Frequently Asked Questions

Question 1

Where are you located and what areas do you serve?

Accepted Answer

Our office is located at 338 Burwell Street, London, Ontario N6B 2V9. We serve London and the surrounding communities including Middlesex County, Elgin County, Oxford County, and Huron County. We also offer virtual consultations for clients across Ontario.

Question 2

Do you offer services in Spanish?

Accepted Answer

Yes. We are fully bilingual in English and Spanish. All of our services, consultations, and documents can be provided in either language. We proudly serve London's Spanish-speaking community.

Question 3

How do I book a consultation?

Accepted Answer

You can book a consultation using our online booking calendar at the "Book a Consultation" button on any page, by calling us at (226) 777-0151, or by sending us a WhatsApp message. We offer in-person, phone, and virtual consultations.

Question 4

Are your consultations free?

Accepted Answer

Initial consultations are complimentary for most services. We will discuss your situation, explain your options, and provide a clear quote before any work begins. There are no surprises.

Question 5

Are you a CPA firm?

Accepted Answer

We are not a licensed CPA firm. We are a financial and business consulting firm offering tax preparation, financial planning, mortgage brokering, insurance, insolvency counselling, and business consulting services. All services are provided within our licensed scope.

Question 6

What documents should I bring to my first appointment?

Accepted Answer

Bring government-issued ID when required, any CRA notices you have received, prior-year tax returns, documents related to the service you are requesting, and a list of your questions. We will confirm any additional requirements specific to your situation when you book.

Question 7

Can I submit sensitive documents like my SIN through your online forms?

Accepted Answer

Our intake forms may request sensitive information. Before submitting, verify that you are using the official GSFG form and review the privacy notice. For highly sensitive documents, please ask us for the approved secure submission method rather than sending them through ordinary chat or email.

Question 8

What documents do I need for my personal tax return?

Accepted Answer

You will typically need: T4 slips (employment income), T5 slips (investment income), RRSP contribution receipts, medical expense receipts, charitable donation receipts, childcare expense receipts, and any other income or deduction slips you received. We will provide you with a complete checklist when you book your appointment.

Question 9

Can you file taxes for self-employed individuals?

Accepted Answer

Yes. We specialize in self-employed and small business tax returns, including T1 returns with business income (T2125), GST/HST returns, and payroll T4 filings. We help you maximize your deductions while staying compliant.

Question 10

Do you file taxes for newcomers to Canada?

Accepted Answer

Yes. We have extensive experience filing taxes for newcomers, including first-year Canadian returns, world income reporting, foreign tax credits, and treaty benefits. We understand the unique challenges newcomers face.

Question 11

What is the deadline for filing personal taxes in Canada?

Accepted Answer

The personal tax filing deadline is April 30 each year. Self-employed individuals and their spouses have until June 15, but any taxes owed are still due by April 30. We recommend filing early to avoid delays and receive your refund sooner.

Question 12

Can you help with CRA reviews or reassessments?

Accepted Answer

Yes. We can assist you in responding to CRA review letters, notices of reassessment, and audit requests. We help you gather the required documentation and communicate with the CRA on your behalf.

Question 13

Can GSFG prepare returns for several prior years?

Accepted Answer

Yes. We can review outstanding years, identify the records required, and advise on the best filing approach. Late-filing penalties, interest, and benefit adjustments depend on the specific circumstances of each year.

Question 14

Do I have to report tips, cash income, or gig-economy earnings?

Accepted Answer

Generally yes — taxable income must be reported even if no T4 or other slip was issued. Keep contemporaneous records of all income and any related business expenses to support your return.

Question 15

What is the difference between a mortgage broker and a bank?

Accepted Answer

A mortgage broker has access to multiple lenders — banks, credit unions, trust companies, and alternative lenders — and shops the market to find you the best rate and terms. A bank can only offer you their own products. As a licensed mortgage agent, we work for you, not the lender, and our service is typically at no cost to you.

Question 16

How much do I need for a down payment?

Accepted Answer

The minimum down payment in Canada is 5% for homes under $500,000, 5% on the first $500,000 and 10% on the portion above for homes between $500,000 and $999,999, and 20% for homes $1,000,000 and over. A down payment of 20% or more avoids mortgage default insurance (CMHC).

