& Big Corporations
BUSINESS & TAX PLANNING
Business tax prep can be difficult to navigate, weather your business is just starting out, growing. Gram LLP specializes in a full-service approach to your business taxes, addressing all of the legal and financial requirements of corporate filing.
As part of your year-end engagement we will prepare your financial statements, corporate tax return and more while communicating with the CRA on your behalf.
THINGS YOU SHOULD KNOW:
All corporations have to file a corporation income tax return (T2) each tax year even if there is no tax owing.
It’s important to avoid missing any deadlines that can result into penalties and fines. There are also many tax credits and deductions that companies can receive, and a professional accountant with the technical competency and expertise will help businesses respond to those opportunities.
NEW OR SMALL BUSINESS:
We’re happy to walk you through the the taxation process and answer any questions you may have - we’re committed to your financial confidence.
ESTABLISHED, LARGE, OR COMPLEX BUSINESSES:
Organizing and filing corporate taxes on time and in comprehensive detail is critical - let us get your business financially set up for success, from planning to filing.
Haven’t filed returns for prior years? We can help to get all of the required information and forms to the CRA and will communicate to them on your behalf to let you focus on what matters most, running your business.
We assist our clients with the following:
Bookkeeping services to streamline tax preparation
Consulting on tax minimization on purchases and sales
Sales tax and other filings
Financial Statement Preparation
PERSONAL TAX & TAX PLANNING
As Chartered Accountants we understand the nuances of the tax laws, and work with our clients to ensure that they get the maximal refund possible. We will discuss with you your personal situation, and ensure that you are able to take advantage of as many deductions and tax savings tips as possible.
Our personal tax services include:
T4 Income returns
Valuations for Matrimonial matters
T4 & payroll for caregivers
or any other tax or accounting matters
MAXIMIZE TAX RETURNS FOR THE CURRENT YEAR - PLAN FOR NEXT!
There are a number of deductions that can be taken to reduce your personal tax that will leave you with more money in your pocket. However many of these deductions are not known until it’s too late, or you no longer have receipts or proof which at that point the CRA might deny such claims. We can advise you on exactly what/how to go about the next upcoming year to ensure that you receive a maximal refund when tax time comes again the year after.
We take a comprehensive approach when it comes to your taxes, and will put you in a position whereby if you are ever randomly audited by the CRA, the steps taken will ensure that you will be in the best position possible to be able to get the audit resolved in a satisfactory manner in the shortest amount of time possible. We are a full service firm, and will stand with and coach you during the entire process.
Are you going to be going through any life changes in the coming future? Getting married? Starting your own business? Moving? Getting an inheritance? There are a variety of different situations individuals will go through that there are tax consequences to. Talk to us so we can provide you with the knowledge that could save you a lot of money.
AUDITS, REVIEWS, & PREPARATION OF FINANCIAL STATEMENTS
An excellent Audit/Review service is necessary for any company to be financially sound. Our services will aim to ensure that there are no glaring mistakes or wrongdoing in your company’s financial statements which reflect the performance of the company. Some companies have the mistaken idea that audits are only necessary when malicious wrongdoings occur in the data. Some factors on why you would want an audit, review, or creation of financial statements (Notice to Reader) include:
Most lending institutions require at minimum financial statements when a company is applying for a loan
Owners want to know that their business is being run effectively and efficiently, and there are no irregularities
Partnership agreements or Articles of Incorporation require an annual audit/review
Government grants require an audit/review
Being audited by the CRA is a daunting task, but it doesn’t have to be. While the auditor’s function is to insure compliance with the law, many government auditors are often pressed for time and will make assumptions based upon prior experience or statistics, without tailoring their approach to your individual situation or business. It’s imperative that the auditor remain objective, assuring the taxpayer of his or her rights.
Very often, auditors request information without explaining how the information will be used, plus they may not explain properly what might happen to tax payers who have information missing. Because of these issues, errors or assumptions can occur on the part of the auditor and as a result, an assessment could result in penalties costing the taxpayer thousands of dollars. Never take chances with the CRA tax audit. Hire tax audit experts who will make sure your rights are protected and information is appropriately understood.
As experienced tax professionals, we focus our tax practice on helping individuals and businesses resolve their tax audit problems. We bring a depth of financial and tax experience to the tax resolution arena along with a great deal of insight as to the most effective ways to handle an tax audit. We sensitively guide you through the procedure and explain exactly what you need to know and what to do.
More often than not, we can arrange it so that you will not have to meet with an auditor or tax agent. So, don’t go in alone. It’s a scary feeling to face the CRA alone and we can help make the experience less frightening. Remember, every taxpayer has the fundamental right of due process, fairness and representation.
It is very important to hire tax resolution experts who can professionally asses your options, defend your position and get you all your rights.
In summary the tax audit services we provide include: CRA Income Tax Audit, GST/HST Tax Audit, Payroll CRA Audit, Tax Audit Representation, Help with WSIB Audit, etc.