Trust professionals to manage your books
Anyone with a cursory knowledge of the income tax act and access to tax software can file a corporate tax return. The rules of corporate tax, however, are exceptionally complex and require extensive training to master. At MKG, we will ensure that you and your business take advantage of all possible deductions and credits and minimize your tax liability while maintaining compliance with the regulatory requirements.
Financial Statements aren’t just for the CRA
All corporations must prepare a set of financial statements at least once a year (Year-End Financial Statements) together with their annual tax returns. These statements also inform the company management about the financial status of their business and provide valuable information relating to its prospects. In addition to statement preparation and tax return fillings, we take the time to expound your financial statements and assist managers in understanding the implications or their decisions. At MKG, we are committed to educating our Toronto Beaches clients and providing them with custom-made financial reports suitable to their business needs. We are accounting experts, proficient in meeting your reporting needs whatever the level of detail (full or partial financial statements) and their frequency (Monthly, quarterly, semi-annually or annually).
We offer the following corporate tax services:
o Preparing corporate income tax and information returns
o Accounting services for income tax preparation
o Filing tax elections
o Preparing T4s (Statement of Remuneration Paid)
o Representing you in dealings with the federal and provincial authorities
o Refining your internal tax processes
Keep up with tax changes
CPAs regularly participate in professional development seminars and courses to ensure they are up-to-date with the latest changes to the Income Tax Act and are able to assess their clients’ accounts based on these changes. Did you know that you can refile your tax returns for the past three years? If you are unsure whether your taxes have been filed properly, give us a call. We perform free reviews of your prior tax returns. You will only pay if we recover an additional refund for you.
Take advantage of all possible tax savings
The Income Tax Act is complex and somewhat difficult to understand for the layman. Having your taxes filed by a professional means, you will be able to take advantage of all possible tax savings, pay the minimum required tax, and maintain a good standing with the CRA. We will spend as much time as needed to get to know your current situation and future plans and will recommend tax-saving strategies in order to pay the lowest overall tax possible.
Avoid interest and penalties
Canada's tax system is based on self-assessment. This means that individuals voluntarily complete an income tax return to report their annual income and claim all deductions or credits that apply to their situation. If, however, you are unable to provide sufficient documentation or have claimed deduction or credits that did not apply to your situation, you will be responsible for returning the refund you received and may also be liable for interest and penalties. If you have not filed your prior year tax returns, I can help you avoid the interests and penalties.
These are just some of the ways in which a Chartered Professional Accountant will deliver superior and reliable results. Contact us to make an appointment for a free consultation.