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:

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  • 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 , 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 CGA'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.

SURAJ GUPTA, CPA

Franchise Accounting

SURAJ GUPTA, CPA

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!

ProsCons
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

IncomeDeductions 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/Camp Fees
  • Registered Retirement Savings Plan
  • Union & professional dues
  • T2200- Employment Expenses
  • Safety deposit box rental/Interest expense
  • Public transit passes
  • Children Fitness & Arts expense
  • Home Buyer Plan- RRSP
  • T2201- Disability Certificate
  • Interest paid on Student loan
  • T2002, TL11- Tuition fees
  • Medical Expenses
  • Charitable donations
  • Property taxes/Rent paid
Otherr InformationPersonal Information
  • Copy of your last Notice of Assessment
  • Personal tax installments paid
  • A void cheque for direct deposit of income tax refund, HST & Child tax benefit credit
  • Name, Address, Birthdate, SIN for You, 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

RevenueAutomobile 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
ExpensesHome 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 entertaining
  • Space used for business
  • Sq. Ft. of Home for business use
  • Mortgage interest (Need Mortgage Statement)
  • Rent (If ranting)
  • SUtilities (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