Corporate Services

As corporations grow, they face more and more regulatory requirements from the government, which can be confusing and costly. However, having a large corporation doesn’t necessarily mean you have to pay large expenses. We offer a range of affordable accounting solutions that help corporations increase their profits. When it comes to growing a corporation, having an accounting service that proactively identifies opportunities for financial growth can make all the difference. Our approach is efficient. We analyze your corporation’s current situation, recommend creative solutions to minimize taxable events, and implement a tailored action plan that focuses on increasing profitability while reducing tax burdens.

Consulting

Enhance your business’s profitability and lower your tax burden through expert advice on optimizing your business structure.

Corporate Tax Return

Maximize deductions, minimize tax, save time and money with our simple strategy

Bookkeeping

With dedication and persistence, accurate record-keeping can be conquered.

Compliance Filing

HST, WSIB, Payroll Deduction, EHT, T4 Summary, T4 and T5 Filing

Corporate Tax Checklist

Bank and Credit Card Reconciliation

Our systems strive to simplify the process of reconciling bank and credit card statements with bookkeeping records. We believe that by streamlining this task, we allow your corporation to focus on its core values and objectives.

Financial Statements

Unlock the full potential of your corporation by accessing detailed financial statements in real-time. With this information at your fingertips, you can make informed decisions that will drive growth and success. Don’t settle for anything less than greatness – take control of your corporation’s future today.

Payroll

Managing timekeeping, creating paychecks, processing direct deposits

Audit Preparation

With our assistance, you can confidently prepare your business’ year-end or CRA audit binder and tackle the audit with ease.

Budgeting

By harnessing the power of budgeting, you can pave the way towards financial stability and a secure future.

Forecasting

Unlock the power of forecasting to predict future outcomes by analyzing past events and utilizing management knowledge.

Cash Flow Projections

By utilizing Cash Flow Projections, you gain a comprehensive understanding of your financial inflows and outflows, empowering you to make informed and enlightened decisions.

Financial Analysis

Utilize the transformative power of data to drive your corporation towards making impactful and informed financial decisions.

Corporate Tax Checklist

CORPORATION

In Canada, corporation is a separate legal entity as per the income tax law. If you earn income in a corporation, you have to file a separate tax return (T2) for your business income and can’t be combine in (T1)

Last year notice of assessment if filing for the first time with us.
Last year’s return if filing with us for the first time
Copy of incorporation papers for the first time filer with us
All T-slips the corporation received T4A/T5/T3 etc
GST/HST details for the tax year
Financial statements – if already prepared
Invoices and receipts, payroll information, bank statements in CSV format for the bookkeeping done by us
Account payable and receivable at end of the fiscal year
Employee deductions payable at end of fiscal year

BUSINESS INCOME

Invoices from sales or services
Sales records if any
Accounts receivable at end of fiscal year if on cash basis
Any other source of income, returns and allowances
Business chequing/savings account interest

INVENTORY

Opening inventory total dollar amount
Purchases during year
Ending inventory total dollar amount
Materials and supplies

EXPENSES

Advertising
Meals and entertainment: receipts should have a name of person and the purpose of the meeting/event
Vehicle expenses – fuel, insurance, lease/finance, payments with interest, repairs, maintenance, parking, car washes
Mileage log or kilometers driven for business purposes
Payroll data for employees; statement of account for current source deductions if bookkeeping done by client.
Other employee expenses taxable or tax free
Professional fees – lawyers, accountants, and consultants
Office supplies and expenses
Interest expense – business loans, investments expenses and interest
Business travel expenses
Rent/property tax
Utilities/heat hydro, phone, internet
Accounts payable at end of fiscal year (cash basis)
Business assets and liability Insurance

HOME OFFICE EXPENSES

If you work from home, you may be able to deduct a portion of your home offices expenses. The tax rules differ, depending on whether you file as a sole proprietor or for a corporation.

Example of expenses:

Mortgage interest
Property tax/rent
Utilities – heat/hydro/phone/internet
Home insurance
Home maintenance and repair costs

CAPITAL ASSETS

Capital assets cannot be expensed in the year they were acquired, but must be depreciated over time. Records of Purchase and Sale for all Assets should be maintained.

Example of capital assets:

Vehicles used for business
Machinery and equipment
Tools
Buildings if owned by corporation

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Corporate Services