For Canadian business owners, there are few things during the course of the year that are as important as tax filings. Unlike personal filings which are often clear and simple, compliance for business is much more complicated. Our team at CRSP pride ourselves on being very strong on the subject of Canadian tax planning and compliance matters.
In order to properly prepare clients for filings, it is important to analyze all aspects of a business, including calculated payroll, trust returns, dividend planning, Canadian corporate tax, corporate reorganizations, and more. When managing corporate finances, even a bit of neglect or omission can result in serious repercussions or fines. Professional accounting firms take all of the necessary steps to ensure that all documentation is filed correctly, on time, and in a way that is the most beneficial to our clients.
Tax planning and organization make it possible to maximize returns while optimizing values through strategy and efficiency. Uncertainty can be counter-productive but professional taxation services can navigate and take advantage of available incentives and regulations that might help to impact the position of your business.
More Than Simple Submissions
Filings and submissions run on strict schedules but Canadian tax compliance goes far beyond submitting forms alone. These schedules vary based on corporate structures. April deadlines may be standard for personal taxes but scheduled dividend filings must be completed months earlier. Missing one of these deadlines can have a ripple effect across finances.
In the case of more technical processes such as corporate reorganizations, careful planning and execution are key. The reorganization process can be applied to small businesses or corporations, acting as an overhaul for suffering companies. The goal of these processes is to revive failing businesses in order to regain profitability. These revivals mean digging deep into the foundations of a business in order to assess any problem areas and adjust practices accordingly, treating the root cause of a problem as opposed to the symptom.
Unlike personal filings, corporate tax planning involves managing complicated structures and calculations. Every Canadian is familiar with T4s and basic payroll calculations but incorporating more complex concepts such as trust returns, pension plans, or audit appeals for sales taxes such as GST, PST, and HST can open the door to costly mistakes. Turning to the services of CRSP associates means ensuring income tax laws are adhered to throughout the year.
Throughout the course of the year, taxation requirements may change without much notice. Failing to keep up with these changes can result in year-end headaches and potential violations, resulting in fines. CPA services can help to keep up with the changing climate of Canadian tax guidelines for businesses and for personal filing. Treating business financials also means ensuring that personal tax filings of clients are in order. Being familiar with tax brackets and personal tax rates can help to avoid unpleasantness with business financials.
Applying for tax credits requires combining finances carefully, with a trained and experienced eye. While numbers and financial statements may provide the framework for success, it is interaction with clients and businesses themselves that sets our services apart. An open line of communication with clients can help to provide a complete picture of practices and structures that allow for the utmost efficiency.
In addition to keeping in touch with clients, our CRSP experts are able to communicate seamlessly with CRA representatives and tax lawyers in the event of any necessary litigation or disputes. Corporate services revolve around taxable income and ensuring that there are taxes paid according to the necessary calendars set by the CRA.
The overall objective of CRSP associates is to promote financial health for clients through efficient use of experience, knowledge, and technology. This means finding every available option to maximize returns, taking advantage of available tax deductions, and setting the stage for long-term benefits and compliance.