MB ACCOUNTING

Amit Puri, CPA, CA, BBA Chartered Accountant amit@mbaccounting.ca

MAKE A DIFFERENCE WITH MB ACCOUNTING

MB Accounting is a Canadian accounting firm providing accounting, tax and consulting services to Canadian and American businesses.

We provide specialized services in:

FINANCIAL STATEMENTS BOOKKEEPING CORPORATE & PERSONAL TAX RETURNS ALL FILING REQUIREMENTS.

We stand behind our forward thinking, confidence and performance.

Our company is built to provide you a full range of comprehensive professional services focused on entrepreneurs in all industries.

Our team includes Chartered Accountants (Canadian CA), Certified Management Accountants (CMA), and Certified General Accountants (CGA). Our mission is to become your "go to team" and be your initial point of contact for all your professional needs.

Our firm offers a wide range of services to our individual and business clients. Our clients benefit from personalized, quality service that is beyond comparison. We have listed below the services that we offer to our clients, together with a brief description. As the list shown below is by no means comprehensive, please feel free to inquire about a service if you do not see it listed.

Here are some strategies for tax savings for you and your business

COMMON PERSONAL TAX CREDIT

With the 2014 personal tax filing deadline just around the corner you may be wondering what personal tax credits may apply to you. Some of the common tax credits that may apply to you include

CHILD TAX CREDIT

This is a non-refundable tax credit available for each child that is under the age of 18, at the end of 2013. A tax credit of $2,234 is available under these circumstances.

CHILDREN’S FITNESS TAX CREDIT

Tax payers with children, under the age of 16, enrolled in an eligible fitness program can receive a non-refundable tax credit of $500 per child.

CHILDREN’S ART TAX CREDIT

Taxpayers with children, under the age of 16, enrolled in an eligible arts program can claim a non-refundable tax credit of up to $500 per child.

ADOPTION EXPENSE TAX CREDIT

If you adopt a child under the age of 18, a non-refundable tax credit for upto $11,669 of expenses incurred (per adoption) is available. The 2014 Budget proposes to increase this amount to $15,000 for 2014.

CAREGIVER CREDIT

A caregiver tax credit worth upto $674 is available in 2013. It is for caregivers providing in-home care for the elderly that are living in the same home as them.

TAX CREDITS FOR STUDENTS

Tuition, education, and text book tax credits are available for post-secondary education. To be eligible you must attend a Canadian University, College or other post-secondary educational institution, or an institution that is certified by Human Resources and Skills Development Canada. These tax credits may be transferrable from children to their parents.

Non-refundable tax credits are also available on interest paid for student loans received under the Canada Student Loans Act or the Ontario Student Assistance Program (OSAP)

MEDICAL CREDIT

Medical expenses in excess of 3% of your net income may be available to you as a non-refundable tax credit. If your net income is more than $71,767 during the year, any medical expenses in excess of $2,152 would be available for this tax credit.

PUBLIC TRANSIT TAX CREDIT

Available for those individuals who travel using public transit in Canada for durations that exceed one month.

FIRST-TIME HOME BUYER CREDIT

If you acquire your first home during 2013, a non-refundable tax credit of up to $5,000 may be available to you.