I offer a wide range of services to individual and corporate clients with a particular emphasis on income taxes for Canada and the United States. My clients benefit from personal, quality service that is beyond comparison. My view is that this personal attention to clients allows a more intimate understanding of their particular situation allowing me to better manage risk, minimize tax and maximize opportunities. I have listed the services that I offer to clients, together with a brief description.
As the list below is by no means comprehensive, please feel free to inquire about a service if you do not see it listed.
Accounting Services
Accounting Services
Providing financial information to clients in a timely, accurate and understandable manner is an important commitment that should not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. I can provide a range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
- Compilation of financial statements
Bookkeeping/Write-Up
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. This is the foundation of a successful business. I can assist you with the day-to-day tasks associated with bookkeeping.
Compilations - Notice to Reader
Do you need financial statements prepared by a professional? For most businesses, having financial statements compiled by a CPA is sufficient for their corporate and banking needs. Compiling a financial statement does not provide any assurance over the numbers (unlike an audit or review engagement) and the statement will be accompanied by a covering report entitled "Notice to Reader". The report states that the financial statements are unaudited, and that there is no assurance provided by the CPA that the amounts are free from materially misstatements. The CPA simply compiles the financial statements with information provided by the client, or the client’s bookkeeper.
Although the CPA is only compiling the financial statement, they will also often assist with reconciling accounts, making year-end adjusting entries and any necessary corrections that are required in order to more properly reflect the client's financial results. Although it is the client that is ultimately responsible for making any adjustments, the CPA can provide valuable assistance in maintaining an accurate set of books and records as part of the compilation engagement.
The goal of a compilation is to provide a representative snapshot of the company's books and records without providing any opinion on the accuracy of the figures. Since no testing is performed on the underlying data nop opinion can be provided.
The Notice to Reader is the most cost-effective financial statement that can be prepared by a CPA.
I view my role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency.
Financial Statements
I can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management in making financial decisions.
Most often, the financial statement that is prepared is accompanied by a Notice to Reader report. For more details, please refer to Accounting Services - Compilations
Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, I can assist you in achieving your company's financial goals.
Litigation Support
Litigation support provides assistance of an accounting nature in a matter involving existing or pending litigation. It often deals primarily with issues related to the quantification of economic damages but can also involve dispute resolution or identification of accounting errors. Assitance with resolving shareholder disputes in closey-held businesses is also a common part of litigation support.
I can assist attorneys in better representing their clients by providing financial support in accounting, business and taxation matters that often find their way into business litigation. By taking the time to understand case dynamics and desired outcomes, I can apply my financial expertise and practical experience to help get the best result for the client.
Consulting Services
Consulting Services
I gauge my success by the personal and business successes of my clients. I can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, I provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:
- Accounting software selection and implementation
- Buying/selling a business
- Business process improvement
- Financial & retirement planning
- Estate planning
Business Succession Planning
Effective transition of your business to your successors is critical to its continued prosperity. With a solid background in tax, succession and estate planning, and other financial matters, I am fully qualified to address the complex issues of business continuation.
Estate and Tax Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. I can guide you through the complex process of getting your financial affairs in order with a few to mitigating income and estate taxes to the greatest extent possible.
Financial Planning
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, I can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Purchase and Sale of a Business
Preparation and planning are key to the successful purchase or sale of a business. I can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning.
Retirement Planning
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. Figuring out if and when you can retire is often a challenging exercise. I can help you with some of the key decisions in formulating your retirement plan.
Other Services
Other Services
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
- Mergers & acquisitions
- Corporate recovery
- Asset protection
- Debt Management
- Business start-up or expansion
- Bankruptcies
- Litigation support
- Cash flow forecasting
- Employee benefit plans
- Expert witness services
Tax Services
Tax Services
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include, but are not limited to:
- Tax planning for individuals and corporations
- Return preparation for - Individuals - Corporations - Estates and trusts - Not-for-profit organizations
- Provincial and federal commodity tax planning and compliance
- Tax considerations in matrimonial settlements
- Tax effects of buying/selling a business
- Tax effective retirement and estate planning
Canadian Business Tax Preparation
By keeping current on new tax laws and legislation, I am in a position to identify key tax planning opportunities that can minimize both your current and future tax liabilities. I provide business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
- Tax return preparation - Individuals - Corporations - Partnerships - LLCs/LLPs
- Shareholder remuneration strategies
- CRA representation for audits, reviews and objections
- GST / HST compliance and planning
- Preparation of Scientific Research & Experimental Development tax (SR&ED) credit claim forms
- Preparation of tax election forms for corporations, individuals,
- Payroll tax (T4, T5, T4A, T5018 filings)
- Workers compensation, EHT
Canadian Individual Income Tax Preparation
My significant investment in computerized tax preparation and research software as well as extensive technical training and practical experience enables me to prepare returns accurately and efficiently for individuals in a variety of situations:
- resident individuals
- non-resident individuals
- immigrating to Canada
- emigrating from Canada
- foreign source income
- business income
- rental and investment income
- divorce and support issues
- buying/selling a business
Estate & Trust Tax Preparation
You may find yourself in the role of trustee or an executor without preparation or during a stressful life event, like the death of a loved one. I can help you understand how the tax law applies to your situation and give you peace of mind as you handle the affairs of the estate or trust.
