   
Dear Clients and Friends,
Whether it's St. Patrick's Day or March break, the sun is shining, the snow is melting and spring is on it's way!
One thing we cannot forget about is tax season! We are midway into taking care of your taxes and would like to take time to thank you for your business and referrals.
We always value your commitment to work with us and in turn, you have our commitment to provide you the best service possible.
We are dedicated to assisting you in getting ready for Tax Season 2019 and keeping you up to date on what you need to know.
Amidst the turmoil that is going on in the world today, we will keep you updated as changes are announced.
In this issue of Insiders Look, we will provide you with some tax tips that will keep you in the loop.
Have a look:
1. Recap of February's Insiders Look
2. What happens if you are audited by CRA?
3.. File Late...Pay a penalty!
4.. How to file taxes for someone who is deceased
5. Newcomer? First time filing taxes?
6. Automation Updates
7. Professional Network: Connecting you to my network of Professionals
8. Our Team of Professionals
Connecting with my clients has been my driving force in creating quality relationships. It is always great to hear from you, so please drop me a line at clientcare@Arjcpa.ca or you can reach me directly at ajaffer@Arjcpa.ca.
The Financial Tools on our website, www.arjcpa.ca,, are always there to assist you whenever you are searching for an answer regarding your tax planning or in your everyday financial life.
If you have any questions or comments, do not hesitate to contact us at clientcare@Arjcpa.ca or call us at 905-629-7720. I look forward to hearing from you!
Please note that our admin@arjcpa.ca email address has now changed to clientcare@Arjcpa.ca.
We thank you for your loyalty and look forward to a bright spring!
Yours truly,
Ali Raza Jaffer, CPA, CGA, MBA, BComm
President, AR Jaffer Professional Corporation
Chartered Professional Accountant
1. Missed it? Here is a recap of February's Insiders Look
1. Recap of January Insiders Look
2. Tax Credits for Disabilities
3.. RRSP Tax Tips for 2020
4.. RRSP vs Tax-Free Savings Account (TFSA) vs Mortgages – Which one works for you?
5. Need assistance with your personal taxes?
6. Business Dashboard
7. Our Professionals
Click here to read up on what you missed! Or go to our website at www.arjcpa.ca.
Check us out on our social media platforms:
  
2. What Happens If You Are Audited By CRA?
You’re puzzled, why am I being audited by the Canada Revenue Agency (CRA)? You filed everything correctly, so now what? First don’t panic. Next, contact a professional. When CRA audits small businesses, the process is not that complicated.
Here’s a quick overview of your rights and responsibilities.
Know what you are responsible for during a CRA audit! Click here to learn all about it. Here a glimpse of what it looks like:
- Keep adequate books and records by law as you are required to keep your books and records for 6 years. Click here to find out more.
- Keep your books and records in an electronically readable format.
- You will be contacted by a CRA auditor. Click here to find out how.
- The auditor may be required to make copies or borrow some of your documents. You will be given a receipt for the documents of what has been taken and they will return it as soon as possible.
- Provide all your records (both paper and electronic) along with clear, complete and timely explanations to the auditor’s questions.
- You are still responsible for the information that goes to the CRA, even if you use a tax professional.
Know your rights during an audit:
The worry has set in and you are overwhelmed, learn what your rights are via the Taxpayer Bill of Rights. You will find the full list by clicking here. Below are a few tips:
- You have the right to receive entitlements and to pay what is required by law
- You have a right to privacy
- You have the right to a formal review and a subsequent appeal
- You have the right unless otherwise provided by law, not to pay income tax amounts in dispute before you have had an impartial review
- You have the right to obtain relief from penalties and interest under tax legislation because of extraordinary circumstances
Key takeaways:
- Keep your stress at a low, CRA auditors are there to help you in making the audit, as fast and fair as possible.
- You have options, if you do not agree with a reassessment, you have the right to appeal it.
- To keep your audit on the right track, hire an experienced accountant! We will organize your files and ensure that your papers are submitted on time.
Quick tip:
Have you received phone calls recently from the “CRA” demanding, you call back or “face legal consequences”? These are almost certainly fraudulent. If you have any concerns about your tax status, contact the CRA immediately. Click here to learn more.
3. File Late...Pay a penalty
We get busy, we forget, or we just completely avoid it! Is it worth it?
