Our Services

Business Tax

Whether you are a sole proprietor just starting a new venture or an established corporation, we can assist you in understanding the income tax act and it’s impact on your business. 

We can help you prepare the information that is required to complete your income taxes. During the process, we will bring to your attention any tax saving strategies that you can implement without compromising compliance.

Sole proprietorship are the simplest form of business. We can help you understand the advantages and disadvantages operating under this form. 

As a sole proprietor, your business income is included in your T1 personal income tax return. We can work with you to make sure that you include all qualifying deductions (motor vehicle expense, CCA, home office).

Income from a partnership flows through to the individual partner’s income tax return. We can be engaged to prepare the partnership statements and report the income on the individual partner returns as per the partnership agreement.

A corporation is a separate legal entity. It is entitled to enter contracts and trade. Under the income tax act a corporation is taxed separately from it’s shareholders. As such, there are opportunities for tax planning with shareholders to optimize the tax burden. We can help shareholders understand the options on how to draw remuneration from the corporation and file the appropriate returns (T4, T5).

A corporation is required to maintain it’s own records. Corporations file their own T2 corporate income tax return. The return is more complicated than the T1 personal tax return. We can work with you to gather the information required to complete the return. 

What we can do for your Business:

  • T1 Personal Income Tax Returns for Sole Poroprietorships
  • T2 Corporate Income Tax Returns
  • T3 Trust Returns
  • T4 Slip Preparation and Filing
  • T5 Slip Preparation and Filing
  • GST/HST Return Preperation and Filing
  • Represent your business through the Represent a Client program
  • Business Number Registration
  • Payroll Program Enrollment
  • GST/HST Program Enrollment
  • EFILE

Personal Tax

We will help you gather the information we need to prepare your tax returns by providing you a tax organizer. We can also access information the Canada Revenue Agency (CRA) has on file to make sure we do not miss an opportunity to optimize your tax situation.

We can be engaged to represent you with the CRA on audits or other matters. In such instances, we would liaison with the CRA and work with you to fulfill any requirements.

What we can do for you:

  • Onboard and gather relavent information for us to complete your returns accurately and timely
  • T1 Personal Income Tax Returns
  • Represent you through the Represent a Client program
  • Pre-season reminder about the documents you had submitted in prior years (after inaugural year)
  • Tax strategies to minimize tax burden by looking at the family’s return as a whole
  • EFILE
  • Review Federal and Provincial credits to make sure we do not miss any you may qualify for

Accounting

Financial statements provide a means to monitor and measure the performance of a business. Generally the statements comprise of an income statement, balance sheet and cash flow statement. 

We can be engaged to compile financial statements, sometimes referred to as “Notice to Reader” statements, for management or third parties.

Every business should implement a process to measure their performance either against historical performance or a budget/forecast. We can work with management to build a projection against which to compare actual performance. This can be implemented as part of a periodic process and we can be engaged as much or little as necessary.

What we can do for your Accounting needs:

  • Prepare financial statements (NTRs)
  • Assist you in reviewing the financial statements and understanding the performance
  • Prepare budget based on management assumptions
  • Prepare forecasts based on actual year-to-date results and assumptions for the rest of the year
  • Help you understand and book entries as required by the relevant accounting standards
  • Assist management in getting ready for an assurance engagement (review or audit)

Bookkeeping

As certified QuickBooks Online and Desktop ProAdvisors, we have the training and experience to set your business up in QuickBooks and get you started right. We can train you to perform the day-to-day bookkeeping or schedule one of our expert bookkeeper to take the bookkeeping burden away so you can focus on your business.

Additionally, we can integrate additional apps to improve the bookkeeping process. The accounting system can be linked:

  • Payroll (QuickBooks Payroll)
  • receipt capture application (ReceiptBank)
  • online store (Shopify)
  • POS system (QuickBooks, Vend)

We have experience with QuickBooks, Xero, Wave, FreshBooks and Sage.

Hourly, monthly, quarterly or annual packages available. Contact us for a free consultation.

How we can help you with your Bookkeeping:

  • Assess bookkeeping system requirements
  • Setup of accounting aystem
  • Online or Desktop
  • Bookkeeping for corporation, sole proprietorship, partnership, real estate and more
  • Customize a chart of accounts to accomodate both management reporting and compliance requirements
  • Provide day-to-day bookkeeping services
  • Bank and credit card reconciliation
  • Personalized training
  • Clean-up of existing accounting system
  • Hourly, monthly or annual packages available

Business Advisory

With industry experience in information technology, real estate and finance Rehan Ishaq can provide your organization with advisory services in a number of different areas. 

Commencement of a business venture is a crucial time for the owners. They must decide the form of the business, processes and systems, CRA programs, and long term objectives of the venture. We can work with owners to help guide them through the labyrinth and start off right.

Whether you are starting, expanding or looking to divest or wind down your organization, you can engage us to help you through the process. 

Some of our Business Advisory services:

  • Information Technology analysis and implementation
  • Management reporting
  • Business valuation
  • Purchase and sale of a business
  • Budgeting & forecasting
  • Personal financial planning
  • Estate planning
  • Process improvement
  • Automation of information processing

GST/HST

The GST/HST is a value added tax with varying rates depending on the place of supply rules for the good and/or service that your business provides.  We can help you register for the program and charge the appropriate tax rate depending on what you supply and who you are supplying it to.

Additionally, we can help you understand what supplies qualify for input tax credits that your business can claim. 

Some of our Business Advisory services:

  • Asses whether your business has to register for the GST/HST program
  • GST/HST program registration
  • Implement a process to track GST/HST collected and spent (ITCs)
  • Prepare and file GST/HST return
  • GST/HST quick method vs regular method assessment
  • GST/HST rebates for employees