Services offered by our Accounting
Professional Accountants & Tax Preparers based
- Corporate Tax Services
- Personal Tax Services
- Accounting Services
- Bookkeeping Services
- Payroll Services
- Business and Tax Advisory Services
- Business Registration Services
- Business Plan Development
- Controllership Services
The Canadian Income Tax Act is a complicated and ever-changing document that may be difficult to understand. A lack of understanding can be very costly due to overpaid taxes or missed credits. We can effectively plan and organize your affairs to reduce your overall tax burden and improve your profitability. Our professionals have the in-depth knowledge and expertise to understand how your business and personal circumstances can benefit from the available tax savings in the Income Tax Act.
- Ongoing tax planning
- Corporate income tax filing (T2)
- Sales tax filing (GST/HST)
- GST 74 – Quick Method GST/HST
- CRA representation
Our team and associates provides income tax planning that will help your company, and your family minimize taxes at a time when our government’s legislation is becoming incredibly complex.
Sole Proprietor or Partnership Personal Tax Return
A sole proprietorship is a non-incorporated business entirely owned by one person that is run in the hope of obtaining a profit. A partnership is usually the relationship between persons who conduct a business in common in the hope of obtaining a profit.
(REMEMBER! When you are filing a sole proprietor or partnership business activities, this information is filed on your personal tax return. You have up until June 15th to file your return along with your spouse, however, be careful if you owe tax as this has to be paid by April 30th.)
Property Rental Tax Return
Our team will prepare all rental tax returns for you or your company. There are some limitations in compiling this information and you should make sure you are fully aware of these. We prepare many rental property tax returns so be sure to give us a call at tax time!
- Ongoing tax planning
- Personal income tax filing (T1)
- Sole proprietorship/Business tax filing (T2125)
- Estate and Trust tax services (T3)
- Real Estate Rental Income (T776)
- US taxes and US rental income
- CRA representation
All businesses need effective and efficient accounting functions to provide stakeholders access to timely and useful financial information. Whether these functions are needed for statutory compliance purposes, bank reporting, harmonized sales tax record keeping and submission, income tax preparation or internal performance evaluation, appropriate accounting reporting systems are key.
Our professionals have experience catering to the needs of a wide range of industries and have strong business acumen to understand your business needs and provide you with effective and efficient accounting solutions. We will improve procedures and introduce strong accounting systems to provide useful and timely information and facilitate financial statement preparation in the most economical way.
Our accounting professionals can cater to the accounting needs of companies in various sectors, including manufacturing, investment & securities, medical practitioners, real estate, wholesale, retail, distribution, charitable organizations, non-profit organizations and trusts and estates.
- Compilation engagements (Notice to Reader)
- Year-end closing services
- Financial statement preparation
- Monthly/quarterly reporting packages
- External audit support and coordination
Most small business entrepreneurs face the challenge of balancing their time between their core operations and administrative duties, including the necessary activity of bookkeeping. Lack of timely financial information can jeopardize their ability to obtain financing, monitor performance, save taxes, and get the right value for the business in case of its sale.
Currently, there are several small non-designated bookkeeping firms offering support at very low rates, but unfortunately in most of such cases the famous saying "You get what you pay for" holds true. Our professionally designated staff will provide you with quality services at competitive rates to meet your business needs. We will work with you to determine a cost-effective record-keeping system to provide timely financial information. We can also help you to acquire the most appropriate technology to accomplish your business objectives most efficiently and economically.
Our monthly bookkeeping packages provide you with complete outsourced accounting services. Outsourcing your bookkeeping and accounting to our firm can eliminate the need to hire in-house staff which can be quite costly for most businesses. Each bookkeeping package is customized to the client based on industry, size, complexity, and volume of transactions. Outsource monthly bookkeeping duties will ensure that all the information is organized and ready when it’s time to file your taxes. It also allows you to monitor your goal attainment and growth trends month-to-month.
Our outsourced bookkeeping packages include:
- Set up books and chart of accounts (for new business)
- Posting all business bank and credit card transactions
- Completing monthly bank and credit card reconciliations
- Posting purchase invoices, expenses, and cash transactions
- Accounts receivable, management and reconciliation
- Accounts payable reconciliation
- Inventory record keeping and assistance in managing and conducting physical counts
- Cash management including associated controls with bank reconciliation
- General Ledger analysis, structure, and maintenance
- Monthly/Quarterly internal financial statement preparation
- Year-end closing and reconciliation of general ledger accounts
- Completing the monthly/quarterly sales tax (GST/HST) reconciliation and e-filing
- Payroll processing services
- WSIB and EHT filing
- CRA correspondence
- Unlimited email and telephone support
- Optional quarterly consultations with SMR CPA provide up-to-the-minute strategic planning opportunities to quickly modify limitation areas and fast track growth opportunities.
- We possess expertise with multiple accounting softwares:
- Quickbooks Online
- Quickbooks Desktop
- Fresh Books
- Simply Accounting
Payroll administration can be very time-consuming due to paperwork and complex legislative requirements. We can help by assuming this responsibility and allowing you more time to focus on your core business operations. Outsourcing your payroll not only saves your business time and money but may also increase compliance and reduce the risk of an audit.
Our skilled payroll specialists will work with you to evaluate your business needs and provide cost-effective and efficient business solutions. We can securely email pay stubs to your employees and process payments by direct deposit as well as pay the remittances online or at the bank.
