PRAC Financial Services Inc.

PRAC Financial Services inc.
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FAQs

Our General Frequently Asked Question From Clients

What tax services do you provide?

We provide a full range of Canadian tax and accounting services, including:

  • Personal tax returns
  • (T1)Corporate tax returns
  • (T2)GST/HST filings
  • Payroll setup and filings
  • Bookkeeping and financial statements
  • Newcomer and immigrant tax services
  • CRA audit support and dispute resolution
  • Cross-border and foreign income reporting

You must file a tax return if you:

  • Earned income in Canada
  • Are self-employed
  • Own a corporation
  • Have rental or investment income
  • Want to claim a refund or benefits (e.g., CCB, CAIP, GST credit)
  • Are a newcomer or returning resident

Common documents include:

  • T4, T5, T3, T5008, T4A slips
  • RRSP contribution receipts
  • Tuition slips (T2202)
  • Medical expenses
  • Rent or property tax receipts
  • Foreign income and asset details (if applicable)
  • Prior year Notice of Assessment

Typically required:

  • Financial statements (Income Statement & Balance Sheet)
  • General ledger and trial balance
  • GST/HST reports
  • Payroll summaries (T4/T4A)
  • Shareholder information
  • Asset and loan details
  • CRA correspondence (if any)
  • Personal tax returns: April 30
  • Self-employed individuals: June 15 (payment due April 30)
  • Corporate tax returns: Within 6 months of fiscal year-end
  • GST/HST: Monthly, quarterly, or annually depending on registration

  • Late filing may result in:

    • Penalties and interest
    • Loss or delay of government benefits
    • Increased CRA scrutiny
    • If you have unfiled returns, we can help with back taxes and voluntary disclosures.

  • Yes. We assist with:

    • CRA review letters
    • Audit responses
    • Reassessments and objections
    • Payment arrangements and negotiations
    • Voluntary Disclosure Program (VDP)

  • Yes. If you:

    • Earn income outside Canada
    • Own foreign property or investments
    • Have overseas bank accounts
    • We ensure proper reporting, including T1135 (Foreign Income Verification Statement) where required.

  • Absolutely. We specialize in:

    • First-year tax returns
    • Worldwide income reporting
    • Newcomer benefits
    • Residency status determination
    • SIN, CRA account, and benefit setup

  • Fees vary based on complexity. We offer:

    • Transparent pricing
    • Flat-fee options for standard returns
    • Customized quotes for businesses
    • There are no hidden fees.

  • Yes. We follow strict confidentiality standards and use secure systems to protect your personal and financial data.

  • No. We offer:

    • Fully remote tax filing across Canada
    • Secure document upload
    • Phone, email, and video consultations

  • Yes. We provide proactive tax planning to:

    • Minimize tax liability
    • Maximize deductions and credits
    • Plan for retirement, investments, and business growth

  • No problem. We can:

    • File multiple years at once
    • Communicate with CRA on your behalf
    • Reduce penalties where possible

  • Simply:

    • Contact us for a free consultation
    • Complete our intake form
    • Upload your documents securely
    • Review and approve before filing