Question 17

Can I get a mortgage if I am self-employed?

Accepted Answer

Yes. We specialize in self-employed mortgages. There are programs designed specifically for business owners and self-employed individuals, including stated income programs and business-for-self (BFS) mortgages. We will find the right lender for your situation.

Question 18

What is the mortgage stress test?

Accepted Answer

The mortgage stress test requires you to qualify at a rate higher than your actual mortgage rate — currently the higher of 5.25% or your contract rate plus 2%. This ensures you can still afford your mortgage if rates rise. We will walk you through exactly how this affects your qualification.

Question 19

Can you help newcomers to Canada get a mortgage?

Accepted Answer

Yes. Several lenders offer New to Canada mortgage programs that consider international credit history and accept non-traditional income documentation. We have helped many newcomers purchase their first Canadian home.

Question 20

Does having a car loan affect my mortgage qualification?

Accepted Answer

Yes. Monthly vehicle payments increase your total debt-service obligations and can reduce the mortgage amount for which you qualify. We will review all your liabilities when assessing your mortgage options so there are no surprises.

Question 21

What is the difference between term and whole life insurance?

Accepted Answer

Term life insurance provides coverage for a specific period (10, 20, or 30 years) and is typically less expensive. Whole life insurance provides permanent coverage and builds cash value over time. The right choice depends on your goals, budget, and family situation — we will help you decide.

Question 22

What are segregated funds?

Accepted Answer

Segregated funds are investment funds offered by insurance companies. They work similarly to mutual funds but come with insurance guarantees — typically 75% to 100% of your principal is guaranteed at maturity or death. They also offer creditor protection and can bypass probate. We are licensed to advise on segregated fund investments.

Question 23

What is an RRSP and how does it help me?

Accepted Answer

A Registered Retirement Savings Plan (RRSP) lets you save for retirement while reducing your taxable income. Contributions are tax-deductible, and your investments grow tax-deferred until withdrawal. It is one of the most powerful tax-saving tools available to Canadians.

Question 24

What is a TFSA and how is it different from an RRSP?

Accepted Answer

A Tax-Free Savings Account (TFSA) lets your investments grow completely tax-free. Unlike an RRSP, contributions are not tax-deductible, but withdrawals are tax-free at any time for any purpose. Both accounts serve different purposes and work best together as part of a comprehensive financial plan.

Question 25

What is the First Home Savings Account (FHSA)?

Accepted Answer

The FHSA is a registered account that combines the benefits of an RRSP and TFSA for first-time homebuyers. Contributions are tax-deductible (like an RRSP), and withdrawals for a qualifying home purchase are tax-free (like a TFSA). You can contribute up to $8,000 per year with a lifetime limit of $40,000.

Question 26

What is the difference between mortgage default insurance and life insurance?

Accepted Answer

Mortgage default insurance (such as CMHC) protects the lender if you stop making payments — it is required when your down payment is less than 20%. Life insurance provides a benefit to your named beneficiaries or as specified in your policy. They serve different purposes and have different terms; we can help you understand both.

Question 27

What is a consumer proposal?

Accepted Answer

A consumer proposal is a legal agreement between you and your creditors, administered under the Bankruptcy and Insolvency Act. You propose to pay a portion of what you owe over up to five years. If accepted by your creditors, you avoid bankruptcy, stop collection calls, and protect your assets. We are registered with the OSB to provide insolvency counselling.

Question 28

What is the difference between a consumer proposal and bankruptcy?

Accepted Answer

A consumer proposal lets you settle your debts for less than you owe while keeping your assets, and has a less severe impact on your credit. Bankruptcy is a more serious legal process that may require surrendering certain assets. Both stop collection actions and provide a fresh start — we will help you understand which is right for your situation.

Question 29

Will insolvency counselling affect my credit?

Accepted Answer

Both a consumer proposal and bankruptcy will affect your credit rating. A consumer proposal is typically reported for 3 years after completion, while a bankruptcy is reported for 6–7 years after discharge. However, many clients find their credit begins to improve once they start rebuilding after resolving their debt.

Question 30

Is my consultation confidential?

