Services

Tax & Accounting Services

What We Offer

Our high standards, service, and specialized staff spell the difference between our outstanding performance and other firms. We make sure that every client is served by the expertise of our whole firm.

We also promise to provide you with service that is fast, friendly, and reliable. We want you to feel at ease in knowing that your business is in good hands. We offer:

Accounting for Franchise Businesses
Accounting for Professionals - Lawyers, Doctors, and Dentists etc.
Accounting for Real Estate Agents & Brokers
Accounting for Truck Drivers, Owner Operators & Brokers
Accounting for Investment, Commercial & Rental Properties
General Accounting & Bookkeeping Services
Compilation of Financial Statements
HST, EHT, WSIB & Payroll Tax Returns
Business Plans & Cash Flow Statements

Your business's year-end tax return or annual personal income tax returns will be finalized by professional CPA's after one on one discussion and to your satisfaction.

General Accounting & Bookkeeping

As a business owner you have more important things to do than to get bogged down with paperwork. We can help you with following so that you can concentrate on what you do best-running your business profitably:

Monthly bookkeeping, data processing
Payroll processing
Filing HST, WSIB, Payroll, EHT returns
Interim Financial Statements

Reconcile your bank account
Generate an income statement
Generate a balance sheet
Analyze your general ledger

These tasks form the solid foundation of your business accounting system. We can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Franchise Accounting

As a Business Consulting and Management Accounting Practice, our firm understands the challenges of the franchise industry. We are dedicated to delivering a broad range of Franchise Businesses such as; Restaurants, Retail, Travel & Accommodation, and other Specialty Businesses. Our Services include;

Business & Tax Consulting
Financial Analysis, Review and Reporting
Management Accounting
Assistance with Compliance Requirements and Obligations

Utilization of the most appropriate taxation structures to minimize taxes
Assistance with Capital Raising and Finance Requirements

Budgeting & Cash Flow

We can work with you and your business to plan how to best organize your finances to minimize taxes paid and include planning for retirement, business succession, sale of a business, or set up of a business.
Prepare Business Plans according to your vision and the main objectives of your business
Prepare a Cash Flow Budget, so you know exactly how much money you need to keep the business functional each month
Prepare projected financial statements to get loans from banks
Preliminary tax planning advice for minimizing taxes and planning for business succession

Looking at areas of concern and also providing feedback on ways to improve the financial processes of the company
Projects how much operating line of credit would you require
Projects when loans can be repaid
Provides a budget against which you can compare your actual cash flows
Helps you communicate your business plans and credit needs to your lender
Examining results to look for trends and provide ideas and feedback to the company

Business Registration

Thinking of owning your own business?

Opening your own business is exciting and thrilling. We help you avoid the common pitfalls that many new small business owners make when starting their new business enterprise. We can help you to...

Prepare an initial business plan to clarify your marketing, management, and financial plans
Determine your start-up capital needs
Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability should you need to relocate.
Select the right accounting software by evaluating your budget & needs.

Establish billing and collection procedures to maximize your cash flow.
Establish procedures to monitor and control costs.
Set up company books, records, and government filings.
Provide payroll tax filing when you bring on your first employee.

Let us help you succeed by getting your new business off to a good strong start!

	Pros	Cons
Proprietorship	Easy to start Low start-up costs Low regulations Owner controls decision making All profits to owners Tax advantages Minimal working capital	Unlimited liability Difficulty in raising capital Higher taxation rates with higher income Lack of continuity Business reliance on self May be difficult to sell
Partnership	Easy to start Low start-up costs Additional sources of capital Tax advantages Limited regulation Broader management base and complimentary talents	Unlimited liability Difficulty in raising capital Divided authority Suitable partners may not be available Conflicts between partners Partners can legally bind each other Lack of continuity Profits are smaller per share
Corporation	Limited liability Possible tax advantage Ownership is transferable Continuous existence Specialized management Separate legal entity Easier to raise capital Capital gains exemptions	More expensive to set up Closely regulated Extensive record-keeping Dividend taxation Shareholder liability Personal guarantees can undermine limited liabilities

Personal Taxation

Checklist helps gather all the papers that are needed to properly fill out your personal Income Tax Return

Income	Deductions Receipts
T4- Employment Income T4A- Other Income (e.g. pension, retirement, old age security) Ownership is transferable T4E- Statement of Employment Insurance T3- Statement of Trust income T5- Statement of Investment Income T776- Rental Income T4RSP- Statement of RRSP Income Capital Gains Self-employment Income T5007 - WSIB Income or Social Assistance Other Income Slips	All child care expenses Registered Retirement Savings Plan Union & professional dues T2202- Employment Expenses Interest expense Public transit passes Home Buyer Plan- RRSP T2200- Disability Certificate Interest paid on Student loan T2202, TL11- Tuition fees Medical Expenses Charitable donations Property taxes/Rent paid

Otherr Information	Personal Information
Copy of your last Year Notice of Assessment Personal tax installments paid A void cheque for direct deposit of income tax refund, HST & Child tax benefit credit	Name, Address, Date of Birth, SIN, Your Spouse, and Your Dependents.

Business Taxation

Print this checklist and use it help gather all the papers that are needed to properly fill out your Business Tax Return

Revenue	Automobile Expenses
Sale, Fees, Commissions Commissions as per T4A (Self-employed) COST OF GOODS SOLD Opening inventory Purchases during the year Subcontracts and direct wages Ending inventory	Total Kms/Miles driven during the year Kms for business use Auto Gas/Fuel Auto Repairs and maintenance Auto Parking Insurance License Auto loan interest Leasing costs All other expenses related to automobile

Expenses	Home Office Cost
Legal papers of buying equipment & vehicles used in your business Utilities & Telephone bills Property taxes Rent/mortgage papers (payment + interest paid) Insurance Advertising & Promotion Business tax, fees, licenses, dues & memberships Delivery and freight charges Office & Supplies expenses Salaries and wages Travel Expenses Meals and Entertainment	Space used for business Sq. Ft. of Home for business use Mortgage interest (Need Mortgage Statement) Rent (If ranting) Utilities (Heat, Hydro, Water) Condominium fees Property taxes (Need Actual Bill) OTHER Please bring the previous year's financial statements and Tax return copies along with the company's article.

**Please note: all items must have a physical receipt showing the expense or purchase. If you are supplying a spreadsheet, please remember, you must have the receipts in case of a government audit. They will not accept items without a receipt.

Filing Government Tax Returns

Filing periodic HST returns
Filing periodic WSIB returns
Filing periodic Payroll returns
Filing periodic EHT returns

Filing annual T4/T4A/T5 slips
Filing record of employment (ROE) forms when required
Filing annual corporate tax returns (T2)
Filing annual personal tax returns (T1)

If you have any questions regarding all type of government filling then please call us: (905) 677-1334

SURAJ GUPTA, CPA