TAX PREPARATION

The 3 most common types of business tax returns are:

Sole Proprietorship: This is a business that is owned and operated by a single individual.  The taxes are completed on a personal tax return (T1).

Partnership: This is a business arrangement between two or more individuals that share both the profits and liabilities of a business. The taxes are completed on a personal tax return (T1).

Corporation: This is a distinct legal entity, separate from its owners and/or shareholders. The taxes are completed on a corporate tax return (T2).

Personal Taxes: Your Personal Taxes are comprised of various types of income and various types of deductions. It is very important for you to complete your personal tax returns every year or valuable tax credits will likely go unclaimed. There are also a variety of benefits that are calculated based on the filing of your tax return (T1).

 

BOOKKEEPING

Let us help you keep accurate and timely records. Our bookkeeping services can assist with the following:

Set up accounting software

Sorting and matching of receipts

Recording income and expenses

Manage shareholder loan accounts

Reconciliation of bank account statements

Reconciliation of credit card statements

Prepare month end financial statements

Manage all CRA reporting including GST, and Payroll remittance

Manage WCB annual estimates and returns

Prepare IFTA reports and vehicle management reporting

PAYROLL

This is a critical area of government reporting.

Did you know that:

Your RP account is considered a trust account and you are required by law to submit payroll reports and remittances by the 15th of every month

At the end of the calendar year, T4’s must be calculated and delivered to employees by the end of February

T4 and T5 Summaries are also due the end of February

The employer is responsible to provide a year to date payroll slip to employees

The Record of Employment is to be issued to former employees

INCORPORATION

A corporation (or limited company) is a distinct legal entity, separate from its owners and/or shareholders. No member of the company can be held personally liable for the debts, obligations, or acts of the company. A shareholder is only liable for the unpaid portion of the shares owed.

There may be advantages for you to incorporate your company.

CONSULTING

Do you have internal staff that complete your bookkeeping? We can assist you with a financial statement review.  We can help validate the data entry and ensure that the postings are accurate.

Do you require training for Quickbooks or Quickbooks online?  We can assist with training your staff or providing ongoing support.