Accepted Answer

Absolutely. All consultations are completely confidential. We understand that financial difficulties are sensitive, and we provide a judgment-free, private environment for every client.

Question 31

What debts can be included in a consumer proposal or bankruptcy?

Accepted Answer

Most unsecured debts can be included: credit card debt, personal loans, lines of credit, payday loans, and CRA tax debt. Some debts cannot be discharged, including student loans less than 7 years old, alimony, child support, and fines. We will review your specific situation in your consultation.

Question 32

Can someone who has been discharged from bankruptcy apply for a mortgage?

Accepted Answer

Potentially yes, depending on the lender, the time elapsed since discharge, your re-established credit history, income, and down payment. There is no universal automatic approval period. We can discuss your situation and connect you with lenders who work with post-bankruptcy applicants.

Question 33

Do I need to file a tax return if I earned little or no income?

Accepted Answer

Filing may still be useful or necessary — it can establish your eligibility for income-tested benefits such as the GST/HST credit and Canada Child Benefit, report certain transactions, or meet a CRA requirement. We recommend filing every year regardless of income level.

Question 34

Do you help with business plans for immigration purposes?

Accepted Answer

Yes. We prepare professional business plans for immigration applications, including the Start-Up Visa Program, Provincial Nominee Programs (PNP), and other business immigration streams. Our plans meet the requirements of IRCC and provincial immigration authorities.

Question 35

Should I incorporate my business?

Accepted Answer

Incorporation offers several advantages: limited liability protection, potential tax savings through the small business deduction, income splitting opportunities, and a more professional image. However, it also comes with additional costs and compliance requirements. We will analyze your specific situation and recommend the best structure.

Question 36

Can you help me buy or sell a business?

Accepted Answer

Yes. We provide support for business acquisitions and sales, including financial analysis, valuation guidance, due diligence support, and transition planning. We help both buyers and sellers navigate the process.

Question 37

Do you work with startups?

Accepted Answer

Yes. We love working with entrepreneurs at every stage. For startups, we help with business idea validation, business plan development, corporate structure selection, startup cost planning, and identifying government grants and programs available to new businesses.

Question 38

What is the difference between a holding company and an operating company?

Accepted Answer

A holding company generally owns shares or assets of other companies, while an operating company conducts day-to-day business activities. Actual legal protection depends on ownership structure, personal guarantees, creditors, liabilities, and corporate formalities. We can help you determine whether a holding structure makes sense for your situation.

Question 39

Can I take money out of my corporation whenever I want?

Accepted Answer

Withdrawals from a corporation must be recorded according to their true legal and tax character — as salary, dividends, expense reimbursements, or shareholder loans. Improper classification can create unexpected personal and corporate tax consequences. We help business owners structure withdrawals correctly.

Question 40

How do I authorize GSFG to act with the CRA on my behalf?

Accepted Answer

CRA authorization must be granted by you or your authorized business representative through an accepted CRA process, for the appropriate account, access level, and duration. GSFG will provide its representative business number and step-by-step instructions.

Question 41

Is authorizing a representative the same as filing my tax return?

Accepted Answer

No. Authorization permits selected access or actions within CRA systems. Preparing and filing your return are separate steps that require complete documentation and your approval.

Question 42

Can child benefits be claimed retroactively?

Accepted Answer

Possible retroactive entitlement depends on residency, immigration status, caregiver eligibility, the circumstances of the children involved, and the applicable benefit rules. Each historical period should be reviewed separately — we can help you assess your situation.

Question 43

Does a Canadian-born child automatically make every parent eligible for the Canada Child Benefit?

Accepted Answer

No. The place of birth of a child alone does not establish the eligibility of the applicant. The applicant must independently meet the relevant residence, caregiver, and immigration-status conditions.

Question 44

Why might CRA ask for supporting documents after a return is filed?

Accepted Answer

CRA may verify income, expenses, credits, family relationships, residency, or other claims. Maintain contemporaneous records and respond by the stated deadline. We can help you prepare a complete and organized response.

Question 45

Can GSFG represent me before the CRA?

Accepted Answer

Yes, after the appropriate authorization is granted for the relevant individual or business accounts and services. Authorization is separate from filing a tax return.

