You need strong business advice, but let’s face it—you also need really good tax planning. You’re in luck.
Our tax knowledge is extensive and we take corporate tax planning seriously as we work to support you in growing your business.
As tax accountants, minimizing the amount you pay in taxes is a priority, as is ensuring that you maintain a good compliance history. Equally important is identifying risk areas in your tax returns, both corporate and personal, to minimize the chances of the CRA taking an interest in you. We are experts in Canadian and U.S. tax, with a strong understanding of the Income Tax Act (Canada) and the Tax Code (U.S.). Our team can help you with all your tax concerns, from GST and transfer pricing to cross-border taxation and more.
As part of our Unburdened and Unleashed service packages, we offer annual tax planning well before your corporate year end. This allows us revisit the tax strategies in place to ensure they are still effective in a constantly changing legislative environment, and implement new strategies if required. It’s all part of our job—making sure you can focus on achieving your business and personal goals.
Tax Return Preparation
Corporate Tax Returns
Your corporate tax return has to be filed within six months of your corporate year end to avoid penalties but taxes owing must be paid within two or three months. Here’s what you need to know about corporate income tax returns and how we handle them for our clients.
Personal Tax Returns
Personal tax preparation for entrepreneurs like our clients takes upfront tax planning. Since we handle our clients’ bookkeeping, personal tax return preparation is easy for us to take care of, freeing clients up to focus on their businesses.
Many non-profit organizations don’t realize they need to file a return every year in certain circumstances. If our clients are part of non-profit organizations or have non-profit organizations, we can help them with their non-profit returns.
These returns have to be filed at specific times. We handle trust returns for our clients and explain when you might want to consider implementing different types of trusts.
Specific tax returns may have to be filed upon death and by specific times. Here’s what you need to know about estate returns to ensure you’re in compliance.
U.S. Corporate Returns
If your corporation has carried out business south of the border, you must file a U.S. tax return. This applies whether your income is taxable in the U.S. or not. Learn about your U.S. corporate tax return filing requirements.
U.S. Personal Returns
If you’re a U.S. citizen, chances are you need to file a U.S. personal return even if you’ve never set foot in the U.S. Canadians who have carried on business in the U.S., sold U.S. property, or worked in the U.S. must also file. Here’s what you need to know about U.S. personal returns.
Tax Planning Services
Over time, you may need to restructure your corporation to make it more tax effective or to achieve other business or succession objectives. This happens because of legislative changes, changes to your business, and changes in your life in general. We work with our clients to determine the most tax-effective structure and, if necessary, implement a corporate reorganization, and periodically review your situation to ensure it’s still working for you.
Many people have questions about the shareholder’s loan account on the balance sheet. Discover what a shareholder’s loan is and how the CRA treats debit balances.
Salaries Vs. Dividends
As a business owner, should you pay yourself a salary or dividends? There are advantages to each but you may be better off choosing one over the other, depending on the tax bracket you fall into.
Lifetime Capital Gains Exemption
The lifetime capital gains exemption is a major benefit when you sell your business. But there are circumstances that preclude you from getting the exemption. We ensure our clients are positioned to use the exemption well before they put their businesses on the market.
Cross-Border Tax Planning
If you’re doing business in both Canada and the U.S., you face unique challenges related to tax. Our team has a wealth of U.S. and Canadian tax knowledge and can help you with cross-border tax planning strategies to minimize tax while staying in compliance with both the IRS and the CRA.
Cross-Border Estate Planning
Do you need to do estate planning in both Canada and the U.S.? Cross-border estate planning is challenging because you’re dealing with two different estate and trust regimes. The good news is that we know how to help with everything from pension plans to estate tax to gift tax and more.
Sale of U.S. Property
If you’re selling U.S. property and live in Canada, you’ll need to do some tax planning to ensure you only pay the least amount of tax possible. We advise on withholding tax and filing tax returns during the sale of U.S. property.
When it comes to taxes, there are some questions we hear all the time. Check out our Tax FAQs for answers to some of our most common question.
Contact us today for the tax expertise you need.