Corporations must file many different tax returns throughout the year including returns to report income, employee and contractor forms, GST, payroll remittances, and more. Each return has its own prescribed format, deadline, and penalties for non-compliance. Further, if appropriate payments are not made on time, interest also applies. We will ensure that you know and comply with every applicable deadline (so long as we have all of the necessary information from you) and that your returns are filed in the appropriate format that is acceptable to CRA.
For companies without significant financing or wide-spread ownership, a compilation is often sufficient. These will be prepared based on the bookkeeping and other information provided to us by your management, but if something comes to our attention that looks odd, we will confirm it with you prior to finalizing our work.
When a company has significant debt, or the owner(s) are considering selling, a review engagement is often the right solution because it includes notes which provide third party assurance to the users that the information presented aligns (plausibly) with generally accepted accounting standards.
Audited financial statements are similar to reviewed statement but provide a higher level of assurance because the financial information is more scrutinized prior to finalizing. We are currently only considering new audit clients who are non-profit organizations.
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. If only need annual bookkeeping (without payroll services), we will be happy to complete that work with your year-end compiled financial statements. If you need monthly, quarterly, or more frequent bookkeeping (and/or payroll services), we would be happy to refer to you another trusted source for that service.
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.
Your financial statements are the starting point to your corporate tax return (T2). Taxes are due to be paid either two or three months after the fiscal year end (even though the return is not due to be filed for six months) so we aim to file early enough for you to pay on time.
Annual forms are required to be filed (generally by February 28) for employees (T4), shareholders (T5), subcontractors (T4A/T5018), and others. The penalty for being late starts at $100 in each case so being non-compliant can be very costly.
GST filing is different than remitting GST owed. Many smaller companies are permitted to file their GST annually but remit an estimated amount of GST quarterly. Larger companies must file either monthly or quarterly. The rules are complicated so doing it right the first time is definitely the right option.
Payroll and GST are two high risk areas because if amounts are not remitted, the government can reach into the personal assets of the shareholders to settle liabilities. This is the one tax filing service where we will refer you to a payroll provider to ensure compliance.
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 – that’s a big mistake! We are really excited about tax planning because it allows us to put the puzzle together in a way that legally allows you to pay less tax.
Everyone’s goals are different, so we will include you in the process to ensure all of your objectives are met.
When you are starting a business, there are several questions to consider such as if you should in incorporate, whether or not your should register for GST, or which tax structure could save you money in the future. 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.
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.
A corporate reorganization is often done in order to facilitate succession plans that will defer or minimize taxation by CRA. 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.
Use of Surplus Cash
Buy or Lease
The key to great tax planning is a big picture perspective. Each significant life event has a tax consideration. A big picture approach considers such events and their tax consequences ahead of time.