From the basics to helping you succeed long-term.

These are some of the things we typically look after for you:

Vital Basics

Why Vital Basics? We can’t help you much based on poor information, and every hour we spend correcting stuff that could have been done right in the first place is an hour wasted – this year, next year and so on.

CHOOSING AND SETTING UP ACCOUNTING AND REPORTING SYSTEMS

Manual, spreadsheet, or electronic – Quickbooks (in-house or online), Sage, Freshbooks, Wave and Adagio – we are familiar with most of the available software.

TRAINING YOUR ACCOUNTING STAFF AND HELPING THEM THROUGH THE YEAR

If they get it right at the start, we save on our time and your cost at year end.

OVERSEEING THE POSTING OF MONTHLY LEDGERS AND THE PREPARATION OF STATEMENTS AND REPORTS

Your accountant may not be comfortable doing this. We are. The important thing is for you to get the information you need.

PREPARING CONFIDENTIAL PAYROLLS

You may pay your family and yourself through a holding company, especially if you do not want to be paid through general payroll in your business. Your family payroll is confidential with us.

ACCOUNTING FOR YOUR HOLDING OR INVESTMENT COMPANIES

You may use separate companies for your properties or other investments. You may prefer that your internal accountant does not account for these. We fill the gap – confidentially -,monthly, quarterly or annually.

Or you may have investment companies and resented the ongoing costly hassle of finding someone to account for these. We do this too.

ASSISTANCE WITH CLOSING OFF AFTER YEAR END

We do this to help some internal accountants with this once-a-year chore.

Keeping you on track with CRA and your bank.

You may need financial statements for your bank or bonding. You, your trusts, partnerships and companies must also file various returns and slips with CRA. We look after these things for you using only experienced accountants and advanced software. We are a boutique for entrepreneurs and professionals, so we have no students, and we do no public companies or audits.

  • COMPILED OR REVIEWED FINANCIAL STATEMENTS FOR PRIVATE COMPANIES, PARTNERSHIPS OR TRUSTS
  • TAX RETURNS FOR OUR CLIENTS, THEIR FAMILIES, PRIVATE COMPANIES, PARTNERSHIPS OR TRUSTS
  • SPECIAL RETURNS FOR ROLLOVERS, GST, CDA ELECTIONS, T SLIPS ETC
  • WE ALSO DEAL WITH CRA ON YOUR BEHALF IF YOU ARE EVER ASKED FOR FURTHER INFORMATION OR ARE AUDITED

You may be uncomfortable dealing with CRA – and not out of guilt. Most clients are. They usually have nothing to worry about. Even so, the call from CRA is not welcomed.

We deal with CRA all of the time. We believe we have a long-term good record with CRA. So, if you wish, we will represent you and if any adjustments are needed, we will make them as painless as possible – for you. It helps that we keep electronic copies of most of the support information that goes into your returns and retrieval is easy. We know what to look for. Often the auditor comes to our office, which can make also life easier for you.

Helping you succeed.

In our thirty or so years we have done many things many times. One of our many times may be a once only for you. You benefit from our experience. We’ve built long-term relationships and helped many clients succeed. Over time it has become an approach – a way of looking at you and your business and knowing how others have succeeded. Some of the steps in this approach are:

BUSINESS ANALYSIS – To know your past and understand your ambitions for the future

We start by trying to learn about you and what you want. We analyze your past annual statements and tax returns, so we can see what you business has done so far. Annually we will update these analyses and discuss with you what we see in them. You might see this as your annual ‘report card’.

BUDGETS OR WHAT-IF ANALYSIS FOR UPCOMING YEARS

Your history helps us look to the future. Most businesses can be broken down into a handful of Key Performance Indicators (KPI’s). Ask questions. What happens if you increase/decrease overhead? What happens if you increase/decrease prices – change your gross margin %? As the KPI’s change, the income and balance sheet change. It makes it easier to make decisions affecting your future.

TAX PLANNING FOR LEGITIMATE MINIMIZATION

Taxes are a major expense. Tax planning looks ahead and considers your business and the whole family, your types of income, and how or whether you take out your income or leave it in a company or trust.

FAMILY WEALTH ACCUMULATION

You have investment counsellors to manage your portfolios. We cannot advise you on choosing securities. However, all of our clients are accumulating or managing wealth and we see who is successful over the long-term, and we do look at your investment returns and may suggest changes in the overall allocation of investment funds.

CREDITOR PROTECTION

If you accumulate wealth you also want to protect it – to limit your risk of loss. Who should own what? Where do trusts come in? How do you protect what you have built? What security should you give for loans?

REORGANIZATIONS & TRUSTS

We believe in KISS – keeping business as simple as possible. Tax reorganizations, multiple trusts, partnerships or corporations can be effective – but they do complicate your life. Sometimes they make your accounting so complex with fees flying back and forth that you lose control of the underlying business. We start with your real needs and what’s the simplest path to that result.

BUYING OR SELLING A BUSINESS

We’ve been through this process many times – buy and sell. We’ve negotiated with public companies to buy or sell private companies. We’ve set up succession plans for family or senior management, and put in place schemes for wider employee ownership. You need experienced help in any of these situations.

WILL PLANNING AND ESTATE TAX MINIMIZATION

As you become wealthier you want your estate to go to those you care about or to causes important to you. How your will and estate is structured can make a huge difference to the taxes that will be paid.

OTHER SERVICES

We cannot list all the things we have done and are comfortable doing again. As we said at the start in thirty some years we have done many things many times and our focus has always been on working with entrepreneurs and professionals.