There is a penalty of 5% of unpaid tax and 1% for each month that you are late. Your late penalty payment is due on April 30, 2020.
If you do not have your documents ready and could be late in filing, it is better to file than being late and incur further interest and penalties.
Can you avoid paying a penalty? Click here to learn more.
Make it easier and call us! We will catch you up and keep you on track. We can be reached at 905-629-7720 or email us at clientcare@arjcpa.ca to book an appointment.
Catch me on social media or www.arjcpa.ca.
4.How To File Taxes For Someone Who Is Deceased
It is a struggle to deal with the loss of a loved one. There is so much to think about. One thing you don’t want to forget is to file taxes for the deceased.
You will find more information by clicking here.
Remember you are not alone. My team at AR Jaffer Professional Corporation is here to support you in filing taxes and making sure you are taken care of. Call us at 905-629-7720 or send us an email me at clientcare@arjcpa.ca.
5. Newcomer? First time filing taxes?
Congratulations and Welcome!
You have made a life-changing decision! You're excited and yet so much is being thrown at you and now it's tax time! What do I do? How do I do it?
Here are some answers to questions to help you out:
- Why do I need to file a tax return?
- If you are considered a Resident of Canada, it is important for you to file your income tax return, after you arrive in Canada. To learn more click here. Here are some reasons why:
- To receive benefits and a tax refund
- Have access to:
- Canada Worker benefits and credits.
- GST/HST credit
- Canada Child Benefit
- What Information Do I Need to File My Return?
- You will require your personal information, such as name, address and your Social Insurance Number (SIN).
- For more information, please have a look at our full Personal Tax Checklist 2019
Whether you are starting a new job or a new business, we are here to support you.
Call us at 905-629-7720 or send us an email at cliencare@arjcpa.ca or visit our website at www.arjcpa.ca.
6. Automation at AR Jaffer Professional Corporation
Times are changing and it’s important for me to keep my clients up to date on what’s happening in our office.
From QuickBooks Desktop to Online: QuickBooks has created a space where you can have your numbers in the cloud! Access your accounts from anywhere around the world, 24/7! Call me and I will take you to the clouds.
Take a pic and throw it away! That’s what you can do with all those receipts!
We now have a mobile app, where you take a picture of your receipt, click submit and the app extracts the info and sends it to QuickBooks Online! Creating more time for you to enjoy what you love the most.
If you would like further details on how we can help implement automation to support your accounting needs, call us at 905-629-7720 or email us at clientcare@arjckpa.ca and ask for automation!
Visit our website at www.arjcpa.ca to learn more.
7. Professional Network: Connecting You To Our Professional Network
How to succeed in today’s globally competitive market:
- It is imperative for leaders to devote time and resources to developing teams
- Building positive communication with devoted employees
- Inspiring improved performances.
How to influence those who will contribute and collaborate with their leaders to the benefit of the entire organization:
- Engaging employees in productive coaching discussions and professional development programs
The power of a true leader:
- Empowers his/her employees to identify and develop their talents and hold them personally accountable for growth.
- Recognizes that the employees’ entire wellbeing (personal and professional) is key to having a successful business.
If you would like us to connect you to some of our professionals and partners, such as lawyers, real estate agents, bankers, professional and business coaches, mortgage brokers or investment advisors,
Call us at 905-629-7720 or email us at clientcare@arjpca.ca.
8. Our Team of Professionals
Ali Raza Jaffer, CPA, CGA, MBA, BComm.
Email: ajaffer@arjcpa.ca
Fatima Rasul, ACCA (UK)
Email: fatima@arjcpa.ca
Seema Khanna, CPA, CGA, BComm
Email: seema@arjcpa.ca
Sajita Manoj, BComm., CPA Student
Email: sajita@arjcpa.ca
Sumati Sharma, BComm, MComm., CPA Student
Email: sumati@arjcpa.ca
Nida Noordin, ACCA (UK), CMA (IMA-US), BComm.
Email: nida@arjcpa.ca
Pacita Padilla - BComm.
Email: pacita@arjcpa.ca
Ali Jawad Rajani - BBA
Email: jawad@arjcpa.ca
Salma Ceizar - Administration and Marketing Coordinator
Email: salma@arjcpa.ca
Jessy Fernandes - Administrative Assistant
Email: clientcare@arjcpa.ca
Sabira Jaffer - Office Manager
Email: sabira@arjcpa.ca
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