Reliable, Professional Accounting Services - Fast

Bookkeeping, Tax Returns, Reporting

Over 20 years of experience helping businesses prepare and understand their financials
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professional advice...

Bookkeeping

Onsite or remote, regular document collection and Cloud systems. Complete service, or just the job you hate the most!


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Tax Returns

Income Tax returns - Incorporated and Self-Employed, HST and Payroll. Professional advice - as close as a phone call or email.


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Reports & Forecasting

Financial reports, Inventory reports, Receivables and Payables. Forecasts and Business Plans, evaluations to KPI's.


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We work with you as part of your team, enabling you to manage your business to growth and profitability...


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ERELATUS - your partner to success

About ERELATUS

ERELATUS has been helping businesses prepare and understand their financials for over 20 years through professional insights and advice.

ERELATUS operates as part of AmpereData Inc.

Accounting FAQ's

T4 & T5 Statements:
February 28, 2022

GST/HST Return:
Shown on your return, but generally, 3 months after the end of the reporting period for annual filers. Beware if you have a June 15 filing date, tax due has to be paid by April 30 to avoid penalties.

T2125:
A sole-proprietor or partnership that files the T2125 schedule as part of the individuals' T1 return has until June 15 to file. Tax due is still payable by April 30 to avoid penalties.

T2:
Corporation tax returns are due six months after the end of the corporations' tax year end, e.g. a March 31 tax year end means the corporation must file a T2 by September 30.
Generally late payment penalties and interest charged on late payment of federal or provincial taxes is not a deductible business expense.

Similarly parking fines and traffic tickets or not deductible.
Do you know which class your expense belongs to?
Do you know the best time to make an investment in a Capital asset to maximise your Allowance?
Are you charging the correct rate for your IT assets - it could be 30% or as much as 100%?
Taking some of your home expenses to charge against your business is a great way to reduce your taxes. Calculate by area or number of rooms.

What if you have a corporation? Here the rules change somewhat, careful about charging mortgage interest, or you could end up loosing your principle residence tax exemption when you sell your home!
A passport is considered a personal expense. However you certainly can claim flights and travel costs, accommodation and Visas related to your business travel.
If it's a simple expense you paid on your credit card, just use the Cdn$ amount on the card statement to enter in your books.

Revenue invoices should be translated at either a spot or average transactional rate for the financial period. When your invoice is settled, you process the payment at a spot or average transactional rate for that period and take any difference to an expense account.

Confused? Revaluing receivables at say, a year-end complicates it further.

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Contact

ERELATUS

844 Runningbrook Dr
Mississauga, ON   L4Y 2S1