Business

Tax Returns

We prepare tax returns to report business income as follows:

  • Sole proprietors report business income on their personal T1 tax return.
  • Partnership business income is reported by the individual partners on their personal T1 tax return.
  • Corporations report business income on a T2 tax return.

Other tax services we provide include the filing of T4 and T5 slips and summaries.

Financial Statements

Businesses require financial statements for users such as owners and managers, and for investors and financial institutions. We provide the following financial statement preparation and assurance services:

We use the information provided by the client to prepare the financial statements, but do not “review” or “audit” this information. Users are cautioned that these statements may not be appropriate for their purposes.
We review the financial statements to establish that the statements are credible and not misleading. Also, we ascertain that nothing has come to our attention that would indicate the statements were not prepared in accordance with Canadian accounting standards.
In an audit engagement, we provide an independent and objective opinion that the financial statements fairly present a company’s financial position, financial performance and its cash flows. Generally, Canadian corporations are required to have an annual audit performed. However, some privately-owned corporations may waive this requirement by passing an annual resolution signed by all shareholders.

Tax Advice and Financial Planning

We provide advice on various tax and financial issues faced by business owners and managers, such as:

  • Salary vs. dividends
  • Incorporation, proprietorship or partnership
  • Succession planning
  • Financing alternatives
  • Financial forecasts and budgets

Accounting for New Companies

We provide the following business start-up services for new business owners:

  • Business plan preparation
  • Business number registration
  • Hiring employees vs. contractors
  • Advising on payroll deductions and compliance
  • Accounting and bookkeeping systems set up
  • Advising on GST/HST filings
  • Advising on PST filings

Computer Services and Accounting Software Training

We provide the following services to improve the performance and efficiency of business operations:

  • Audit (review) the operation of your existing computer system and accounting software, and provide recommendations
  • Assist in the purchasing decision and, if required, installation of a new computer or accounting system
  • Provide training and ongoing support to QuickBooks users
  • Consulting and development of web-based Line of Business applications
  • Microsoft SharePoint application development and consulting

Contact the Business Services team:

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