Frequently Asked Questions
How do I get started with your accounting firm?
To get started, you can book an initial consultation via our website, or contact us directly by phone or email. During the consultation, we will discuss your specific needs and how we can best assist you.
What are the tax benefits of incorporating my business?
Incorporating your business can offer tax deferrals, income splitting opportunities, limited liability, and potential tax deductions for business expenses that are not available to sole proprietors. We can analyze your specific situation to determine if incorporating is the right choice for you.
What happens if I miss a tax filing deadline?
If you miss a deadline, you may be subject to penalties and interest on any unpaid taxes. We recommend filing as soon as possible, even if you can’t pay the full amount. We can help you understand your options and minimize any potential penalties.
Do I need to file a tax return if I did not earn any income?
Even if you did not earn any income, you may still be required to file a tax return. Filing allows you to receive certain tax credits and benefits, such as the GST/HST credit or the Canada Child Benefit, if you qualify.
How much do your accounting services cost?
The cost of our services varies depending on the complexity and scope of the work. We offer a free initial consultation where we can assess your needs and provide a customized quote. Our fees are competitive and transparent, and we will ensure you understand the costs upfront.
What is the difference between a sole proprietorship, partnership, and corporation?
A sole proprietorship is a business owned by one individual. A partnership is owned by two or more individuals who share profits and liabilities. A corporation is a separate legal entity from its owners and offers limited liability protection. We can help you decide the best structure for your business based on your needs.
Oxy Accounting has been a great partner to us and I personally cannot be more grateful.
I highly recommend Oxy Accounting to anyone looking for reliable, professional accounting services. They’ve made my financial life so much easier, and I feel much more secure knowing my finances are in their capable hands.
Laura Park
Founder – Abstract
