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Tax Filings

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Corporate Tax (T2) Returns

T4A Tax Statement

•      Calculation and preparation of T4a slips and return.
•      Maintaining supporting documents should the CRA request the documents to review.
•      Forwarding of T4a slips to taxpayers.

T5 Dividend Slip

• Preparation of an annual T5 Summary based on information provided by clients.
• If our firm maintains the minute book, this also includes a minute to be entered into the book indicating a dividend was declared.
• Forwarding the T5 slips either by mail or email.

T5018 Statement of Contract Payments

• Calculation and preparation of T5018 slips and return.
• Maintaining supporting documents should the CRA request the documents for review.

WCB ( All Provinces)

• Calculation, preparation, and filing of the annual WCB return for all provinces.
• Review owner coverage amounts annually, which is shared with the client by email.
• Updating the yearly worker's estimate annually by Dec 31 each calendar year end, if applicable.

GST / HST Returns

• The preparation of the GST34 tax filing form.
• Creating back-up to support the filing in the event of a CRA review.
• Filing basic elections to change the GST reporting period, filing frequency, or elections related to 'quick method.'

PST Return

• Preparation of provincial sales tax filing forms (BC PST, MB RST, and SK PST) 
• Creating backup documentation to support the filing should the CRA wish to review them.
• Filing of basic elections on behalf of the taxpayer.

Personal Tax (T1) Returns For The Whole Family

• Preparation of the T1 return and common schedules for the family.
• Calculate and claim various benefits, credits, deductions, and expenses such as medical, donation, child-care, tuition, dues, dependents, disabilities, caregiving, loss carry-back applications, and more.
• Preparation of proprietorship, rental, employment expenses, commissions, foreign income verification reporting, and more.
• Performed year-to-year variance analysis to identify data gaps and trends.
• Calculation of CCA (amortization) on capital assets.
• Reporting of motor vehicle expenses.
• Calculation of business-use-of-the-home amounts and carryforwards.
• Calculation of the tax impact the non-employment income will have on the personal tax return.
• Maximizing the Canadian Worker's Benefit by testing varying levels of expense deduction.

Underused Housing Tax Returns (UHT)

• Preparation of the UHT returns and filing of related elections.
• Maintaining supporting documents should the CRA wish to review them.

Paralegal Services

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Incorporation Costs and Minute Book Setup

• Running visuals and NUANS reports on preferred names.
• Preparation of by-laws, articles, and initial meeting minutes for the minute book.
• Registering shareholders, directors, and officers with Alberta Registries.
• Full minute book creation, including share certificates, shareholder register, director register, securities register, and change notices.
• Authorizing and issuing share certificates from the corporation to shareholders.

Minute Book Update

• Review the minute book annually to determine completeness and compliance.
• Creation of basic minutes, such as those relating to the annual general meeting, bonus payable, change in director, and audit waiver.
• Annual preparation and filing of the Alberta Annual Return for Corporations.
• This service also includes all registry fees.
• Updating shareholder, director, and share registers as changes occur.
• Keeping, holding, and acting as registered office for the business, as recorded in the minute book, where legal notice can be served.

Trade Name Registration

• Running visuals with the Alberta registry.
• Registering the name.
• Making the appropriate entry into the minute book.
• This service includes the Alberta Registry filing fees.

Financial Reports

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Compilation (Notice to Reader) Financial Information

• A set of CPA-issued, professional financial reports which include a balance sheet, income statement, statement of retained earnings, and disclosure notes.
• Compilation-level assurance, suitable for applying for mortgages and other debts, for management purposes, and more.

Reviewed Financial Statements REVIEW ONE

• A set of CPA-issued, professional financial statements which include a balance sheet, income statement, statement of retained earnings, cashflow statement, and disclosure notes.
• Review-level assurance, suitable where deeper verification of figures are required and more robust disclosures are needed.

Support Services

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MyAccount and Instalment Checks

• A visual review of MyAccount, MyBusinessAccount, TRACS, WCB, and all other/provincial tax portals for all taxpayer entities.
• The results of that review are communicated in an email to the taxpayer. It will include matters of concern, a confirmation of balances owing, and a confirmation interim amounts paid.
• In the case of WCB accounts, worker estimates and optional insurable able amounts are confirmed.

Virtual Assistant

• General administrative assistance is performed virtually. These services could include:

1. 1. Conducting cold calls, qualifying sales leads, or scraping consumer data.
   2. Respond to and make calls and emails for you.
   3. Coordinate your calendar and schedule appointments.
   4. Create databases of contact information.
   5. Execute minor projects such as sending birthday cards to customers, making social media posts, planning a staff event, and updating web pages.
   6. Generate reports on marketing or operations and provide them in presentation format. 
   7. Conduct online research or scraping data. 
   8. Manage travel arrangements. 
   9. Performing personal errands (digital only). 
   10. Sourcing equipment and making purchases.  
   11. Arranging travel. 
   12. Posting of job adverts and pre-screening applicants. 
   13. And more! 

