Tax, Accounting and Assurance Services
Your trusted Chartered Accountant provides a wide range of tax, assurance services and accounting engagements to small businesses, contractors and personal clients located in Calgary and area.
Audit and Review
You may know your business in and out, but this may not be enough for other stakeholders such as banks, investors, regulatory bodies, etc. The external stakeholders may require a "certification" of your accounting information, and assurance services may be required.
There are two major categories of assurance services - review and audit.
A review engagement is an assurance service based on analytical review and inquiries, and provides a moderate level of "certification".
An audit engagement is an assurance service that provides a higher level of "certification" ove...» Read more...
RECA (Real Estate Council of Alberta)
Real estate brokers and mortgage brokers are required by the Real Estate Council of Alberta (RECA) to provide every year, a trust assurance and practice review audit (formerly compliance audit).
Real estate and mortgage brokers are required under Rule 91 of the Real Estate Act Rules to submit an Accountant's Audit Report to the Council, no later than three months after the brokerage's fiscal year-end. The RECA trust account audit must be in prescribed form and penalties may be charged if the forms are not completed and submitted to RECA by the due da...» Read more...
Accounting Compilation (Notice to Reader)
A compilation engagement (NTR) is usually required prior to preparation of a Small Business corporate tax return. Under a compilation engagement, Financial Statements are aggregated from the accounting information provided by you. Financial Statements give you an idea of where your business is heading and documents your historical accounting data.
A compilation engagement does not provide any level of assurance over the accounting information, unlike the review and audit engagements. Your Financial Statements subject to a compilation engagement w...» Read more...
There is a misconception that bookkeeping is not as important as any other core area of the accounting system; in fact bookkeeping is the backbone of any business.
Our bookkeepers have a solid background not just in data entry but also in other areas such as tax and Financial Statements preparation. Your accounting records can be prepared in any of the commercial software including Simply Accounting, Quicken or QuickBooks and electronic copies of the files can be delivered to you on a monthly basis.
Focus on what you do the best knowing that you can base your decisions on ...» Read more...
Tax compliance is a requirement of all companies, but can often be a complex task. You need to ensure your small business is meeting the current Canadian and foreign tax requirements.
Tax services provided to our clients include:
preparation and filing of federal and provincial tax returns;
preparation and filing of GST return;
preparation and filing of information returns such as foreign affiliates;
assistance and representation during tax audit.
A small business is subject to a net federal corporate rate of 11% and must file a corporate tax return no later that ...» Read more...
T1 Personal Income Tax Return
Every individual has the obligation to file a personal tax return. You need professional expertise to navigate tax confusion and minimize taxes paid within the legal limits.
Under the Canadian federal system, individuals are taxed at progressive rates depending on their taxable income. In addition, individuals must pay the provincial tax. Alberta is the only province that has a flat personal tax rate (currently at 10%). All other provinces tax personal income at progressive rates, similar with the federal program.
For most people, personal tax returns are...» Read more...
What is tax?
Tax is a fee levied by Federal or Provincial Governments on business or individuals. The Canadian tax system is administered by the Canada Revenue Agency (CRA). Its mandate is to administer and enforce the tax laws.
Without proper tax planning and knowledge of the myriad of tax laws, not only can you miss the opportunity to lower the tax payable to CRA, but you may be subject to reassessments and additional tax and penalties.
Corporate tax planning
Corporations are subject to tax; however nobody wants to pay more than they should. Through tax planning, yo...» Read more...
VDP allows taxpayers to come forward and disclose prior tax errors or omissions. VDP can protect the taxpayer from penalties or prosecution but not from tax liability arising from the disclosure.
A tax error is a very serious matter and should always be dealt with!
Your trusted Chartered Accountant provides VDP and tax consulting services to clients located in Calgary and area.
...» Read more...
Research and Development
Under the Scientific Research & Experimental Development program, Canada offers an investment tax credit to eligible businesses.Tax credits range from 20-35 percent of eligible research and development costs. And for certain Canadian-controlled private corporations, the credit may be refundable.
In addition, Alberta has a provincial program that provides a refundable tax credit for research and development expenses incurred in the province.This firm provides assistance only with the financial schedules to be filed with CRA and Alberta Finance. If you require ...» Read more...
Your trusted Chartered Accountant provides tax, assurance engagements and accounting services to small business, contractors and individual clients located in Calgary and area.