It has been our pleasure to provide financial advice and support to businesses of many kinds
We are pleased to provide financial advice and support to businesses of many kinds. Our extensive business accounting experience means that you can feel at ease with us handling the intricacies of your particular financial situation. We’ve probably seen it before, so you can relax knowing that we have you covered.
No matter the tax credits, deductions or paperwork submissions that are unique to your sector, we can help you get it done…with less stress and more money in your pocket.
Lawyers, engineers and consultants of all types typically operate as sole proprietors or incorporated entities. As a result of recent changes to tax legislation (i.e., Tax on Split Income, or TOSI), many professional corporations must revise their tax planning strategies particularly in the area of income splitting with spouses and adult children. We can provide the advice you need to make the best decision.
Many realtors incorporate their businesses (Personal Real Estate Corporations, or PRECs) in order to take advantage of the small business corporate tax rate. We will consider the pros and cons of incorporating with you.
Developers need to consider which types of real estate investments should be treated as inventory or capital property, as the tax implications vary depending on intention. We can help you make an informed decision.
Holding companies are typically used as a vehicle to hold assets, such as shares and real estate. In some cases, investments can be considered foreign property and would require additional tax disclosure forms (e.g., T1135, T1134) to be completed on a timely basis in order to avoid penalties. We can help ensure all required tax reporting is done on time.
Construction and subtrade entities, whether incorporated or operating as sole practitioners, are often subject to audit by Canada Revenue Agency (CRA). We are experienced with such audits and know how to best deal with CRA, so we let us assist you if you get selected for audit.
Payments to subcontractors result in the necessary filing of tax forms such as the T5018, and if they are not filed on time, penalties will result. We can help you ensure you are compliant.
Businesses in these industries are often developing new products and seek the assistance of government credits. For eligible products and activities, there are Scientific Research and Experimental Development (SRED) Credits available upon the filing of certain tax forms. In addition, manufacturing companies are permitted to take advantage of accelerated tax amortization that other industries are not. We can help you determine which of your projects may be eligible for SRED treatment and which types of asset purchases qualify for the faster write‐offs.
Retail is a very large industry and includes all types of products and retail services. For businesses in these industries, sales tax (PST) is generally an issue as they sell tangible items. We can assist in the registration and filing of these types of returns (PST) with the Minister of Finance.
There are more and more restaurants and coffee shops opening every day. These businesses often entail special considerations with respect to GST/HST, PST and payroll. We can assist you with the registration and filing of PST and GST returns, in addition to providing advice regarding payroll matters.
Professionals in health care include doctors and dentists. Similar to other professional services, recent changes to tax legislation (TOSI) have impacted the tax planning strategies previously used by those in the healthcare industry. Where healthcare professionals have incorporated and are owned by family trusts, additional tax planning is warranted. We would be happy to help you navigate this complex issue.
The Lower Mainland is a popular destination for filmmakers due to the expertise of Canadians who work on films (movies or TV series), and Canadian businesses are growing exponentially in the film industry. Many individuals operate as independent contractors (sole proprietor or incorporated business).
Whichever sector of this industry you are involved with (stunt work, make‐up, acting, costume design, etc.), we can assist with your accounting and tax issues – and potentially even help you obtain certain film tax credits where available.
For entrepreneurs just starting out a business, there are an overwhelming amount of things to consider: if and when it may be advantageous to incorporate, what type of share structure would be most beneficial for meeting your objectives, what the optimal fiscal year end for your business would be from both a practical and tax planning perspective, how to set up your accounting systems, etc.
We can review all of that with you, help you register for the various taxes (e.g., GST/PST, etc.) and can even assist in the setup of your accounting systems or simply start you out with a basic chart of accounts.
We have a range of information available to serve you with your ongoing business and financial service needs.