Our accounting services for small and mid size businesses in Mississauga and Toronto include:
For business owners we pride ourselves on proactive management of your company to maximize your tax deductions and be compliant with CRA. We handle all your accounting needs so you can focus on growing your business. We want to be your business partners.
A small business deduction is available for the first $500,000 in business net income.
The corporate tax rate is 15% vs over 50% for personal. It is critical to understand the tax benefits of incorporating and pay yourself in the most tax efficient manner.
- Income splitting, Dividends vs Salary, Shareholder loans
- Electronic Bookkeeping services (Monthly and annual basis)
- Financial Statements – Assistance with Bank loan compliance
- Managing your incorporation to filing of corporate taxes, monthly
- bookkeeping, HST filing, annual T4 and T5 filing, Financial statements.
- Assisting with the setup of the corporation (common vs preferred shares)
- for income splitting
- Shareholder agreements
- Review of all allowable tax deductions
- Office – Home office, rented space
- Meals and Entertainment
- Salaries Insurances (Life, Health)
- Leasehold Improvements
- Marketing / Advertising
- R & D
Payroll (Manual and Automatic) We work with our partners at ADP to provide you discounted automatic payroll for your staff. We also manage payroll for your small business.
Should I lease or buy a company car?
The CRA allows you to deduct $800 plus HST for a monthly lease payment. Capital cost allowance is allowed on a vehicle that costs $30,000 plus HST. Every situation is different and requires different solutions. Any amount over and above this would be treated as a benefit to the executive who drives the luxury vehicle.
Income splitting thru Dividends
Only 1/3 of dividends are taxable so effectively an individual with no other income can take upto $38,000 without any personal taxes. If you are owner of a company it is critical to consider who can you make common and non-voting shareholders for income splitting purposes. A child in University may qualify for a $38,000 annual dividend to assist in the payment of higher education.
Sole Proprietors (Non Incorporated – Business Returns) – $400 **
Electronic t1 (professional personal tax return) filing
Tax saving strategies (rrsp) and allowable expenses and deductions.
Dealing with cra inquiries and reviews
Open communication with accountant
Electronic bookkeeping (separation of professional vs. Personal expenses) pro-active vs. End of year.
Incorporated Small Business- Starter Package – $2500 **
Electronic t1 (personal tax return) filing – complimentary
Corporate return t2 electronic filing
Financial statements (notice to reader)
Dealing with cra (audits, reviews)
Payroll for employees (basic and electronic with adp partnership with preferred prices.
Tax strategies – payroll vs. Dividend, shareholder loans, maximizing allowable deductions, personal vs. Business split.
Access to accountant throughout the year and proactive management of your practice.
** Fees will cover compliance engagements and prices will vary based on your unique circumstances, sales, hst, additional dealings with cra on existing matters and your stage of the practice will influence your package. We will inform you to come up with your unique package so you have a package that will be a block fee’s for the year. Our billing is monthly and we have a system especially designed for proactive management of the accounting cycle for small business owners.