Bookkeeping services
We are specialized in small businesses
Owner managed businesses are subject to a variety of compliance rules and that can pose a challenge to small businesses due to their size and the nature of the business.
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Questions about accounting transactions can arise at any time during the year, and a wrong decision can impact the company's results negatively, or even worse, generate penalties from the CRA.
This service has been created to offer a complete package that will cover you and your company at all times, to make sure that both owner and company are compliant and making the right decisions.
Home Office reimbursement
Did you know that if you use a portion of your house to manage or run your corporation you can request a reimbursement for a portion of your house expenses? This amount is can be received tax free and it is deductible on the company's side.
Use of personal car reimbursement
If you use your car to earn income either to visit clients or to buy supplies, those car expenses can be reimbursed too. It can be your car, your spouse's car or even a second car that you have. To be able to receive this tax free reimbursement, proper records need to be maintained by the owner of the car and by the corporation.
Owner's compensation - Dividends or salary?
This is an extensive topic but that should not be avoided. It is very important to understand the differences between the two in order to make the right decision for you. And more importantly, make sure to record them properly for two main reasons: To get the benefits of your decision and avoid penalties for missed deadlines/reporting requirements.
Contractors or employees
How do you hire when you need additional help? Are you hiring a contractor or an employee? When to hire one or the another? Either way, there are specific records that need to be maintained to substantiate your relationship with your helpers.
Lease vs Buy
Understand the different impacts of buying a car or a equipment versus leasing it. Each business is different, therefore, there is no right or wrong answer here. There is only the best answer for your specific scenario.
Can I hire my kids or spouse?
This topic has its own set of rules - TOSI rules - aimed specifically to owner managed businesses and it is better to know well what they are before making and decision in this territory.
We can provide you with the tools and services you need to manage your corporation more efficiently and stay compliant.
Our bookkeeping plans include:
Onboarding Process
This is the first step after hiring us. Once your company's requirements have been identified we are going to set up your Quickbooks Online account and schedule an online session to introduce the system to you and give you a step by step guide on how to start using the system.
Monthly review of your books
At least once a month we are going to request bank and credit card statements and we are going to check line by line to make sure that each transaction have been recorded properly into the system.
Quickbooks Online
A professional software to run your business online. Manage your clients, suppliers, issue invoices, keep track of your expenses, pay employees and much more.
Support
We are here for any question you may have related to your business. We are available by phone and email.
Corporate Tax (T2) and owner's Personal Income Tax (T1)
Income reported by a corporation and by the owner of that corporation are closely related. For that reason, we prepare both to make sure nothing falls through the cracks and the best result combined is achieved based on the owner's objectives.
T4/T5/WSIB/T5018/T4As/HST returns
All the tax slips required for your business will be assessed during our onboard process and they will be included in your plan.
Pricing
- QuickBooks Essentials version
- 100 monthly transactions
- Annual Financial Statements
- T5 filing
- T2 Corporate Tax
- T1 Personal Tax Return for owner and spouse
- HST returns
- WSIB reports
Monthly fee
+ applicable taxes
Without payroll
All items plus:
- Quarterly Financial Statements
- Payroll for 1 employee (more can be included at additional cost)
- Employee's portal (update personal info, view paystubs and T4)
- Automated salary payments and CRA remittances.
Monthly fee
+ applicable taxes
With payroll
- Made to fit your demand!
- More transactions per month
- More employees
Custom