When we meet people everywhere, the most common feedback they provide when they find out that we are accountants is: “We need professional advice, but most importantly, we want our accountant to consider our goals and all aspects of what we do. We want personal service!” These conversations have led us to our corporate vision and have not only influenced what services we provide, but more importantly, they have influenced how those services are provided. Contact us today, or explore our services below to learn more.
As a bare minimum, individuals and companies need to comply with governing bodies. Whether those bodies consist of a board of directors, shareholders, banks, tax authorities, or corporate governing institutions, compliance should never be compromised. We can ensure that all reporting requirements are met in a timely and accurate manner.
A business thrives when it can make key financial decisions based on timely financial information. Having accurate books will not only assist in complying with monthly, quarterly, and annual reporting requirements, but can provide a strategic advantage to business owners. We would be happy to complete your annual bookkeeping for you, or to provide you with the necessary training to maintain your bookkeeping on your own – either way, you will have the key financial information at your fingertips that will allow you to maintain a competitive advantage in the marketplace.
Financial statements provide both a snapshot of a company’s financial position at a point in time as well as a summary of its profits or losses over a period of time. If the information on these statements does not comply with reporting requirements, the company may lose its strategic advantage, customers, financing, etc. We can ensure that your financial statements are accurate and that they provide the appropriate level of assurance to their readers. We can provide financial statements as follows depending on your need of assurance:
Compilation (Notice to Reader)
A set of financial statements that are simply compiled by us (with information provided by your management) provide no assurance of accuracy to their readers. However, for an owner-operated company with limited to no financing, this is likely the ideal option. These statements will serve as a starting point to complying with required reporting to Canadian tax authorities.
Financial statements that are reviewed provide all of the benefits of a compiled set of financial statements as well as some assurance to their readers, but not the level of assurance that would be provided with an audit. A review engagement will include notes to the financial statements in accordance with Canadian Accounting Standards and will usually be provided to companies as a result of a required compliance by the bank or wide-spread ownership group.
We currently are not accepting clients looking for audited financial statements. However, for comparative purposes, audited financial statements provide all of the benefits of a review engagement as well as the highest degree of assurance to the readers of the financial statements. However, it is important to note that an audit does not guarantee perfect accuracy.
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The deadline for individual tax returns is April 30 unless the individual has an unincorporated business in which case the deadline is June 15. Compliance is very important here in order to take advantage of many government provided programs and to avoid unnecessary interest and penalties imposed by Canada Revenue Agency. We can ensure that your taxes comply with reporting requirements, but more importantly for you, we can ensure that you take advantage of all the appropriate deductions and tax credits available to you in order to minimize your tax liability while still complying with the Canadian Tax Act.
The starting point for the corporate tax return is the financial statements in accordance with Canadian Accounting Standards. The deadline for filing is six months after the fiscal year end, but the deadline for payment of taxes is either two or three months after the fiscal year end (depending on various factors). Failure to comply with these deadlines will result in needless outflows of cash for payment of unnecessary interest and penalties imposed by Canada Revenue Agency. We can ensure that your taxes comply with reporting requirements, but more importantly for you, we can ensure that you take advantage of all the appropriate deductions and tax credits available to you in order to minimize your tax liability while still complying with the Canadian Tax Act.
Canada Revenue Agency requires annual reporting be done for employees, recipients of dividend and interest income, contractors to the construction industry, and many others. We can either prepare these forms for you or provide you with the necessary training to meet these requirements on your own.
Companies are required to report GST to Canada Revenue Agency either monthly, quarterly, or annually depending on various factors. This is one area that is really important to have accurate because, for taxable entities, every dollar of GST spent is returned to the entity by Canada Revenue Agency. We can ensure that every qualifying dollar spent is captured. We can either prepare these returns for you or provide you with the necessary training to complete these reports on your own.
Payroll can be complex and, if handled improperly, can result in significant penalties and interest which can flow through to the owner(s) of the entity at fault. Tax related deductions on wages need to be reported and remitted to Canada Revenue Agency at different times depending on various factors. We can provide the necessary expertise to you to be able to comply with these requirements and to eliminate any unnecessary penalties and interest as a result.
The best way for you to grow your business is for you to do what you do best and to let others take care of the rest. Taking your business to the next level requires knowing the ins and outs of every aspect of your business. From a financial perspective, we can assist you in identifying red flags and areas that require some attention as well as key opportunities and potential competitive and comparative advantages that are not yet being maximized. During key decision moments, we can also help you consider all of the costs, financial and opportunity, as well as all of the benefits in order to make a well informed business decision that will influence your company for many years to come. From a business perspective, we can help you get from A to B.
