Our firm offers a wide range of services, both to individual and business clients. Our practice is built on developing a relationship with each client; as such, our clients benefit from our quality service and personalized approach.

Accounting Services

Our accounting and audit services are specifically tailored to regulatory and credit requirements for small and medium size owner managed businesses. These include the following services:

  1. Notice to Reader (compilation of financial statements)

    We can compile your financial statements from information provided by you, without providing any level of assurance to the reader of the financial statements. The compilation financial statement will normally consist of a balance sheet, an income statement and related notes to the financial statements. As part of the compilation engagement, we would also prepare and file your corporate income tax return (T2)

    Why might a business request a notice to reader (compilation)?

    Since every privately registered business is required to file a yearly tax return (T2), this is the most cost and time effective way to prepare these. Also, the statements can be used for internal use by the shareholders or owners of the business and the taxation authorities.

  2. Review of financial statements (limited assurance)

    A review will provide less assurance than an audit. A review consists mainly of enquiry, analytical procedures and discussion with management in forming an opinion whether the financial statements are free of material misstatements and in accordance to accounting standards for private enterprises (ASPE).

    Why might a business request a review?

    Depending on the circumstances, this may be a requirement from your bank (or other parties) as part of their loan agreement (for loans, mortgages, etc.). A review may also meet budgetary needs.

  3. Audit of financial statements (highest level of assurance)

    An audit of your financial statements will provide the highest level of assurance that your financial statements are fairly presented and in accordance to accounting standards for private enterprises (ASPE).

    We take a risk-based approach to auditing and spend the necessary time required to understand your business and operations, in order to design an effective and efficient audit approach. By doing this, we are able to offer recommendations for improvements to your internal controls, financial reporting processes, financial information and any other areas of your business.

    Why might a business request an audit?

    Audits for the most part are required by regulated industries (condominium corporations, insurance companies, credit unions, etc.). Also, audits may be required by companies with numerous shareholders or required by the bank (as part of their loan agreement). For valuation purposes, potential purchasers of a company may also want audited financial statements since this provides the highest level of assurance.

Tax Services

  1. Individuals

    Our primary objective is to ensure that the tax affairs of our clients are structured in the most effective and efficient way possible. As such, we will integrate business and personal taxes to ensure clients take advantage of tax rules and ultimately pay the least amount of tax possible. We provide the following services:

    • Personal income tax (T1) returns
    • Personal tax planning
    • Family trusts
    • Estate and succession planning
    • Assist with audits or other dealings with tax authorities
  2. Business

    We provide advice on a range of corporate tax matters, including the following:

    • Corporate income tax (T2) returns
    • Corporate tax planning
    • Purchase and sale of a business
    • Estate and succession planning
    • Corporate reorganizations and restructuring
    • Family trusts
    • GST/HST returns
    • T4’s and T5’s
    • Scientific Research and Experimental Development (SR&ED) filings
    • Assist with audits or other dealings with tax authorities

Specialized / Business Services

  1. Bookkeeping services

    Our firm provides full bookkeeping services, from entering transactions into an accounting software, to monthly, quarterly and yearly remittances and reports. We can also assist you with bank reconciliations, GST/HST returns and any other filing requirements.

  2. Software support (Simply Accounting and Quickbooks)

    We can help you set up and get started using Simply Accounting and Quickbooks. We will also provide you with ongoing support and trouble-shooting.

  3. Payroll services

    Our firm can assist you in the preparation and filing of:

    • T4’s
    • T5’s
    • Payroll source deductions
    • EHT returns
    • WSIB remittances
    • Record of employment
    • GST/HST returns
  4. Cash flow management/projections

    Cash flow is imperative to the survival of any business. As such, our cash management service will include:

    • Developing a cash flow projection, whether it’s short-term (weekly, monthly, yearly) or long-term (3-5 years)
    • Advice on handling your cash and best sources for additional cash needs
  5. Business Valuation

    A business valuation may be required if you are considering new shareholders, negotiating a merger, estate planning, marital dissolution, insurance claims and buying/selling a business. Our qualified professionals have extensive experience in evaluating all types of organizations. We will work closely with you and analyze your significant historical financial data and your operations as a whole. We will provide you with a fully documented and well-reasoned valuation opinion that will assist you in your decision

  6. New business startup and/or Incorporations

    We work closely with a number of experienced and reputable lawyers that can provide you with incorporation/organizational services. We also work closely with the Waterloo Region Small Business Centre, whose role is to assist with business registrations, business consultations, business plan reviews and market research assistance.

  7. Succession planning

    Developing and implementing a well-designed succession plan is essential to the survival of family businesses from one generation to another. As such, we will assist you with:

    • Discussion of the advantages and disadvantages of keeping the business in the family (or selling it to a third party)
    • Discussion on who’s going to run the business after you’re gone
    • Advice on tax minimization

    The succession plan will be constructed based on a business valuation, tax consequences and projections, and retirement projections. (519) 622-1485