ACCOUNTING & BUSINESS ADVISORY
ESTATE & SUCCESSION PLANNING
As with all Chartered Accounting firms, statutory financial audit and preparation of financial statements represents a very important and significant part of our business.
Our accounting and audit services are specifically tailored to regulatory and credit requirements for small and medium sized owner-managed business.
Please visit our Resources section for information on the various types of financial statement reports.
Our focus when preparing financial statements is not limited to ensuring the accuracy of the financial information presented in the statements. We take the opportunity to also analyze the information and communicate to the owner-manager what the numbers mean, and how the operations of the business can be improved. We make a commitment to meeting in person with our clients on an at least an annual basis to review their financial statements in detail and discuss any issues or opportunities we believe need to be addressed.
One of the greatest gifts that you can leave to your survivors is an organized estate. During your lifetime, you have spent many years acquiring personal property, saving for your children’s education, paying off debt, growing your business, building future financial security by contributing to a pension plan (either an RRSP or company pension plan) and saving for retirement. However, one of the greatest downfalls is the failure to properly plan for the final distribution of those assets that you have spent a lifetime to build.
Estate planning will assist in managing your money that you have worked so hard to save over your lifetime. The crucial first step is the preparation of a Will. It is a common misconception that a Will is about death. It should be noted that the Will is not about death, but about life – the lives and protection of your beneficiaries (i.e., loved ones). If there is no Will, there could be adverse income tax consequences, but more importantly, without a Will, your intentions and promises that you made may never be realized.
Our firm assists our clients by helping them plan their estates by taking into consideration the various types of taxes which may be payable upon their death and taking steps to minimize those taxes, including income taxes due to deemed disposition and probate fees.
The preparation and filing of corporate tax returns is a standard part of our accounting engagements. When corporate tax returns become due, the amount of tax savings opportunities can be limited. That is why we ensure we are proactive as tax planning is a year-round activity. We communicate with our clients on a regular basis throughout the year to ensure the proper tax strategies are in place to ensure they are realizing the maximum amount of tax savings.
Similar to what is described above, the tax saving opportunities can be limited when personal tax returns become due. Our proactive approach to tax planning also applies to personal tax planning, which goes hand-in-hand with corporate tax planning for our owner-manager corporate clients.
The personal tax rules and tax credits available change every year, and our firm is committed to staying up to date with these changes to ensure our clients are getting the maximum return on their returns.
We assist our clients in preparing the necessary historical and forecasted financial statements that are more often than not required by financial institutions when financing requests are made. We have a history of assisting our clients in successfully obtaining financing needed for either the start-up or expansion of their businesses.
Scientific Research & Experimental Development
Government Audit Assistance
Government (CRA or Ministry of Finance) audits occur regardless of how well a corporation or individual is complying with the tax laws and filing requirements. We assist our clients from the time they initially receive the audit letter, right up to the completion of the audit and the possible filing of objections to the government assessments.
Ensuring proper bookkeeping and tax compliance is important for many reasons, including allowing the owner-manager more time to dedicate to the operations of their business. We have in-house bookkeepers as well as a number of external bookkeepers we work closely with for many of our clients.