Now that you have a corporation; you have a few more tax planning strategies at your disposal. Making sure your books and records are set up right from the start and your tax planning strategies are in line with your current company situation, lifestyle and other factors, are all key for any corporation. If you need to switch from a sole proprietor to a corporation there are a few things you need to make sure are correct and we can help guide you.

We provide advice on a range of corporate and business matters including the following:

Corporate Tax Return Preparation and Planning: Along with your financial statements, we will prepare the necessary corporate tax returns and filings needed. (Both Federal and Provincial). Not just filling out the return, but working with your individual situation to come up with the best tax planning strategies that fit you and your family.

T4 and T5 Preparation: One of the complex decisions corporation owners need to make is how to get compensated, AKA, “how do I take money out of my company”. We help you with this decision and analysis and will prepare T4’s and T5 slips for your taxes at the end of the year.

Key Deadlines: Corporate tax returns are due 6 months after the company year end date. If you owe income taxes, it is due within 3 months of the year end date. All T4 and T5 slips are due the end of February the following year.

Financial Forecasts and Projections: We offer financial modeling ranging from basic to complex. Clients often require modeling for business plans, loans, or investor presentations. Our models are simple for lenders to follow and understand, but complex enough to show scenario analysis and full company modeling.

Business Plans: We can complete a full business plan or assist in your financial modeling.

Please note we are not able to accept any clients from Quebec.

That is right, every year you need to file a personal tax return and we are here to help. Most of our personal tax clients have a little more complex filing requirements that might include: primary residence sale, rental property, sole proprietor income, investment income, capital gains, foreign income and more.

If you own a corporation, then the personal taxes go hand and hand with the corporate filings and tax planning and optimization.  With us having the full picture, we can help tailor the right solutions for you and your family.

If you are operating as an online seller without a corporation, you are either by default operating as a sole proprietor or if you have registered with CRA as a partnership.  Either way, both are similar as the income and expenses are reported on your personal T1 tax return. 

Are you a new business owner?  We are here to help.  Lots of new sellers and owners are not really sure what info they need to prepare, what things they can deduct and how to organize it.  As part of being a client, we offer some simple cheat sheets to help you out.  If you are an Amazon seller, we have designed these so you can easily pull your sales and amazon fee info and we walk you through it all.

This is probably where we see the most costly mistakes happen with online sellers and can be avoided if we are involved early on.  In Canada once you have hit $30,000 Canadian dollars in worldwide income, you are required to register for GST/HST.  We have seen too many people assume Amazon is taking care of this for them and it can be a costly mistake.  

We can help with registration, set up on Amazon and other market places and filings.  We have developed specific step by step PDF guides to help you correctly set up skus and your amazon accounts.

Non-Residents: If you are a non resident selling in Canada, we can help you set up for GST/HST collection with the CRA and also prepare your annual filings.  Part of hiring us to help you, allows us to become your authorized representative with the Canada Revenue Agency.  This means we can talk to them and handle almost all of the requirements so you don’t have to speak with them.  We find this is particularly helpful with some clients whose English is not their native language.  Afterall, most conversations with CRA can be intimidating.

We offer monthly bookkeeping services using Quickbooks online for companies, both online selling and other industries.  Timely bookkeeping is so important in any business to understand where things are and keeping compliance for sales taxes and income taxes.  Most owners are not expert accountants and bookkeepers.  Why would you spend time trying to learn bookkeeping when your limited time should be spent growing your business. Let us do the heavy lifting.

For our online selling clients, we set them up using Quickbooks online, Taxomate to automate the sales and fees from different marketplaces such as Amazon, Walmart, Shopify and more.  We take the time to understand your business, integrate your sales channels, credit cards, and bank statements all seamlessly into Quickbooks online, so you can access it anywhere you have an internet connection.

Clients in other industries create a custom set up depending on the type of business, point of sale systems and reporting to tailor the ideal set up.

If your bookkeeping is currently “less than ideal” we can help with a clean up and catch up service.  The cost of this depends on how far and complex the past is.  Contact us for a custom quote.

For more details and FAQ’s about our Bookkeeping service click here.

For a fee estimate, click here to see our custom fee estimator.

One of our strengths that we believe truly sets us apart from most accountants is that we understand selling on amazon for Canadians and e-commerce. Not only do we understand online selling, the marketplaces, and reporting; but we can help answer tax and e-commerce questions!  We are in the weeds every day with clients and our own selling accounts.

Rob offers hourly consulting for clients who just want to sit down on a Zoom call and hammer out all the questions you have both tax and selling online. We recommend writing down all the burning questions you have to make sure we cover those. In addition to those, we will cover much more from income taxes, incorporating in Canada, the US, collecting sales taxes in the US, sending Amazon inventory, collecting sales taxes overseas, registering for HST and much more!