FREQUENTLY ASKED QUESTIONS (faq)

At Bhundhoo Tax, we specialize in working with contractors, tradespeople, and small business owners across Canada. Our expertise in Tax strategy, Bookkeeping, and financial advisory ensures you receive personalized, industry-specific guidance rather than a one-size-fits-all approach. 

Yes! While software like QuickBooks, Xero, and Wave automates financial tracking, they don’t replace expert tax planning, compliance checks, and customized financial advice. We ensure maximum deductions, error-free filings, and proactive financial strategy. 

 We specialize in:

• Contractors & Tradespeople (plumbers, electricians, renovators, landscapers, etc.)
• Small Business Owners (restaurants, retail, real estate professionals, freelancers)
• Medical & Health Professionals (dentists, chiropractors, massage therapists, wellness professionals)
• Self-Employed Individuals & Entrepreneurs

No! While based in London, Ontario, we provide virtual tax and accounting services Canada-wide. Our online-first approach allows us to serve clients efficiently, no matter their location. 

We recommend QuickBooks Online, for bookkeeping given our strong working relationship. However, the right choice depends on your business. We help you select and integrate the best software for expense tracking, invoicing, and tax compliance. 

We use secure, encrypted cloud-based systems to store and manage your financial data. All client communications and document exchanges occur through password-protected portals to ensure confidentiality. 

Our services are fully virtual, allowing flexibility for busy business owners. However, if you’re in London, Ontario, we can arrange in-person consultations upon request. 

We provide comprehensive tax solutions, including:
✅ GST/HST Filings
✅ Corporate & Personal Tax Returns
✅ Tax Planning & Compliance
✅ CRA Audit Support
✅ Maximizing Deductions & Credits

In general, if your business earns more than what you need for non-deductible personal expenses, incorporation might provide tax benefits and legal protection, however there may be other reasons for incorporation.  We analyze your financial situation and recommend the best structure to minimize taxes and protect assets.  

If your business makes over $30,000 in revenue within four consecutive quarters, you must register for and charge GST/HST. However, even below this threshold, registering voluntarily may allow you to claim input tax credits on business expenses. 

Common deductions include:
✅ Tools & Equipment Purchases
✅ Work Vehicles (Fuel, Maintenance, Depreciation)
✅ Home Office Expenses
✅ Marketing & Advertising Costs
✅ Professional Development & Certifications 

• GST/HST: Monthly, Quarterly, or Annually, depending on revenue
• Corporate Tax Returns: Annually, within six months of year-end
• Personal Taxes (Self-Employed/Contractors): Due June 15, but payments are due April 30

Yes! Our bookkeeping services ensure your finances stay organized and up-to-date. We handle:
✅ Income & Expense Tracking
✅ Bank Reconciliation
✅ Payroll Processing
✅ Financial Reports & Budgeting

If your business has multiple transactions, DIY bookkeeping may lead to errors, missed deductions, and tax penalties. Our bookkeeping ensures compliance, accuracy, and time savings, so you can focus on growing your business. 

We assist with:
✅ Payroll Processing & Remittances
✅ T4/T5 Preparation
✅ Employee Benefits & Tax Withholdings 

Yes! We recommend setting aside 25-30% of your income for taxes to avoid surprises at tax time. 

If you earn over $30,000 annually, you must register for a business number and charge GST/HST. Otherwise, registration is optional but can help with tax credits. 

1️⃣ Book a Free Consultation 📅 Click Here to Schedule
2️⃣ We assess your business & tax needs
3️⃣ We customize a tax & bookkeeping plan
4️⃣ We streamline your finances & maximize savings!

Yes! Each client works with a dedicated accountant & tax specialist for personalized support. 

Our pricing varies depending on services needed. We offer flat-rate monthly packages and custom solutions to fit your business. 

We provide full audit support, helping you:
✅ Respond to CRA inquiries
✅ Prepare required documentation
✅ Negotiate tax disputes & payment plans 

Yes! If you’ve missed tax deadlines, we’ll work with the CRA to file outstanding returns, minimize penalties, and get you back on track. 

Yes! We work with all major accounting software, ensuring smooth integration with your bookkeeping. 

Yes! We offer training on QuickBooks, Xero, and Wave, helping you get the most out of your software.