Business
Building Value and Exit Planning
We advise on strategies on building value in your business and guide you through the exit planning process:
- Building value in the business
- Succession planning
- Sale of business
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
- Financing alternatives
- Financial forecasts and budgets
Accounting for New Companies
We provide the following business start-up services for new business owners:
- Assisting with Canada Revenue Agency (CRA) Business Account registration
- Advising on tax considerations for hiring employees vs. contractors
- Advising on payroll deductions and compliance
- Accounting and bookkeeping systems set up
- Advising on GST and PST filings
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 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.
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