Our services include the following:
- Prepare payroll on a weekly, bi-weekly, semi-monthly or monthly basis
- Provide payroll reports to you for each pay period
- Calculate bonuses or commissions
- Prepare and reconcile Government payroll remittance
- Prepare Record of Employment forms
- Prepare and reconcile T4s, T4As, T5s and summaries
- Handle remittances (deductions, reconciliations, etc.) to government agencies and other third-party vendors
- Prepare and reconcile WSIB remittances
- EHT filing
- How to improve your bottom line
Start-ups and new business
- Does it make sense to incorporate your business?
- Switch from sole proprietorship to corporation
- Benefits and drawbacks of incorporation
- Tax implications
- Salary vs. dividend analysis
- Setting up accounting system and corporate books
- Section 85 Transfer
- Section 86 Estate Freeze
Business transition planning
Business sale planning (pre and post-deal)
Financial planning and budgeting
Due Diligence support
Scientific Research & Experimental Development tax (“SR&ED”) claim
When you are starting a new business, the first decision is determining the business structure that is most appropriate for your organization. There are essentially four forms of business ownership in Canada: Sole Proprietorship, Partnership, Corporation and the Cooperative.
We will help you to identify the most appropriate form of business, based on your needs. We will also assist you in the process of business registration, including registration for HST, payroll, import/export for trade and WSIB.
List of services:
- New business set up
- Incorporation services
- Share structure
- Annual filings
- Corporate minute book services
- Set up Holding Company
- RC1 – Request for Business Number
- Articles of Amendment
- Dissolution and closing down of corporation
Main advantages and disadvantages of each of these forms of business ownership:
The Sole Proprietorship
- Easiest form to set up
- Owner solely controls the business
- Unlimited liability
- Can be hard to raise capital
- Limited liability
- Easier to raise capital
- Most expensive form of business to set up
- Involves extensive paperwork
- Shared risk
- Shared management
- Risk of conflict between partners
- Shared decision making
- Owned and controlled by its members
- Limited liability
- Decision making can be slow
- Risk of conflict between members
Incorporation creates a distinct legal entity separate from its shareholders/owners. Limited liability is one of the primary reasons that businesses prefer incorporation. The shareholders are generally not personally liable for the company's debts, obligations, or other acts. A shareholder is only liable for the unpaid portion of shares owned. Businesses can be incorporated provincially, giving a company the right to operate in a particular province. Federal incorporation allows a company the right to operate throughout Canada.
We will help you prepare a long-term strategic business plan, projecting your business financial needs and future performance. Preparing your plan and accompanying financial data can be time consuming and requires special skills, due to the dynamic nature of the economic environment.
We will prepare your business plan and projected financial statements to determine if it will generate an adequate return in a reasonable amount of time. The plan and financial projections will show how the business will use the funds and how will it perform in the long term.
Determining financial needs:
The business financial plan will help you determine how much funds you will need for working capital (for day-to-day and month-to-month operating costs), fixed costs (for equipment, buildings, etc.), special marketing costs (for advertising, promotions, etc.) and a financing cushion.
The business plan will be based on the realistic future market conditions, working capital needs, production capacity and human resources consistent with the level of growth in line with current economic conditions. The business plan will include the annual projections for a period of 1 to 5 years, a detailed monthly cash flow budget for the first year and sensitivity analyses of the projections under different scenarios.
We see the function of accounting and finance as one of the business pillars, which if planned correctly, sets the course of direction and ensures flawless future growth.
For any small to medium-sized business where the accounting and finance function is not considered a core competency, seeking our help to provide our Controllership or CFO services can be a highly effective strategy. We can act as your strategic partner on a flexible time basis best suited to your assessed needs. This strategy will provide you with an edge similar to a large multinational business, with best-in-class Controllership or CFO services at a fraction of the cost.
Our seasoned experienced professionals and associates have years of experience in the field and have a proven track record working as Heads of Finance, CFOs and Controllers in multi-disciplinary industries. We have the required skills and expertise to help you on a flex-time basis to meet your business needs.
We can also evaluate your current accounting and finance department, realign its resources to meet your business needs, and introduce cost savings while improving the efficiency and effectiveness.
We will come to your location, interact with your staff and be available to answer questions on your schedule. We design our services to meet your needs and time frame. Our team is available to assist you for as long as you may require. You may alter the frequency of our visits based on the changes in your business needs.
Key Controllership or CFO services offered by us:
- SWOT (strengths, weaknesses, opportunities and threats) analysis and development of action plans
- Design and implementation of policies and procedures to meet corporate objectives
- Advisory on development, analysis and review of KPIs (key performance indicators)
- Implement controls to reduce the risk of potential frauds and errors
- Financial performance analysis and reviews
- ERP evaluation for its effectiveness at providing information for informed decision making
- Oversight of accounting, bookkeeping and payroll functions
- Timely and accurate financial reporting and analysis
- Ensure maintenance of an adequate accounting system
- Financial planning, budgeting and cash flow management
- Inventory management processes and controls
- Financial forecasts required by your financial institutions
- Identify and implement cost savings opportunities
- Refine or implement processes to increase profit
- Reduce your overall accounting department cost and audit fees
Here are some questions for you to evaluate if you need our services:
- Are you a current business owner who is responsible for all functions, but would rather focus on your main skills?
- Have you stretched the cost of your accounting staff to the limit but have not reached your expectations?
- Do you feel a need to control your business costs and improve the effectiveness of its internal controls and processes?
- Do you have an annual audit or a review requirement and have been charged high fees as your current staff is constrained due to workload?
- Are you having difficulty with timely reporting to banks and other institutions?
- Do you intend to grow your business, but are unsure if there is sufficient cash flow to meet business obligations?
- Do you feel difficulty in managing your business cash flows?
- Are you considering financing from a bank or another investor?
Please contact us, if the answer to any of the questions above is "Yes" and you would require an effective solution.