Question 46

Can CRA benefits be affected by a change in marital status?

Accepted Answer

Yes. Marital or common-law status, separation dates, and household income may affect income-tested benefits. Changes should be reported accurately and promptly.

Question 47

How far back can I apply for the Canada Child Benefit?

Accepted Answer

Retroactive entitlement depends on qualifying status and dates, residency, immigration history, custody, and documentation. Eligibility is not automatic merely because a child was born in Canada.

Question 48

What should I do if my CRA Notice of Assessment shows an unexpected balance?

Accepted Answer

Compare the notice with the filed return and CRA explanations; check payments, instalments, and reassessments. Request a review or adjustment where justified, keeping applicable deadlines in mind.

Question 49

Can I arrange a payment plan if I owe money to the CRA?

Accepted Answer

CRA may offer payment arrangements depending on the account and circumstances. Filing on time and contacting CRA about repayment can help, but interest may continue to accrue.

Question 50

Do CRA instalment notices mean I must pay them?

Accepted Answer

An instalment reminder is not the same as a final assessment. Whether payments are required and how much to remit depend on applicable tax rules and expected liability; review before deciding.

Question 51

Does every small business need to register for GST/HST?

Accepted Answer

Not necessarily. Registration depends on your taxable supplies, small-supplier thresholds, the nature of your activity, and applicable exceptions. Voluntary registration may be possible but creates filing and collection obligations. We can help you determine the right approach.

Question 52

Can a business register for GST/HST before reaching the threshold?

Accepted Answer

Many eligible businesses may register voluntarily. Consider whether charging tax, claiming input tax credits, and meeting filing requirements are appropriate for your business stage and cash flow.

Question 53

What is an input tax credit (ITC)?

Accepted Answer

An ITC is a credit that an eligible GST/HST registrant may claim for tax paid or payable on qualifying business purchases, subject to use, documentation, and other rules. ITCs reduce the net GST/HST you remit to the CRA.

Question 54

Must a business file a nil GST/HST return?

Accepted Answer

Generally, registered businesses must file returns for all required reporting periods even if there was no activity, unless a specific exception or account closure applies. Failing to file can result in penalties.

Question 55

What happens if a GST/HST return is filed or paid late?

Accepted Answer

Interest may apply to outstanding balances, and penalties may apply in certain circumstances. The amount depends on the dates, balances owed, and CRA rules. Filing on time — even without full payment — is always better than not filing.

Question 56

Can a business claim GST/HST on purchases made before registration?

Accepted Answer

Certain pre-registration property or inventory may qualify under specific rules; not every past expense is eligible. The property status at registration, timing, tax invoices, and statutory conditions all matter.

Question 57

Can a business charge HST when it is not registered?

Accepted Answer

An unregistered small supplier generally should not represent an amount as GST/HST charged under an active registration. Amounts billed in error must be reviewed carefully for corrective and remittance obligations.

Question 58

Are sales to U.S. customers always zero-rated?

Accepted Answer

No. Export rules vary by goods versus services, place of supply, and transaction details. Some qualifying exports are zero-rated, while others may be taxable or outside scope.

Question 59

Are computer repairs and graphic design subject to HST?

Accepted Answer

These services are commonly taxable when supplied in Canada, but their precise treatment depends on the supplier, customer, place of supply, and applicable exemptions.

Question 60

Do I have to register for HST immediately after incorporating?

Accepted Answer

Not necessarily. Incorporation and GST/HST registration are separate matters; registration may depend on taxable revenue, business activities, and any voluntary election.

Question 61

Should I charge HST on sales to customers in the United States?

Accepted Answer

Cross-border treatment depends on the type of goods or services, place-of-supply rules, and documentary requirements. Some qualifying exports are zero-rated, but not every foreign-customer invoice is automatically tax-free.

Question 62

What is the difference between zero-rated and exempt sales for GST/HST?

Accepted Answer

Zero-rated supplies are taxable at 0% and may support related input tax credits; exempt supplies generally do not allow input tax credits for related costs. Classification affects registration and reporting obligations.

Question 63

Can I claim HST on a vehicle used for business?

