Incorporation

Incorporating a new or existing business can be a daunting task fraught with several pitfalls but also opportunities that can be beneficial.  We first take the time to fully understand your business and financial goals and then explain the benefits and costs of incorporating.  Once a decision is made to incorporate, we can coordinate with legal professionals in the type of incorporation (i.e. Federal/Provincial), ensure the initial minute books are established, provide advice on the initial share structure and choose the most beneficial year-end.  We can also ensure proper accounts are opened with the CRA including payroll, tax and GST/HST.

Financial Books and Records

Accurate, well-organized financial records ensure that you can meet legal and tax requirements but also provide relevant information to monitor your business results.  We can assist in setting up a proper set of books in the QuickBooks environment.  For lower volume businesses, we can also provide full bookkeeping services based on information provided such as bank, credit card and investment statements.  We employ a simple template to capture any other information required to update the books and records.  We use a secure client portal system that allows clients to easily upload confidential information without the need of emails or hard copy documents. Once a year-end is completed, we upload all final documents for easy client retrieval.

Financial Statements

We can assist in the preparation of Notice to Reader financial statements in accordance with professional standards.  We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency.  Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed.  The financial statements produced can be a useful tool for management in making financial decisions but also a legal requirement for incorporated businesses.

Corporate Tax Preparation

Incorporated companies have an obligation to file a corporate tax return six months after the year-end.  Our significant investment in computerized tax preparation and research software enables us to prepare returns accurately and efficiently.  We provide advice and consultation to ensure overall tax is optimized between the company and individual shareholders by determining the optimal mix of dividends and salary.  We also provide installment schedules to avoid costly interest charges for late or deficient payments.  We have a network of other professional accountants that can assist with advanced tax planning areas like estate freezes, holding company structures, mergers/acquisitions, etc. should they become necessary.

Investment Management

As your business grows and builds up retained earnings, this may result in significant cash balances that may not be needed for the day to day operations of the business.  In order to maximize the returns on idle cash, we can assist with the development, implementation and monitoring of a tax effective passive investment strategy.  If an active investment strategy is desired, we have a network of professional money managers that we work with to ensure the strategy is appropriate for the company and its shareholders.

GST/HST Filing

We can assist in determining your GST/HST obligations based on your business activities.  We can make any elections that may be beneficial to your business such as the Quick Method. We also assist in the actual filing of the GST/HST return by the appropriate deadlines.  We also provide installment schedules to avoid costly interest charges for late or deficient payments.

Payroll Services

As a business grows, it may need the support of other workers to achieve its goals.  This can be in the form of sub-contractors or employees.  We can first provide advice and consultation on ensuring the correct determination is made to avoid possible tax issues where someone maybe considered by the CRA to be an employee but was paid as a sub-contractor. Once an employee is hired, we can provide full payroll services including calculation and remittances for CPP/EI/tax to the CRA, net pay amounts to the employee and year-end filing both to the CRA and the employee T4 slip.  For staff of 3 or more, we have a relationship with ADP where we can set up staff on their system and provide ongoing support to run the payroll at desired intervals including processing any changes (i.e. new hires, terminations, salary increases, etc.), providing information to update the books and records, year-end T4 filings are completed, etc.

Employee Benefit Plans

The accounting and tax issues involved with employer-provided benefit plans can be overwhelming.  We first work with several benefit brokers in determining the best fit for a benefit provider keeping costs low while providing the optional coverage for staff.  This can include health/dental plans as well as group RRSP plans.  We can also assist with the ongoing administration of your employee benefit plan.