A key to arriving at your desired destination is understanding where you have been. In the past your business may have been thriving, or it may have been struggling. Regardless, an analysis of how things have been done in the past will assist you in knowing how to approach the future. We can analyze your recent financial performance to determine key strengths and weaknesses in order to ensure that you have all of the information you need in order to prosper in the future.
Looking into the future requires a strategy. Often the status quo will not suffice. If you’re not moving forward and the competition is, then you are effectively moving backward. You know your business better than anyone else, but putting a plan into action requires a plan, not just an idea. We would love to sit down with you and understand where you want to be, so that we can help you create a strategic plan on how to get there.
Many companies have costs which are running too high and profits which are falling short of that which was anticipated. Several factors may contribute to either one or both of these issues. We can help you discover and eliminate these inefficiencies.
If you are required to obtain a review engagement or an audit, and you already have an external accountant, professional standards limit the ability of that external accountant to advise you on key financial reporting issues. Such a duplication of services would cause an independence conflict and may result in them needing to withdraw from the engagement. In order to avoid such a conflict, we can provide advisory services related to financial reporting to ensure that your records are appropriate for the work that will be done by your previously engaged external accountant. Such services include advisory of how to record complex accounting issues and how to compile appropriate disclosure in the notes to the financial statements.
There are many ways to place a dollar value on a business and many factors that need to be considered when determining that value. However, at the end of the day, what it really comes down to is: What will someone else pay for the business today? We can take the variables into account and perform an analysis and provide a suggested value of the business in today’s market
There are key financial factors that need to be understood and considered before making a lot of business decisions. At any given moment, you may ask yourself: Should we make or buy this product? Should we buy or lease this equipment? Should we buy the assets or the shares of this other company? We can analyze each of these questions (and more) and provide a recommended course of action based on your needs, goals, and objectives.
Whether you are an individual planning ahead for retirement, or a well-established company planning for a succession-or anywhere in between-you need to know what to expect on the road you are travelling. Preventative planning is better than reactive repairing (and cheaper too). If you know where you want to be, we can help you plan on how best to arrive there while minimizing bumps and excessive tax liabilities along the way. If you don’t know which path is best for you, we can help you analyze different paths and understand the benefits as well as the financial and tax obligations of each.
When you are commencing a business, there are several questions to consider: Should I incorporate? Should I/ Must I register for GST? What is the best tax structure to allow for tax minimization now and in the future?, etc. etc. We can help you arrive at appropriate responses to these questions after taking into consideration the necessary factors, so that that you can go forward with confidence in your new company.
A corporate reorganization is often done in order to facilitate succession plans that will defer or minimize taxation by Canada Revenue Agency. Whether you are ready to hand off the company as part of a succession plan now, or that time is still several years out, today may be the right time to reorganize the company ownership in order to maximize the benefits and minimize the tax and other liabilities to all involved. We can help you plan and complete a corporate reorganization that will meet your needs – whatever your needs are.
Many people think that tax planning is just for corporations, but that isn’t true. As an individual you can plan ahead to minimize tax. You can do this by appropriate use of RRSP’s, TFSA’s and maximizing allowable deductions and credits permitted by the Canadian Tax Act. If you are a commissioned employee or an unincorporated contractor, there are many, many more tax planning opportunities available to you. We will help you identify these opportunities, minimize your tax exposure, and maximize your after tax cash flow as you look to the future.
It is well known that if you fail to plan, then you are really just planning to fail. In the case of tax, if you fail to plan, you are planning to pay more tax than you need to. A proper plan can ensure that you save money on CPP, income tax, GST, and other taxes. Proper planning will also ensure that you qualify for various benefit programs and avoid unnecessary penalties and risks associated with non-compliance. Prior to completing your corporate tax work we will always meet with you to ensure you have an appropriate plan in place to ensure your goals are met – including minimizing your taxes!
If you want your business to succeed, you need to plan to succeed. Such a plan must be comprehensive and take into account the industry, market, demand, competition, and of course financial factors as well as others. We can assist you in developing a business plan for success that will give you the direction you need to succeed.
There are two things that are certain: death and taxes. We can’t help you avoid death but we will help you minimize your taxes on death by ensuring you have a good plan in place. Doing so will allow your family to celebrate your life rather than stress over the tax burden which would otherwise be left for them.