Consultants for GST Filings near Me

 

There are a number of tax consulting companies that help taxpayers file their own returns. Those companies may be lawyers, accountants, or other professionals with experience handling GST/HST filings.

Some of these firms offer a wide range of services, but they usually focus on tax return preparation and/or compliance. They may also provide a variety of software tools that help their clients manage their tax and financial data, including the preparation of invoices for payment purposes.

They often have a good understanding of the various tax laws, and their fees are typically reasonable. However, it is important to remember that the world of tax compliance is constantly evolving, and a tax advisor's job is to be on top of these changes.

One of the most challenging areas for some tax advisers is generation skipping transfer taxes (Goods and Service Tax). They must be aware of how a gift made to a trust, for example, could affect the future tax liabilities of the beneficiaries of that trust, especially grandchildren.

The good news is that the law provides several ways to minimize the impact of generation skipping transfer taxes on transfers to trusts, and to minimize your potential tax liability when you make indirect gifts or bequests to a trust.

For example, you might freeze the value of assets in a trust at the time of your gift. That would prevent the generation skipping transfer tax from affecting the future value of that trust's assets. In addition, you might consider establishing a trust that is fully GST exempt, so it won't be subject to gift, estate, or GST tax ever.