Question 1

Where is Finsight Accounting located?

Accepted Answer

Our office is at 340 Midpark Way SE, Suite 300, Calgary, AB T2X 1P1, in the Midpark area of Calgary, accessible via Macleod Trail. We also serve clients remotely across Canada.

Question 2

What are your office hours?

Accepted Answer

We are open Monday to Friday, 9:00 AM to 5:00 PM. During peak tax season (February to April), extended hours and weekend appointments are available for existing clients. Contact us to arrange.

Question 3

Do you offer virtual or remote CPA services?

Accepted Answer

Yes. We serve clients across Canada remotely via video conference (Zoom, Teams) and a secure cloud-based document portal. Many of our local clients also prefer the convenience of fully remote service.

Question 4

How do I book a consultation?

Accepted Answer

Call us at (587) 406-1085, email info@finsight.ca, or submit our online contact form. We typically schedule consultations within 1 to 3 business days.

Question 5

Are you a licensed CPA firm?

Accepted Answer

Yes. Finsight Accounting Professional Corporation is a licensed accounting firm operating under the oversight of CPA Alberta. A licensed Chartered Professional Accountant performs or supervises all our public accounting services.

Question 6

When is the personal income tax deadline in Canada?

Accepted Answer

The T1 personal income tax return deadline is April 30 for most Canadians. If you or your spouse/partner is self-employed, the deadline to file is June 15. However, any taxes owing are still due by April 30 regardless of which deadline applies to you. Filing late when taxes are owing results in penalties and interest.

Question 7

What documents do I need to file my T1 return?

Accepted Answer

For a complete T1 return you will typically need: T4 slips (employment income), T5 slips (investment income), RRSP contribution receipts, T2202 (tuition), charitable donation receipts, medical expense receipts, business income records (T2125), rental income records (T776), and any CRA Notices of Assessment from prior years.

Question 8

Can you file prior year tax returns?

Accepted Answer

Yes. We can file or amend tax returns going back 10 years. Filing late returns or correcting old returns can recover missed refunds, Canada Child Benefit amounts, GST/HST credits, and RRSP contribution room.

Question 9

How much does it cost to file a T1 return?

Accepted Answer

Pricing depends on the complexity of your return. A simple T1 for a salaried employee starts at a flat rate, while returns with rental income, self-employment income, foreign assets, or multiple slips are priced higher. We provide upfront pricing during your consultation before any work begins.

Question 10

When is the corporate tax return (T2) due?

Accepted Answer

The T2 return is due within 6 months of the corporation's fiscal year-end. Corporate taxes owing are due within 2 months of the fiscal year-end (3 months for Canadian-Controlled Private Corporations that qualify). For example, a December 31 year-end corporation must pay taxes by March 31 and file its T2 by June 30.

Question 11

What is the small business tax rate in Alberta?

Accepted Answer

Alberta small businesses pay a combined federal-provincial rate of approximately 11% on the first $500,000 of active business income eligible for the Small Business Deduction (SBD), made up of the 9% federal small business rate plus the 2% Alberta small business rate. Income above the $500,000 SBD limit is taxed at the general corporate rate of approximately 23% (15% federal plus 8% Alberta). Rates change periodically. Always verify current rates at canada.ca and alberta.ca, or with a CPA, before relying on them for any decision.

Question 12

Do I need to file a T2 if my corporation has no income?

Accepted Answer

Yes. Every Canadian corporation must file a T2 return for every fiscal year it exists, even if it had no income, did not carry on business, or has been inactive. Failure to file results in penalties.

Question 13

What is a shareholder loan and what are the tax rules?

Accepted Answer

A shareholder loan occurs when a corporation lends money to a shareholder (or vice versa). CRA has strict rules: if you borrow from your corporation, it must generally be repaid within 1 year of the fiscal year in which the loan was made, or the amount is included in your personal income. Shareholder loans are a common CRA audit target, particularly where repayment does not occur on time.

Question 14

I received a letter from CRA. What should I do?

Accepted Answer

Do not ignore it. CRA sends several types of letters: Notices of Assessment (normal), requests for information, audit notifications, and demand to file letters. Read the letter carefully to understand what CRA is asking. Contact a CPA immediately, as response deadlines are strict and how you respond can significantly affect the outcome. Finsight handles CRA correspondence on behalf of clients.

Question 15

What triggers a CRA audit?

Accepted Answer

CRA audits are triggered by several factors: income that is significantly below industry averages for your reported profession, large deductions relative to income, repeated losses from a business activity, inconsistencies between your T1 and information slips, and random selection. Certain high-risk activities (rental properties, self-employment, investment activity) face higher scrutiny.

Question 16

How long does a CRA audit take?

Accepted Answer

A simple desk audit (reviewing specific items by correspondence) typically takes 3 to 6 months. A field audit (in-person review of books and records) can take 6 to 18 months depending on complexity. Having organized records and a CPA managing the process significantly speeds resolution.

Question 17

What is a Notice of Objection?

Accepted Answer

A Notice of Objection is your formal right to dispute a CRA reassessment you believe is wrong. You must file it within 90 days of the Notice of Reassessment date. Finsight prepares and files Notices of Objection and manages the CRA Appeals process on behalf of clients.

Question 18

What is the difference between bookkeeping and accounting?

Accepted Answer

Bookkeeping is the day-to-day recording of financial transactions: sales, purchases, payments, and receipts. Accounting involves the analysis, interpretation, and reporting of those records: financial statements, tax planning, and compliance filings. At Finsight we provide both, integrated into a seamless monthly, quarterly or annual service.

Question 19

What software do you use for bookkeeping?

Accepted Answer

We work with QuickBooks Online, Xero, and Sage. For most small and medium businesses, we recommend QuickBooks Online for better access, bank feed integration, and compatibility with CRA filing requirements.

Question 20

When are payroll taxes due?

Accepted Answer

CRA payroll remittances (CPP, EI, income tax withholdings) are due by the 15th of the month following the pay period for regular (monthly) remitters. Accelerated remitters have more frequent deadlines. T4 slips are due by the last day of February following the calendar year. Missed remittance deadlines result in significant penalties.

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