Accepted Answer

Possibly, but ownership, vehicle type, business-use percentage, and special passenger-vehicle restrictions matter. Keep invoices, mileage logs, and financing details.

Question 64

How do I register as an individual client?

Accepted Answer

Complete the Individual Client Registration intake form before your first appointment when requested. You can access it through the Client Registration link in our navigation menu. This helps us prepare for your consultation and identify the services you need.

General

Personal & Corporate Taxes

Mortgages

Insurance & Financial Planning

Insolvency Counselling

Business Consulting

CRA Accounts & Benefits

GST/HST for Businesses

Appointments & Client Onboarding

Personal Income Tax

Mortgage Services

Insurance & Financial Planning

Insolvency & Debt Solutions

Business Advisory & Financial Controls

Payroll & WSIB

Registered Plans & Retirement Benefits

Business Registration & Incorporation

Corporate Tax & Accounting

Still Have Questions?

Frequently Asked Questions

General

Where are you located and what areas do you serve?

Do you offer services in Spanish?

How do I book a consultation?

Are your consultations free?

Are you a CPA firm?

What documents should I bring to my first appointment?

Can I submit sensitive documents like my SIN through your online forms?

Personal & Corporate Taxes

What documents do I need for my personal tax return?

Can you file taxes for self-employed individuals?

Do you file taxes for newcomers to Canada?

What is the deadline for filing personal taxes in Canada?

Can you help with CRA reviews or reassessments?

Can GSFG prepare returns for several prior years?

Do I have to report tips, cash income, or gig-economy earnings?

Mortgages

What is the difference between a mortgage broker and a bank?

How much do I need for a down payment?

Can I get a mortgage if I am self-employed?

What is the mortgage stress test?

Can you help newcomers to Canada get a mortgage?

Does having a car loan affect my mortgage qualification?

Insurance & Financial Planning

What is the difference between term and whole life insurance?

What are segregated funds?

What is an RRSP and how does it help me?

What is a TFSA and how is it different from an RRSP?

What is the First Home Savings Account (FHSA)?

What is the difference between mortgage default insurance and life insurance?

Insolvency Counselling

What is a consumer proposal?

What is the difference between a consumer proposal and bankruptcy?

Will insolvency counselling affect my credit?

Is my consultation confidential?

What debts can be included in a consumer proposal or bankruptcy?

Can someone who has been discharged from bankruptcy apply for a mortgage?

Do I need to file a tax return if I earned little or no income?

Business Consulting

Do you help with business plans for immigration purposes?

Should I incorporate my business?

Can you help me buy or sell a business?

Do you work with startups?

What is the difference between a holding company and an operating company?

Can I take money out of my corporation whenever I want?

CRA Accounts & Benefits

How do I authorize GSFG to act with the CRA on my behalf?

Is authorizing a representative the same as filing my tax return?

Can child benefits be claimed retroactively?

Does a Canadian-born child automatically make every parent eligible for the Canada Child Benefit?

Why might CRA ask for supporting documents after a return is filed?

Can GSFG represent me before the CRA?

Can CRA benefits be affected by a change in marital status?

How far back can I apply for the Canada Child Benefit?

What should I do if my CRA Notice of Assessment shows an unexpected balance?

Can I arrange a payment plan if I owe money to the CRA?

Do CRA instalment notices mean I must pay them?

GST/HST for Businesses

Does every small business need to register for GST/HST?

Can a business register for GST/HST before reaching the threshold?

What is an input tax credit (ITC)?

Must a business file a nil GST/HST return?

What happens if a GST/HST return is filed or paid late?

Can a business claim GST/HST on purchases made before registration?

Can a business charge HST when it is not registered?

Are sales to U.S. customers always zero-rated?

Are computer repairs and graphic design subject to HST?

Do I have to register for HST immediately after incorporating?

Should I charge HST on sales to customers in the United States?

What is the difference between zero-rated and exempt sales for GST/HST?

Can I claim HST on a vehicle used for business?

Appointments & Client Onboarding

How do I register as an individual client?

How does a business become a GSFG client?

Is client registration the same as incorporating a new business?

Can I contact GSFG without making an appointment?

Are services available in both English and Spanish?

Can I book an appointment for someone else?

Can I reschedule or cancel an appointment?