North York was combined with the rest of municipal Toronto to form the new city of Toronto, and practically the city has been a secondary economic hub from that time outside Downtown Toronto.

Tax payment is the main issue for the economic growth of a country and the tax policy involves different tax –prototypes like-

• International Tax

Being one of the obligatory in country's economics the international taxpayers often face various problems. But some experts are there to advise the clients about-

       I.            How to select an appropriate business and financial structure for foreign operations

    II.            attainment and investments in abroad

 III.            Repatriation of resources and the taxation of foreign-source income

Another obligatory which is measured as one of the main about the taxes are- 

• U.S. Tax

All the Canadian firms hire a group of U.S Tax professionals in Toronto for delivering professional suggestions on U.S. federal, state and local taxes North York.

• Personal Tax

One other contribution to the economics by the citizens of North York is personal tax. An effective tax planning always plays a significant role to reinforce the tax position of a customer and helps to preserve personal wealth.  Tax professionals help such customers to preserve personal wealth and advice different strategies to solve out the problem.

• Individual Taxes:

Nonresident individuals residing in U.S. are accountable to pay income tax on U.S sourced profits. There are basically 4 filing categories for taxpayers, i.e.; single, married filing jointly, head of household, and married filing separately. Though, unmarried nonresidents are not permitted to file taxes North York as chief of the household.

• Income Tax:

There are four categories of income taxes in North York: (1) wages and salaries, (2) investment income business income, (3) business income and (4) capital gains. All kinds of income, except capital gains, are generally taxed and aggregated at the same rates.

Challenges to face for tax department:

• Insufficient information: Tax department often face lot of difficulty to analyze. They obtain the right information, by considering different information source.
• Out of date Technology: The poor updates to the technology, makes the machine outdated.
• Lack of documentation:  The proper documentation is need of an organization to exactly, know the status of the work.

The mentioned above points, are the challenges that makes the tax department bear loss. To overcome these situations, they need to do proper accounting management.

• Bookkeeper’s contribution:

With the expert bookkeeper involved in bookkeeping North York is actually handling tax operation of a customer can add the direct value of financial data by freeing up time and increasing the reliability. This reliability comes from skilled bookkeepers using the latest technology and proven processes to process financial transactions.

A Virtual Bookkeeper processes all the financial transactions of the clients. This usually includes:

• Organizing invoices for customer and managing cash deposits
• Dealing out vendor payments
• Responding to various transaction inquiries

The Virtual Bookkeeper bookkeeping North York operates remotely and is trained on the latest techniques and software to execute financial transactions.