MAQ CPA Professional Corporation

What Counts as a TFSA Excess Contribution?

Your TFSA contribution room = (all annual limits you’ve accrued) − (all contributions you’ve made) + (prior-year withdrawals added back on Jan 1). If your deposits at any time exceed that room—by even $1—you’ve over-contributed. The CRA then applies a 1% per-month tax on the month’s highest excess balance until you remove it or the next year’s room absorbs it.

TFSA Excess Contribution: What It Is, Penalties, How to Fix Understanding TFSA excess contribution is essential. Learn how to avoid penalties and maximize your savings wisely.

Personal Tax Accountants Toronto | Business Tax Preparation Scarborough

We prepare and e-file PERSONAL Tax Return, Self-employed BUSINESS returns, and GST/HST returns for Individual taxpayers, professionals, and self-employed individuals, including but not limited to the following:
- Healthcare Professionals (Doctors, Dentists, Chiropractors, Optometrist, etc.)
- Legal Professionals (Lawyers, Law Firms, Paralegal)
- IT/Media Professionals
- Real Estate Sales Agents / PREC
- Consultants
- Mortgage Agents
- Insurance Agents
- Sales Commission Agents
- Rental Businesses (Commercial, Residential Lessors)
- Real Estate Investors
- Stock Traders and Investors
- Construction Contractors and Trades
- Transportation / Trucking / Freight Business
- Airbnb / Vrbo Hosts
- Uber / Lyft / Delivery / Truck Drivers
- Retail Businesses
- Employees
- Seniors
- Students
- Any Other Product and Service-based Sole Proprietorship Businesses

Please contact us at 416-901-4126 or "[email protected]."

To learn more about our services, please visit

Personal Tax Returns Expert personal tax returns services in Toronto and Scarborough. Maximize deductions, avoid errors, and file on time with a friendly tax pro.

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2026/what-you-need-for-2026-tax-filing-season.html?utm_source=mediaroom&utm_medium=eml

What you need to know for the 2026 tax-filing season - Canada.ca L’Agence du revenu du Canada (ARC) est prête pour la période des impôts de 2026, l’êtes-vous?

Self-Employed Business Tax Return and GST/HST Return Filer Toronto

We prepare and e-file PERSONAL Tax Return, Self-employed BUSINESS returns, and GST/HST returns for Individual taxpayers, professionals, and self-employed individuals, including but not limited to the following:
- Healthcare Professionals (Doctors, Dentists, Chiropractors, Optometrist, etc.)
- Legal Professionals (Lawyers, Law Firms, Paralegal)
- IT/Media Professionals
- Real Estate Sales Agents / PREC
- Consultants
- Mortgage Agents
- Insurance Agents
- Sales Commission Agents
- Rental Businesses (Commercial, Residential Lessors)
- Real Estate Investors
- Stock Traders and Investors
- Construction Contractors and Trades
- Transportation / Trucking / Freight Business
- Airbnb / Vrbo Hosts
- Uber / Lyft / Delivery / Truck Drivers
- Retail Businesses
- Employees
- Seniors
- Students
- Any Other Product and Service-based Sole Proprietorship Businesses

Please contact us at 416-901-4126 or "[email protected]."

To learn more about our services, please visit https://maqcpa.ca/self-employed-business-tax

-EmployedTaxPreparers

Self-Employed Business Tax Expert tax services in Toronto for self-employed individuals, freelancers and contractors by maximizing deductions and minimizing taxes.

We prepare and e-file PERSONAL Tax Return, Self-employed BUSINESS returns, and GST/HST returns for Individual taxpayers, professionals, and self-employed individuals, including but not limited to the following:
- Healthcare Professionals (Doctors, Dentists, Chiropractors, Optometrist, etc.)
- Legal Professionals (Lawyers, Law Firms, Paralegal)
- IT/Media Professionals
- Real Estate Sales Agents / PREC
- Consultants
- Mortgage Agents
- Insurance Agents
- Sales Commission Agents
- Rental Businesses (Commercial, Residential Lessors)
- Real Estate Investors
- Stock Traders and Investors
- Construction Contractors and Trades
- Transportation / Trucking / Freight Business
- Airbnb / Vrbo Hosts
- Uber / Lyft / Delivery / Truck Drivers
- Retail Businesses
- Employees
- Seniors
- Students
- Any Other Product and Service-based Sole Proprietorship Businesses

Please contact us at 416-901-4126 or "[email protected]."

To learn more about our services, please visit https://maqcpa.ca/personal-tax-returns

-EmployedTaxPreparers

Personal Tax Returns Expert personal tax returns services in Toronto and Scarborough. Maximize deductions, avoid errors, and file on time with a friendly tax pro.

We prepare and e-file T2 corporation tax returns and GST/HST returns for small businesses and professional corporations at an affordable fee.

We offer the following corporate tax return filing services:

• T2 Corporate Tax Return Preparation and Filing – Complete preparation and electronic filing of your company’s T2 returns

• Basic Corporate Tax Planning Strategies – Identifying opportunities for tax minimization and timing of income recognition

• Remuneration Strategies – Consulting on Dividend vs Salary to minimize taxes at both corporate and personal levels

• Financial Statements Preparation – Creating accurate financial statements required for corporate tax filing and for compilation engagement reports (formerly, Notice to Reader)

• Corporate Tax Installment Planning – Structuring your tax installments to optimize cash flow

• Scientific Research & Experimental Development (SR&ED) Claims – Assistance with claiming valuable R&D tax credits based on your Consultant’s prepared schedules

• Information Returns – Preparation of T4, T4A, T5, T5018, and other information returns

• GST/HST Return – Preparation and filing of GST/HST return

• CRA Audit Support – Professional representation during corporate tax audits and reviews

Please contact us at 416-901-4126 or "[email protected]."

To learn more about our services, please visit

Corporate Tax Returns Stay CRA-compliant, minimize your taxes, and leave the paperwork to our pros—so you can focus on growing your business.

Picking the right GST/HST accounting and reporting period is one of the fastest ways a Canadian small business can improve cash flow, reduce admin time, and stay audit-ready. Whether you operate in Toronto, Scarborough, Markham, Mississauga, Brampton, Vaughan, Richmond Hill, North York, Pickering, Ajax, Whitby, Oshawa, Oakville, Burlington, Hamilton or Canada, this guide explains regular vs quick method of GST/HST and shows who it’s best for, and gives you a practical way to decide.

Regular vs Quick Method of GST/HST for Small Businesses Learn methods of GST/HST accounting and reporting, a complete guide for each method explained and best for scenarios—tailored to Canadian small businesses, with examples, decision tools, and practical tips.