What We Do
Financial Statement Audits
There are 3 levels of financial reporting that we do. A financial statement audit gives the highest level of assurance to the financial statement readers. An audit takes considerably more planning and execution than the other forms of reporting. An audit is also the most expensive form of reporting that we do, and it is usually done when there is a requirement to issue audited statements by lenders or regulatory bodies. Our team of professionals has the expertise and experience necessary to prepare audited financial statements. We spend a lot of time and energy keeping up with the latest auditing and reporting standards, and are very proud of our team.
A review engagement is a form of financial reporting that provides limited assurance to the financial statement readers. A review engagement does involve a fair degree of analysis and financial statement note disclosure, but not as much as an audit. Review engagements are less expensive to perform than an equivalent audit. Again, a review engagement is usually imposed on an organization by lenders or regulatory bodies. Our professionals involved with our audit clients also work on review engagements, and are continually keeping on top of the ever changing standards.
A compilation engagement is sometimes referred to as a “Notice to Reader” statement. Although we look closely at the financial information when we prepare a compilation engagement, we don’t do the same level of testing that we would in an audit or a review engagement. A compilation engagement is the preferred choice of reporting for most businesses and organizations because it is generally the least costly. As long as an audit or review engagement is not imposed on you by a third party, a compilation engagement is a perfectly sound choice for your financial reporting needs.
Tax Return Preparation
Tax return preparation is an important part of our service offering. We prepare personal tax returns, corporate tax returns, trust tax returns, as well as a variety of information returns and tax elections. As the tax legislation continues to evolve, it is becoming increasingly more difficult for people and companies to prepare their own tax returns. Software can take care of the number crunching, but you need to know what you are doing and how the rules are interpreted and applied. This is our area of expertise. Our tax group has the knowledge and experience to deal with even the most complex tax situation. Whether it’s new rules, changes in assessing policies or new case law that impacts our clients, we are able to help you. We will make sure that you understand your tax situation and will take the time to go through your tax filings line by line if we need to.
New Company Advice and Setup
Starting a new company involves a lot of things like business cards, website development, banking arrangements, and on and on. There’s no shortage of things that need to get done. We are also part of that process. We will help guide you through the process and answer your questions. We will help you understand how your company is taxed, what expenses are deductible, how the HST works, the type of accounting records that you need to maintain, when you need to file and how you will pay yourself. That’s just a part of the list of things that we cover. When working with new business owners, our goal is to make sure you start off on the right track. There are plenty of things to keep you up at night, and tax and accounting should not be one of them.
Established businesses often need to restructure their affairs for many reasons, including the expansion into new jurisdictions or business lines, creditor proofing, succession planning and preparing your company for an eventual sale. Restructuring an existing mature company involves many tax complexities. Our tax group specializes in corporate restructuring. We spend a considerable amount of time understanding your goals, and will work with you on a plan which specifically addresses your situation. We will not implement a plan unless you fully understand what is being done and why it is being done. We will present you with any and all options, and the ongoing compliance burden that goes with them. Our goal is to explain everything thoroughly so that you can make an informed decision on the restructuring that you want to do. And once that happens, we will execute on that plan for you.
Estate planning involves many disciplines and many different professions. We approach estate planning from a tax perspective and will work with your group of advisors in that capacity. We will help you understand the tax implications on death, and work with you to ensure that your affairs are dealt with in the most tax effective manner upon your passing. We want to make sure that your assets are preserved as much as possible, and go to the people that you want them to go to.
We have in-depth understanding of tax, accounting and financial issues that affect Canadian companies and individuals.
If you have a specific tax or accounting need, and want to learn more about how we can help, please contact us.