CFOTAX247

Accounting and Tax Consultants in North America

  • Personal Tax Filing – You live and work permanently in Canada, then you are required to file your personal tax return (commonly known as T1 Return). A newcomer to Canada or deceased person (Legal Representative) is required to file personal tax return. The due date in Canada (unless extended) is 30 Apr each year for salaried individuals, 15 Jun for Self employed individuals. The liability to pay taxes in every case is 30 Apr.
  • Corporate Tax Filing – All Corporation whether non-profit, tax exempt or inactive corporation have to file a tax return even if there is no tax payable. The corporations can choose their own tax year end. The Corporations have to file their tax return within 6 months of year end. However the tax liability is required to be paid within 2-3 months of year end. The Corporate tax return is required to be filed in T2 or T2 Short form.
  • HST/PST/GST Compliance – All Registrants for HST/GST are required to collect and remit taxes on taxable supplies (Except zero rated). The remittance and filing requirement could be monthly/quarterly/yearly. The taxpayer can claim (recover) input tax credit on the taxes paid on the taxable supplies by the registrants. Once the taxable supplies exceeds $30000 in an year, then the business is required to register and collect HST/GST.
  • Financial Statements Compilations – Financial statements are required by regulators for the purpose of tax filing and important decision making. Whenever there is a merger, acquisition or amalgamation, financial statements are requested to assess the valuation of the business. Financial statement comprises of Balance Sheet, Income Statement (Profit & Loss Statement) and changes in equity statement.
  • Tax Compliance and Planning – Every business operating in any economy has to comply with tax laws of country where they are operating, Failure to comply with tax laws can result in interest and penalties and even revocation of business licenses. It is essential that business is always compliant with tax laws and plan business decisions to gain the maximum out of the tax laws.
  • Business Setup and Incorporation – Federal and Provincial – There are many form of businesses what could be incorporated in Canada like Sole Proprietor, Partnership (General or Limited), Corporation (Federal or Provincial). Sole Proprietor and Partnerships have unlimited liabilities while Corporations have only limited liability. Careful planing is required whenever the business is setup according to the business requirements.
  • Payroll processing – Payroll processing is integral part of any business to pay its employees and contractors on time. Besides employees/contractors you also need to pay the regulators the payroll taxes and file returns on time. The payroll  form is commonly known as T4 or T4A in Canada which an employer is required to issue to the employees/Contractors. Failure to meet the about requirements may need to additional interest and penalties and audits by CRA.
  • Virtual Controller/CFO – With more digitalization and advancement in technology it may not be possible to hire a full time CFO/Controller for small businesses. It may not be cost effective and feasible for every business to employ controller/CFO. Our system offers a virtual controller to manage the business  and play the role a CFO does for handling day to day operations and supporting the decision making process.
  • Business Modelling – Business modelling is used as a core strategy for profitably doing a business. Models includes the strategic information like products/services which a business plans to sell, target markets and anticipated expenses. Business modelling employs statistical techniques to predicts the result of the model for the purpose of expected profits and costs. Business Modelling is performed with different variables and constant factors to anticipate the results of different alternatives to support decision making process.
  • Business Acquisitions, Mergers, Roll Over, Winding Up (Restructuring) – Various businesses gets restructured in the market for the purpose of growth, survival, adaptation and other economic reasons. It is important, whenever there is restructuring, the compliance requirements are being adhered for the legal and tax purpose. It is also important to ensure that the investors and lenders remains invested in the business even after the restructuring.
  • Accounting and Book Keeping – Accounting and book keeping is a day to day requirement for any business, Accounting function is required for drawing the financial statements for any business. The annual reports are released for a business on periodic basis to keep the shareholders and investors / potential investors informed about the financial position of the business. The statements are also required by the banks/lenders for the purpose of raising the funds.
  • Compliance Management – The businesses are operating in a highly regulated environment. Irrespective on the structure of the business, the various compliance comes into the picture of the business. In Canada, the business is required to comply with CRA requirements, Corporations Canada, Provincial regulations, etc. The compliance may be applicable due to the nature, level, industry, scale of operations of the business.  
  • Budgeting and Forecasting – Every business prefers to present the budget and forecast its operations for the long term growth and survival. The budgets and forecast serves as a plan for any business and help with the decision making processes and avoid unanticipated or unavoidable situations. The budgeting process helps the businesses to control the expenses and manage the cash flow.
  • Canada Revenue Agency representations – Canada Revenue Agency (CRA) is a tax collection agency in Canada. CRA may pick up any business for the  purpose of audit randomly or any other reason. We are registered with CRA and can act as a representative for any Canadian business for the purpose of supporting and explaining the  business/taxpayer situation. Most of the times CRA may reach out to us directly if we are on the business profile with CRA to ensure smooth and quick resolution of CRA query.