Welcome to Jones & O’Connell LLP

Proudly serving the Niagara Region and beyond

Jones & O’Connell LLP, Chartered Professional Accountants operates out of St. Catharines, Ontario, Canada. We offer a wide range of financial services including: Accounting, Auditing, Corporate and Personal Tax Compliance and Planning, Financial Advice and General Consulting, to clients in various industry sectors across the Niagara Region, GTA and other geographic regions.

Jones & O’Connell LLP, Chartered Professional Accountants is a licensed public accounting firm and a member of: the Canadian Public Accountability Board, Chartered Professional Accountants of Canada, Chartered Professional Accountants of Ontario, The Institute of Internal Auditors and the Canadian Tax Foundation.

At Jones & O’Connell LLP, Chartered Professional Accountants we strive to be the number one resource for all of our clients’ financial needs. Our goal is to be the firm that clients can trust and rely upon to provide outstanding value in a cost effective manner. We welcome the opportunity to meet with you and discuss how we can develop a mutually beneficial relationship into the future.

The team at Jones & O’Connell LLP, Chartered Professional Accountants is ready to exceed your expectations!

Commentary

Tax Planning – It Doesn’t Stop at 65: The RRSP/RRIF Withdrawal Trap for Seniors

The minute you enter the workforce there is always someone out there, a friend, a loved one, a work colleague telling you that you have to plan for your retirement. You don’t have a workplace pension to fall back on, so you contact your financial advisor and then your accountant and you do some tax planning so that you can maximize your funds available for retirement. You worked and saved your entire life and now you want to enjoy it, and you should. But you need to be wary of the consequences when you tap into retirement savings accounts for such purposes.

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ACCOUNTING, AUDITING, TAX AND CONSULTING NEWS

Deciphering your Notice of Assessment

By the middle of May 2018, the Canada Revenue Agency (CRA) had processed just over 26 million individual income tax returns filed for the 2017 tax year, all result in the issuance of a Notice of Assessment (NOA) by the CRA, outlining the taxpayer’s income, deductions, credits, and tax payable for the 2017 tax year, whether the taxpayer will be receiving a refund or whether he or she has a balance owing and, in either case, the amount involved. In some cases the Notice of Assessment will inform the taxpayer of an unexpected amount of tax owed.

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