Our tax compliance practice includes preparation of personal tax returns (T1), corporate tax returns (T2) and trust returns (T3). We also prepare all manner of returns required for government remittances, such as T4s, T5s, T4As, GST/HST returns, WSIB and EHT. Our knowledge and experience means that these returns are prepared accurately, on a timely basis and ensure that all of our clients’ needs are met.
Our firm also has an alliance with US Tax specialists, GST/HST specialists who can assist in filing your US tax returns and/or information returns, GST/HST intricacies and other matters that may require the attention of a specialist.
A business is often started with a great idea, a great product or service, but lack of planning from the business, tax or legal side. We aim to fix this disconnect so that your structure is effective and tax efficient. We begin this process by evaluating your current corporate structure, your needs and your expectations of certain future events (such as marriage, children, marital breakdown, growth or decline of the business). Then we make your vision a reality in the most tax effective way, and ensure the long-term stability of the plan that is put in place.
Effective strategies can include a transfer of assets from one corporation to another or from an individual to a corporation, subjecting the transferee to the least amount of tax as possible, if that’s the goal. These transfers can be completed using various sections of the Income Tax Act – Section 85, Section 86, etc. It all depends on what your needs are, what your goals are, and what makes the most sense based on the facts at hand.
A corporate reorganization can also structure your affairs in a tax efficient manner to facilitate a future sale of the company, transfer of ownership, purchase or sale of a business and maximize your after-tax cash flows. We will discuss and implement an effective tax plan, including the potential use of a Family Trust, Holding Company, completing an Estate Freeze, or setting up a Real Estate Co. or Investment Co.
Our firm can assist a business owner in identifying succession opportunities and how best to set up affairs to ensure success. Through this practice we work together to determine a smooth and tax efficient transfer of a business either to a 3rd party purchaser or from one generation to the next and optimize the tax plan to meet your tax goals, whether that be tax minimization or tax deferral.
As part of our role as a tax service professional, we provide the following services, and more, in conjunction with tax compliance or tax planning services that we offer.
• Assist with incorporation, amalgamation or dissolution of a business
• Independent contractor versus employee
• Pros and cons of incorporation, partnership, self-employed
• Compensation planning – salary vs. dividend, income splitting
• Capital gains remuneration
• Prescribed rate loan planning
• Identification of tax exposure
• Retirement planning – analyzing lifestyle expenses and current retirement funds