Testimonials

Cathy Mauro

"In the startup phase of my business I needed some challenging questions answered relating to payroll and accounting systems. Rather than spending hours researching it, I let Williamson Accounting handle it – providing clear-cut answers to my issues instantly. As a small start-up I was unsure a professional accounting firm would take time to work with me. But no business is too small for Williamson Accounting and they gave me the one-on-one consultation I needed and great professional guidance. With their help I know I am making smart decisions in handling my business finances."

Cathy Mauro, President, Stand Ease Incorporated

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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.

Six Deduction the Taxman Doesn't Want You To Have

TaxmanIt’s interesting how what is not ok with family and social development, is perfectly fine with the law.

For example, it’s perfectly legal for a sibling to pay their brother or sister to do their chores. But I believe most parents would veto this idea, because although ok by law, it’s the principle that counts.

It’s clear that the law doesn’t always recognize that certain behaviours may be against other laws. Take for example, while it’s illegal to marry more than one person in Canada, our law for tax purposes will allow you to treat more than one person as a spouse, if each meet the definition under the income tax act.

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

James Branch Cabell

"The optimist proclaims that we live in the best of all possible worlds, and the pessimist fears this is true."

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