Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

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Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Inheritance and Taxes

By: Michael L. Williamson- Manager, Williamson Accounting

Lately, I have been posed with this question: do I have to pay taxes on the property that I inherit from my relative? Let’s take a look at this important question.

Is there an Inheritance Tax in Canada?

Canada does not have an estate inheritance or a death tax. In general, there are no taxes levied by CRA on the beneficiaries; without being brazen, when a person dies they leave the Canadian tax system. On death they are subjected to tax for the very last time and the estate pays any tax that is owed to the government.

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Will you be able to afford your home in retirement?

Guess Article By: Ian Webster, Financial Planner

People looking ahead to life after work often have little idea how much money they spend now, let alone 5 or 10 years into the future.

Expenses never really go away. After all, you have to live somewhere. With the rate of home ownership in Canada hovering near 70 per cent, and with household debt near a record high, most people’s financial health is closely tied to the value of their principal residence.

But while many may have considerable wealth tied up in their home, they tend to ignore the off-balance sheet liability when it comes to the costs of keeping it. Whether it’s rising hydro rates or property taxes that only trend upward, these unavoidable costs of living are destined to take significant bites out of fixed retirement budgets.  

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How will the New Government Affect your Taxes?

Income tax

Depending on your tax bracket, the new government may either cost you or save you big bucks. 

Here are some of the Liberals’ promised tax changes and what they mean to you- When these promised will take effect is currently uncertain:

Lower Taxes for Middle Class
The Liberals as stated that their first priority will be to cut the tax rate from 22 per cent to 20.5 per cent for the middle income tax bracket, which affects Canadians with taxable annual income between $44,701 and $89,401. There is some speculation that this could be done retroactively to the beginning of 2015, but more than likely, this rate change would be effective January 1, 2016. However, for this to take place Prime Minister Justin Trudeau would have to act pretty quickly, very similar to what Rachel Notley had done in Alberta.

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We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
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Quotable

Franklin D. Rooosevelt

"In the truest sense, freedom cannot be bestowed; it must be achieved"

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