Services

Financial Statements (Review and Notice to Reader)

  • Financial Statements are usually required by users such as lenders, investors, partners and shareholders for information about the financial position, performance and cashflow of the business for decision making.
  • For the Financial Statements to be useful, it must be understandable, relevant, reliable and comparable to the industry and the past.
  • We sit with you to determine what your Financial Statements needs are before offering any service to ensure those needs are met.

Corporate Tax Returns

Wondering if your company is required to file a corporate tax return?

  • According to CRA, all resident corporations (including not-for-profit organizations, tax-exempt corporations and inactive corporations) must file a corporate tax return every year even if there is no tax payable.
  • The taxes must be filed six months after the Corporation’s year end. For instance, if your Corporation’s year end is March 31st, you must file the taxes by September 30th.
  • Although you have six months after year end to file the tax return, the balance of any tax owing is due two to three months (depending on the type of Corporation) and interest charges may apply after this period.

What happens if I file my return late?

  • There is a 5% penalty of the unpaid tax plus 1% for each month that the return is late up to a maximum of 12 months.
  • The penalty goes up to 10% of the unpaid tax plus 2% for each month that the return is late up to a maximum of 20 months if you’ve been issued a demand to file and CRA has assessed a failure to file penalty for any of the three previous tax years.

I want to delay filing my corporate taxes as I don’t have money to pay the taxes owing. What’s the implication?

You might end up with hefty failure to file penalties. When you file your taxes on time but don’t make the full payment, you are only charged interest on the unpaid balance and no penalties.

I’m getting a refund, why should I be in a hurry to file my taxes?

According to CRA, you must file your taxes no later than three years after the end of the tax year to receive a tax refund which means you may lose out on that refund if you wait too long to file.

I find it hard to keep track of all these deadlines and requirements.  How can you help?

Contact us today, we will work with you to ensure that all the necessary information for your taxes are appropriately tracked throughout the year and ready for the taxes in time to avoid interest and penalties. Contacting us early also gives us the chance to help you plan to ensure that your required tax objectives are met.

How do I learn more about CRA corporate tax requirements?

Please visit CRA website for more on the requirements to file corporate taxes.

Personal Tax Returns

Do you know you don’t have to wait for April 30th deadline before filing your personal taxes? Here is why:

  • Filing early means your return is processed early and you get your refund faster
  • If you owe taxes, this buys you time to save and pay the taxes owing by the April 30th
  • CRA will start accepting EFILE transmission of 2017 personal tax return on Monday February 26, 2018, which means you can file your taxes as early as this date so beat the crowd and file your taxes early. Note that if you have investments, those slips don’t show up until March so you want to wait until you get all your investment slips before filing.

Behind on your taxes?

Let’s get you caught up. Please contact us today, we can file your 2016 and prior personal taxes for you anytime!

Are you too busy to meet an accountant, or I live out of town?

No problem, you can submit your information electronically through E-mail, Dropbox or WhatsApp. We will complete your tax return and deliver it to you electronically without you leaving the comfort of your home or office!

Do I have to file my personal tax return?

According to CRA, you must file a return if you meet any of the following conditions in the year:

  • You have to pay tax
  • CRA sent you a request to file
  • You and your spouse or common-law partner want to split pension income
  • You received working income tax benefit advance payments in the year
  • You disposed of capital property (such as sale of real estate, principal residence & shares) in the year
  • If you have to repay any of your old age security or employment insurance benefits
  • You owe under the Home Buyers Plan (HBP) or the Lifelong Learning Plan (LLP)
  • You are self-employed, and your net income and pensionable employment income is greater than $3,500

Even if you don’t meet any of the above conditions, CRA recommends you file your return if the following applies to you:

  • You want to claim a refund
  • You want to claim Working Income Tax Benefit
  • You want to claim the GST / HST credit (for people 19 years and over)
  • You want to begin or continue to receive the Canada Child Benefit
  • You want to transfer your unused tuition to spouse, parents or grandparents or carry forward to future year
  • You receive guaranteed income supplement or allowance benefits under the old age security program (you automatically renew your benefit by filing your tax return by April 30th)

How do I learn more about the requirements to file my personal income tax return?

Please go to CRA website or give us a call at (778) 713-1391 or email abigail@abigailowusu.ca.

Bookkeeping

Are you a business owner or not-for-profit that needs help with your bookkeeping? Maybe you prefer to do it yourself but needs support to ensure you are on the right track. Perhaps you want nothing to do with the numbers and just want to focus on what you do best. Whatever your needs are, we are here for you.

What other services can you help me with?

  • We offer full cycle bookkeeping including Bank Reconciliations, Accounts Receivable and Payable Tracking, Payroll, GST, WCB and PST filings.
  • We provide monthly accounting reports so that you know your financial performance sooner than later.
  • In addition to getting your bookkeeping done, we can prepare your financial statements and file your corporate and personal tax returns for you.
    • Having your bookkeeping and financial statements done at one place ensures that critical tax planning opportunities are not missed since we have the full ins and outs of your business.
    • Save time juggling between a bookkeeper and accountant and focus on your business!
  • In-depth knowledge of major bookkeeping software such as QuickBooks and Simply Accounting.
  • We will pick up your accounting records or submit them to us electronically using Dropbox, WhatsApp and E-mail.

Accounting Training

  • Do you want a real workplace experience using the major accounting software like Simply Accounting, QuickBooks & CaseWare?
  • Are you fresh out of college and landing your dream job in the accounting industry means having experience using Simply Accounting, QuickBooks and CaseWare?
  • In college or fresh out of college and wants a career as Chartered Professional Accounting but don’t know where to start?
  • Are you a newcomer to Canada transitioning into the field of accounting and need an upgrade?
  • Are you a bookkeeper or business owner and want to learn to use such software?

If the above sounds like you, contact us for a free consultation.  We offer one-on-one training to fit your needs and help you succeed. Group learning is available so come with a friend and receive our group rate.