Financial Statement Preparation – Compilation Engagement
I will compile a set of financial statements in accordance with appropriate accounting standards. These financial statements can also be used to report income in your business’ annual tax return.
Income Tax Returns
I will prepare the necessary tax return and the corresponding documentation to support the positions taken in the return. I will calculate the installments of tax payable to CRA throughout the year and advise you of the balance of tax payable for the year by the deadline in order to avoid interest and penalties.
CRA Audit & Notice of Objection
In the event your business is audited I will coordinate all communications with CRA and provide them with the supporting documentation and arguments for the positions taken in your income tax return. I will also advise you whether a notice of objection is warranted and prepare the accompanying statement of facts and reasons to explain your position.
I will determine the appropriate reporting period for your business, determine which sales are taxable, determine for which expenses you can receive an input tax credit, and prepare your HST return.
T4, T5, and Other Information Returns
I will assist you to determine what information returns need to be filed, prepare the returns, and instruct you as to any amounts that need to be remitted to CRA with them.
I will advise you in all facets of tax planning, including the ownership structure of your business, owner-manager remuneration, estate planning, and succession planning. I will also recommend tax appropriate strategies for various transactions such as the purchase and sale of a business or a shareholder buyout.
I will provide you with the information you need to get your business started and help you through the process, including registering your business name, obtaining a business number and HST account with CRA, instructing you on recordkeeping and reporting requirements, and preparing cash flow forecasts/projections that can assist you in obtaining financing.