Most executors know that completing a final tax return for the deceased is one of their core responsibilities. But some are surprised to hear they may need to file a return for the estate itself—the T3 Statement of Trust Income.
An estate is considered a trust: an arrangement in which the trustee holds property for the benefit of one or more beneficiaries. A trust is not really a separate legal entity (like a corporation). For purposes of taxation, however, it is considered a separate entity. Therefore, a T3 trust return often needs to filed for estates and trusts. Fortunately, though, this additional filing obligation can also present some additional opportunities for minimizing taxes to the estate and its beneficiaries.
I can guide you through the complex process of fulfilling your tax obligations as an executor while also ensuring that any business, and other assets, are transferred to the intended beneficiaries, with minimal tax liabilities.
Federal and Provincial Sales Tax (GST, HST, PST and QST)
Most of my clients are responsible for collecting and submitting sales taxes in many different jurisdictions. Some clients have special situations with regards to commodity taxes such as zero-rating or exempt services under the GST / HST regime in Canada. I can assist your company in the compilation of information and preparation of sales tax returns, and in managing your sales-tax-related costs.
Tax Planning and Advisory
The top marginal tax rate on income for most provinces in Canada is over 50%. This is a tremendous cost that deserves to be managed properly. Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use my experience and access to the most current tax developments to minimize your tax liabilities.
Some of the more common elements of my tax advisory involve
- Tax minimization and deferral planning for corporations, individuals, trusts and estates
- Corporate and Partnership reorganizations
- Review of Shareholder and Partnership agreements
- Succession planning for family businesses
- Planning for the buying & selling of businesses
- Owner-manager and executive remuneration and compensation
- Wills, family trusts and estate planning for individuals
- Taxation of deceased taxpayers and post-mortem tax planning
- Cross-border tax planning for Inbound and Outbound investments
- Defending and assisting with corporate and individual tax audits, disputes, appeals and settlements
- Voluntary Disclosures and Taxpayer Relief Request
U.S. and International Tax - Corporate
A record number of Canadian businesses have cross-border interests. I can assist you in understanding the tax rules that may affect those interests, planning accordingly and filing the necessary returns.
Canadian corporations selling in to the United States must consider not only the U.S. Federal income tax implications of that activity but also the potential State and Local income tax implications. Taxing jurisdictions in the U.S. are becoming increasingly aggressive in seeking out new sources of tax revenue.
I can assist corporations (both Canadian and U.S.) in discharging their U.S. compliance obligations and help them plan their affairs to minimize taxation on both sides of the border.
U.S. and International Tax - Individual
If you’re a United States citizen or green card holder living in Canada, you’re required to file a US tax return. Failure to file US taxes and disclose all of your non US based assets can result in hefty fines and / or criminal prosecution by the US government. Failure to file the correct forms may result in penalties of up to $10,000 per form even though you do not owe any actual income tax. Although there are complex reporting requirements I can help.
If you are delinquent on your filings and want to get yourself compliant, I can assist. The US has a Voluntary Disclosure program in place specifically for persons outside the United States that can eliminate penalties for non-filing. The rules are complex and strict adherence to the IRS requirements is vital but I can help you navigate the process to get you back on-side.
Are you a Canadian that is going to be working in the United States on temporary assignment? There are domestic rules and international agreements that will affect how you are taxed in the U.S.. These rules can be complex and often vary according to the state where you are working. I can prepare your U.S. Federal and State Income Tax Returns and your Canadian Income Tax Returns as applicable, with a view to minimizing tax and avoiding double taxation.
Do you own real estate in the U.S.? The sale of that Florida condo could be subject to U.S. tax with as much as 15% of the selling price being withheld on closing under the FIRPTA rules in the United States. The withholding tax can be even higher in certain states such as California. There are ways to reduce or eliminate this withholding but timing is key so don't wait until the week before closing. You may also want to consider some planning even if you are not considering selling as owning U.S. property can expose you and your estate to potential U.S. taxes.
Perhaps you got lucky at a U.S. casino and were surprised to find out that they withheld 30% of your winnings? There are ways to potentially recover some of that withheld tax. In order to recover gambling taxes withheld, Canadian residents have to file form 1040NR, U.S. Non-resident Alien Income Tax Return under the provisions of the United States-Canada income tax treaty. I can prepare this 1040NR for you.