Gary S. Aslett Professional Corporation

Tax and accounting guidance for people living and working in Ontario is the work of Gary S. Aslett Professional Corporation, a chartered accountant and certified financial planner practice. The firm states its purpose plainly: to look after clients' accounting and tax compliance needs and to plan so that tax is kept as low as the rules allow and wealth is built over time. The firm's website was not available when this profile was prepared, so what follows rests on the text it published earlier.

Yearly briefings on personal tax

The practice's older pages are organised as a yearly briefing for clients preparing their personal returns. They list the items most likely to affect that year's filing, starting with recurring items whose limits are updated each year and moving to new rules. Because the numbers change annually, the briefing is best read as a list of topics the firm expects its clients to ask about, not as current figures.

Saving for retirement

The topics include the deadline and limit for contributions to a registered retirement savings plan, the need to check a notice of assessment before contributing, and the penalties that can arise from over-contributing. The briefing also covers tax-free savings accounts and the repayment of Old Age Security when net income passes certain thresholds.

Rates, credits and deductions

For Ontario residents the firm explains how personal tax rates apply to salary, interest, capital gains and different kinds of dividends, and how the brackets move with inflation. It also describes how charitable donation credits are calculated, including the point that donating publicly listed securities directly to an eligible charity avoids capital gains tax on the gain. Medical expenses are explained as a claim above a threshold tied to net income.

Practical reminders

Further notes cover automobile allowance rates and limits for vehicles, tax instalment reminders from the Canada Revenue Agency, foreign property reporting forms, the reporting of a principal residence sale, and the official forms needed to claim tuition credits.

Gary S. Aslett Professional Corporation is an accounting practice working under Ontario and Canadian tax rules. It looks after clients' accounting and tax compliance and plans ahead with them to keep tax down and help build long-term wealth. Its website was not available when checked, so this profile draws on the text previously listed for the firm.

What Gary S. Aslett Professional Corporation offers

• Accounting and tax compliance: keeping clients' accounts and tax filings up to date.
• Personal income tax returns: preparation of personal returns, with yearly notes on changes that affect them.
• Tax planning: advice aimed at reducing tax and growing wealth over time.
• Retirement and savings guidance: explaining RRSP deduction limits, TFSA rules and Old Age Security repayment.
• Charitable giving advice: how donation credits work, including gifts of listed securities in kind.

Customers and markets

The practice serves individual taxpayers resident in Ontario, including retirees who receive Old Age Security.

Key facts

• Based in: Ontario, Canada
• Focus: personal tax and planning