Before filing your corporate tax return, we prepare and present you with a set of financial statements which include Balance Sheet, Income statement or statement of operations, and statement of retained earnings. These statements are used to inform the shareholders and directors of the company’s financial position in addition to third party stakeholders such as lenders and financial institutions.
Your bookkeeping records are the building blocks of your financial reporting. It is important to maintain accurate records of your financial transactions as they are the basis of the financial reports you use to make business decisions, respond to CRA reviews and audits, and make short and long term business planning.
Filed on an annual basis, your corporate tax return reports your company’s financial position to the Canada Revenue Agency and determines your tax liability for the fiscal year. The compilation or NTR statements are the basis for the corporate tax the return; however some differences have to be accounted for. These include temporary differences such as meals and entertainment expenses or adjustments for different depreciation rates of the company assets.
Tax law and its administration changes every year. That is why clients rely on our personal tax services to make sure they minimize their tax burden and take advantage of all of the latest credits and deduction available to them.
Whether you are starting up, have been in business for years, or are ready to grow, a business plan is an valuable tool for your business. The components of business plans differ deepening on the purpose they serve. These component include Executive Summary, Company Description, Market Analysis, Competitive Analysis, Description of Management and Organization, Breakdown of Products and Services, Marketing Plan, Sales Strategy, Request for Funding, and financial projection.