Here we have the basics; the stuff that all corporations need to have taken care of before and above everything else. Don't get caught without these; the taxman will not let you off lightly and you could face some pretty hefty penalties and interest! Accounting is the measurement, processing and communication of financial information about economic entities.
- Compilation Engagements
Compilations, or notice to readers, are financial statements that we prepare for you based on information that you provide us. We do not express an opinion on these statements, although we can help you find solutions to meet your financial goals.
- Financial Statement Preparation
We can assist you in the preparation of your financial statements in accordance with professional accounting standards. Statements are prepared on a monthly, quarterly, semi-annual or annual basis depending on your needs.
Are you making the best decisions for your company’s future? We offer a number of specialty services that can help you chart your course beyond the horizon, these include:
- Acquisitions & Restructuring
An opportunity has presented itself for you to purchase another corporation. Do you buy the assets or purchase shares? Do you need to restructure or amalgamate? There are more factors to consider than tax and accounting. Allow us to help look at the potential pitfalls and advise you on your options for the best structure moving forward.
You may be planning to pass you’re business onto the next generation and require succession planning. Could a family trust be helpful? Does income and capital gain splitting interest you?
- Business Plans
A business plan is critical to every business owner whether they are new or old. Reviewing where you are and where you want to be is important in growing your business. Let’s help you define who you are, state your business goals qualitatively and quantitatively and attain them.
- Dissolution of a Business
Your corporation has existed for years and it is winding down as you look to retire or try something new. The majority of the assets in the corporation have been sold and you have removed all cash. It is time to start looking at dissolving your corporation. We can assist with the dissolution process by preparing the final tax returns and working with appropriate levels of government to close your company properly.
- Estate & Succession Planning
Effective estate planning eases the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your assets. We can guide you through the complex process of getting your financial affairs in order.
Succession of a business requires time and good communication. Allow us to assist in the process to provide alternatives and simplify potential tax implications. Is an estate freeze in order?
- Family & Personal Litigation Support
We can provide you independent economic loss assessments related to:
- Commercial / contract disputes
- Business Interruption
- Personal injury
- Motor vehicle accidents
- Selling of a Business
Is the business incorporated? Can you sell shares or only assets? There are always negotiations when selling. We can help minimize your tax consequences by multiplying your capital gains exemption.
A professional accountant adds credibility and assurance to an organization’s financial statements when the objective is to express an opinion on the fairness of an entities financial statements (audit) or when the objective is to review financial statements of a company to determine if they are plausible (review).
- Audit Engagements
In an audit engagement, the objective for an independent professional public accountant is to express an opinion on the fairness of your financial statements in accordance with Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS). An auditor will test and gather evidence in order to obtain reasonable assurance that the financial statements are free of material misstatement. Audited financial statements are widely used for your bank, reporting to owners/partners or shareholders, and government.
- Review Engagements
In a review engagement, the objective is to review your financial statements to determine whether they are plausible by following the Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS). Review engagements are commonly requested by your banker when you have business loans, bonding for your construction business, a prior owner/partner or shareholder that you purchased the business from or for a variety of reasons you want more than a compilation. Reviews provide limited assurance that your financial information conforms to Canadian Generally Accepted Accounting Principles (GAAP).
Preparing the appropriate Federal and Provincial tax returns on a timely basis is so important. Not only do you want to file the correct forms and claim the proper deductions and tax credits by the deadline but you want to pay the applicable taxes to avoid penalties and interest.
- Through constant training and research, our team has the knowledge and tools necessary to help you navigate even the most complex tax issues. We keep up to date on changes in tax regulations and bring our clients advanced tax planning that goes beyond compliance and takes into consideration long-term impacts.
- You benefit from an integrated approach that takes your business, personal and family taxes into account.
- Corporate tax returns must be filed annually within 6 months of your fiscal year-end. Penalties apply on late filing based on a percentage of taxes owing. If no taxes are owed, then no penalties.
- Corporate taxes payable, for small business, are due within 3 months of your fiscal year-end. Interest charges will apply on late payment based on the Canada Revenue Agency’s prescribed rate plus 4%.
- GST/HST Solutions
GST/HST is a commodity tax that applies to the supply of most goods and services in Canada. Are your goods and services taxable? Zero rated? Exempt? Do you need to collect GST/HST on the sale of real property? What if your sales are less than $30,000 for the last 12 months? We will identify your situation as it applies to the Excise Tax Act and your collection, payment or filing responsibilities.
- Personal tax returns can vary in type of income, deductions, tax credits and more. We can help prepare your annual personal tax returns and provide timely advice.
- Deadline to file your tax return, without any penalties, is April 30 or June 15 if you, or your spouse, have self-employment income.
- Deadline to remit any taxes owing without incurring interest charges is April 30 (if on a weekend, then the first business day following).
- Scientific Research & Experimental Development Tax Credits
Are you creating innovative software, e-business solutions or web-enabled applications? Are you developing prototypes, creating custom machinery or using new materials? All businesses conducting research and development activities that lead to technological advancements resulting in new or improved products, processes, devices or material qualify for the SR&ED tax incentive rebate offered by the Federal and applicable provincial governments.
Deadlines are very tight and if you miss them, your ability to claim SR&ED tax credits for that year is lost. Ask us today if you qualify to claim the SR&ED tax credits.
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