Corporate Tax
Incorporating
Incorporating a business provides tremendous tax saving and creditor protection. We will incorporate your business (including not-for-profit organization), provide advice on tax implications of different share structures, explain the difference between director, officer and shareholder, order minutes book, register shareholder ledger and issue shares certificates. Before all this can be done, we will sit down with your and understand your specific needs.
You might think you could do it by yourself, but make sure you are doing the right thing. In case of a CRA audit, CRA will first ask for the shareholder and officer ledger to confirm the management team of the corporation.
Financial Statement
Financial statements are essential to assist the management team and owner in their decision-making; and to accompany tax filings. Notice to Reader (compilation) financial statements is lower in cost to prepare, however, it does not provide assurance that a review or audit would. An accountant will compile the information into a standardized reporting format while adhering to CPA professional standards as opposed to providing an opinion, or conclusion, about the reliability of financial information. Compiled financial statements are not required to follow Generally Accepted Accounting Principles (GAAP).
Business Registration
We handle business registration with various government bodies, including: CRA account (GST/HST account, Payroll account, Corporate tax account, Import and Export account) Work safety and Insurance board (WSIB account) Ministry of Finance Ontario (Employer health tax account).
Bookkeeping Service
Bookkeeping service is the foundation of financial reporting, and reliable accounting records will facilitate rapid and accurate business decision making. A good accountant or bookkeeper should have a good understanding of your business and the industry you operate in. The well-organized accounting records will save your money and reduce your risk of CRA audit, we also will advise clients to maintain and file their invoices and receipts properly.
Corporate Tax Return
We’ll accurately and promptly prepare and file your annual T2 corporate tax return. Our service goes beyond the usual once-a-year meeting to discuss your year-end financial statements. Effective tax planning is something we do year-round and is crucial for our clients. Instead of reacting to tax issues, we take a proactive approach. We work with you to understand your goals and objectives, identify tax strategies, and find potential savings. We also ensure you’re taking advantage of all legitimate tax-saving opportunities for you and your company.
Before diving in, we review the tax situations of related companies and shareholders to spot potential tax-saving chances. We’ll create a strategic tax plan that considers all relevant details about you and your company.
We’ll help you navigate the increasingly complex tax regulations, reducing risk, avoiding compliance problems and penalties, and enabling you to make more confident business decisions.
Leave all dealings with tax authorities to us, so you can focus on activities that generate income for your business.
