefit return. Filing a return is the only way to receive refunds as well as certain benefits and credits, including the Canada child benefit, the Canada workers benefit, the goods and services tax/harmonized sales tax credit, the Guaranteed Income Supplement and related provincial and territorial payments.

To continue getting your benefit and credit payments, you need to do your taxes on time every year, even if your income is tax exempt or you had no income at all

How long do you need to save your supporting documents?

As a general rule, you have to keep all supporting documents for at least six years from the end of the last tax year they relate to. However, if you filed your income tax and benefit return late, keep your documents for six years after the day you filed your return. These documents help support any deduction or credit you claimed.

If you are self-employed or a sole proprietor, you may need to keep some of your business records for a longer period of time.

What are the penalties for filing your income tax and benefit return late and for not paying what you owe to the CRA on time?

If you have a balance owing for the year and do not file your income tax and benefit return on time, you will be charged a late-filing penalty. The penalty is 5% of your balance owing that remained unpaid when the return was required to be filed, plus an additional 1% for each full month your return is late (up to a maximum of 12 months).

If you were charged a late-filing penalty on any of your returns for 2019 to 2021 and you have been sent a demand to file a tax return for 2022, your late-filing penalty for 2022 may be higher. The penalty is 10% of your balance owing that remained unpaid when the return was required to be filed, plus an additional 2% for each full month your return is late (to a maximum of 20 months).

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