Full-Service Accounting and Canadian Taxation

A client was constantly chasing their income tax and GST/HST filing and payment obligations and as a result, were paying more than $5,000 in interest and penalties annually. We created a workflow whereby they are now always aware of payment and filing requirements, up to six months in advance of due dates. No more interest and penalties!

A client approached us after a year of significant employee turnover, where they had faced complicated payroll filing requirements, and ended up being assessed $80,000 additional taxes owing by CRA. We took over direct correspondence with CRA and were able to explain the situation, satisfy all requests for information and eliminate this tax obligation.

A client expressed anxiety around the uncertain tax consequences of “paying themselves” from their corporation. Are these payments salaries, or dividends? Should they be putting money aside to pay a large tax bill in April? Our team worked with them to create a plan that gave them peace of mind, including a strategy to minimize their combined corporate and personal taxes, and providing a tax payment schedule with a 3+ month horizon for all required corporate and personal tax payments.

The client’s operations manager did not have enough time to focus on strategic responsibilities. Significant time was spent on tracking vendor invoices and processing e-transfers, EFT, and wire transfers. Our team introduced a streamlined accounts payable process that unlocked time savings and provided stronger financial controls. Not only was the operations manager able to shift focus on higher-value activities, but the business now has a scalable system that will continue to serve them as they expand.

Our client’s business was profitable, but they felt they had little visibility into their financial performance throughout the year. They wanted to expand geographically, but thought they had to wait until the year end was over to be able to look at performance. By then it would be too late to make meaningful adjustments. Through working with a fractional controller, they received monthly reporting and meetings to discuss cash flow and key business activities. More knowledge on a timely basis allowed them to plan the expansion with confidence, and we continued to support them until they were ready to hire a controller full-time.