Services

Small Business and Corporation Tax Returns

Sole Proprietorships and Partnerships

A sole proprietorship is an unincorporated business which is owned entirely by one individual, whereas a partnership is an unincorporated business which is owned by more than one individual. No matter which one of these you are a part of, your income must be included on your T1 Tax Return and is reported in the Statement of Business or Professional Activities.

Services include:

  • T1 Tax Returns
  • Set-up of Sole Proprietorship/Partnership
  • Tax Planning
  • Tracking of Revenue and Expenses
  • Budgeting
  • Adjusting Prior Year Tax Returns
  • Advisory on When to Incorporate
  • HST Registrations and Remittances
  • Software Consultation

*Tax return is due June 15, 2016, however the tax payment for the tax year is due April 30.

Corporations

All corporations must file a tax return every year, even in the event that there is no tax payable. This included non-profit corporations, tax-exempt corporations and inactive corporations. Tax return for a corporation is due 6 months after the corporation’s tax year. If the filing deadline falls on a weekend, the return is due on the next business day. Corporation must file a return no later than three years after the end of a tax year to receive a tax refund.

Services include:

  • T2 Tax Returns
  • Set-up of Corporation
  • Tax Planning
  • Bookkeeping Services
  • Notice to Reader Statements
  • Budgeting
  • SR&ED Advisory Services (Including Other Funding Programs)
  • Business Planning
  • Adjusting Prior year Tax Returns
  • Software Consultation

Estate

An estate or trust is considered a person for taxation purposes in Canada. An estate tax year begins the day the person passes away and continues for one year. Any income earned by the estate during the tax year is reported on a T3 Tax Return, and is set off against available deductions and exemptions just as it is for a living person. Capital gains, dividends and interest can be taxed.

When the estate is wound up and all of its assets have been distributed to the beneficiaries, the executor should request a Tax Clearance Certificate from Canada Revenue Agency to show that all taxes owing have been paid.

T3 Tax Returns can be very complicated and thus it is advisable to consult an accountant, preferable one that is a certified Chartered Professional Accountant (CPA).

CRA Audit Support

CRA Audit Support

The Canada Revenue Agency is a governing body of with the authority to audit yourself or your business at any given time. If you have been asked by the CRA requesting an audit – including proof of expenses – make sure you are prepared. Don’t be overwhelmed – be ready.

Services include:

  • Representation with CRA
  • Assistance with HST Audits
  • Assistance with Tax Audits
  • Adjusting Prior Year Returns with CRA

Bookkeeping Services

Bookkeeping

Bookkeeping is an essential part of a business. It is essential for all sizes and types of business whether they are in their first year of business or established for many years, incorporated or not.

Services include:

  • HST Remittances
  • Accounts Payable
  • Accounts Receivables
  • Payroll (Including Source Deductions)
  • Bank Reconciliation
  • Asset Ledgers
  • Inventory Management

Notice to Reader Financial Statements

Notice to Reader Financial Statements are typically typically for banks, lenders or investors. They are unaudited financial statements prepared by a Chartered Professional Accountant, like myself. A CPA has extensive experience and formal training in preparing and analyzing financial statements, and is regulated by the governing body of CPA Canada and CPA Ontario.

Part Time CFO Services and Business Advisory Services

CFO/Controllership Consulting

Having served as a Controller for large corporations for many years, Nasira has managed teams of Finance departments, which include senior, intermediate and junior accountants.

She is a well seasoned expert in all aspects of the finance team, from accounts payable, accounts receivable to inventory and year end working papers. She can guide you through your financial statement preparation, staff recruiting and management, budgeting, and more.

Business Advisory

Whether you are starting off or already have a successful company, it always helps getting advice from someone who has been there before.

Services include:

  • Business Plan Development
  • Funding Applications Including SR&ED
  • Research Assistance with Competitive Environment, Industry Statistics, Budget Planning, Cash Forecasting, Sales Planning, etc
  • Analysis and Investigation of Financial Transactions

Non-Profit

Non-Profit

Helping your community is one of the most important and fulfilling things anyone can participate in. Let Nasira help make that process as seamless and easy as possible.

Services include:

  • Tax Advice
  • T2 Tax Return
  • Budgeting and Financial Planning
  • Bookkeeping for Non-Profit
  • Information Returns