Frequently Asked Questions

Hemlock Accounting has experience working with clients in various industries, including film, real estate, construction, and retail.

Yes, Hemlock Accounting offers remote accounting services to clients who are unable to meet in person or prefer to work with us virtually.

Our accountants have an average of 10 years of experience in the accounting industry. They are highly qualified and knowledgeable about the latest accounting practices and regulations.

Yes. There are benefits to filing a tax return even if you did not earn any income in the tax year:

- Filing a tax return may enable you to receive the quarterly GST/HST credit, and may be required to continue receiving the Canada Child Tax Benefit

- If you have unused tuition credits you will be required to file a tax return to carry these unused credits into future years

 Personal tax returns are due April 30, personal tax returns with self-employed income are due June 15. Balances owing to CRA are due April 30.  

 If you owe installments to CRA for your personal taxes you will receive a notice from CRA outlining the required payments due March 15, June 15, September 15 and December 15 

 Yes you can. Payments made to private medical insurance providers are deductible on your tax return as a medical expense. Any payments made to public medical insurance plans (ie MSP) are not deductible. 

Yes, we provide corporate (T2) and personal (T1) tax filing services. 

There are a range of expenses which can be claimed against your rental income. We will provide you with an exhaustive list of expenses as part of the tax filing process. The main expenses being:

- Insurance

- Mortgage interest (principal not allowed)

- Accounting fees

- Management fees 

- Strata fees

- Property taxes

 There are pros and cons to RRSP and TFSA contributions. We can cover key details of both options during a consultation to ensure you are making the most informed decision possible. 

 If your foreign property is valued over $100,000 and is earning rental income for you then you will be required to file a T1135 with CRA. We can assist with the T1135 filing. It is important to be fully compliant with your T1135 filings as there are large penalties for failure to file T1135s with CRA.