Personalized Training

• Typically, this service is used to train a client's internal CFO, bookkeeper, accountant, controller, or administrator to complete many of the financial services that our firm also can perform.
• Training is usually held as 30-minute meetings weekly, an hourly meeting every two weeks, or a two-hour meeting once a month. The total time and duration of meetings can be adapted to suit the client’s specific needs.
• Training topics will be defined and documented in the preliminary meeting, but are usually bookkeeping, payroll, banking, navigating the government programs, using accounting software, making accounting entries, creating financial reports for management, and more.
• During training the client and facilitator will generate a procedure document kept in MS WORD.
• Training is completed online through Microsoft Teams, Teamviewer, and/or the telephone.

Government Representation

• Responding to calls and letters from the CRA, Service Canada Employer Services, Alberta Treasury, provincial WCB, and provincial sales tax authorities.
• Completing a scam check to make sure the communication is authentic.
• Making all changes to business and personal accounts for the whole client group.
• Communicating with the agencies, as needed, by phone, online, fax, or mail.
• Helping the client to set up direct deposit information or make payments.
• Calling or writing the CRA for additional information or changing the parameters of a taxpayer's account.
• Registering new business number accounts, WCB accounts, or any other accounts required which are the purview of these agencies.

Business Builder Services

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Sales Pipeline Development

Business Process Optimization

• During a 2-hour meeting, held over MS TEAMS, the facilitator and the client shall create standard operating documentation and diagrams for a single business process.
• Together, they shall brainstorm ideas and suggestions for improving the system with a mind toward automation and systemization.
• The facilitator will diagram with a flowchart the critical path of the process and produce a MS WORD document containing the official procedure for the process.
• Steps to include quality control monitoring, fail safes, and other internal audit controls will be built into the process.
• The provided documents will serve as a template for documenting and diagramming other business processes by the client.
• The facilitator and client will devise an action plan for one to three strategic goals to implement the new process. The facilitator will set up the steps of the action plan in Karbon. Karbon will be configured to provide reminders for the client to report their progress regularly (monthly or quarterly, at the client's preference), and the updates will be sent to our firm using Karbon's comment feature.
• Short responses to progress updates will be sent by the facilitator to the client at a rate of no less than once per month using the Karbon comment feature.
• After the period, we shall comment on whether or not the metric was achieved or not.

Marking Documents Builder

• A two-hour meeting will be held on MS teams.
• Together, the facilitator and client will build a basic five-page marketing brochure (title, about, services, process, and pricing) using POWERPOINT and the generative tools of Microsoft Copilot. This is expected to take half the meeting's time.
• The facilitator and client will build a basic three-tiered pricing matrix, including a brainstormed list of service parameters and the desired profit margin indicated at the bottom.
• The two hours will likely not be enough time to complete the entire project to the fullest extent, but the result will be a usable, though basic, set of marketing materials you can start sending out when responding to client requests for proposals.

Rapid Growth Planning

• A single 2-hour meeting, held over MICROSOFT TEAMS, where various items about the business, its health, and strategic goals will be discussed.
• A review of the current financial information will occur, and comments on the strength of the operations, the viability of the business, and any items of note or concern will be provided to the client verbally at that time.
• A short discussion on new and ongoing goals will occur. We will update our documents with notes on such.
• The facilitator and client will devise an action plan for one to three strategic goals to improve a key growth metric. These are typically sales and marketing, workforce management, and process metrics. The facilitator will set up the steps for action plans in Karbon. Karbon will be configured to provide reminders for the client to report their progress regularly (monthly or quarterly, at the client's preference), and the updates will be sent to our firm using Karbon's comment feature.
• Short responses to progress updates will be sent by the facilitator to the client at a rate of no less than once per month using the Karbon comment feature.
• After the period, we shall comment on whether or not the metric was achieved or not. After that, the engagement will have concluded.

Software Services

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DEXT

• Our firm will pay the cost of membership.
• Set up the account, maintain the records, connect to other tech stack apps, and process uploaded transactions.

Fathom

• Our firm will pay the cost of membership.
• Setup, maintenance, and configuration of the application.

QBO

• Our firm will pay the cost of membership.

Bookkeeping and Payroll

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Bookkeeping

• Posting of sales, expenses, transfers, and other transactions from the typical course of business into QuickBooks Online or other bookkeeping software.
• Annual calculation and posting of year-end adjusting entries required for disclosure purposes.
• Full accrual basis of accounting (except when cash basis is allowed and preferred).
• Basic reconciliation of most balance sheet accounts. (Corporations Only)
• Unless otherwise required, no balance sheet reconciliations are made for proprietorships, and the only balance sheet account used is Due/From Owner. An income statement is generated for management use and income tax reporting on the T2125 Business Statement.
• A set of customized reports will be provided within 60 days after the end of the period, assuming the client receives all documents within 15 days after the end of the month. Delays in providing information or responding to queries may delay these reports.

Payroll

• Calculating and preparing periodic payrolls for the client.
• Maintaining of supporting documents to support the calculations and in case the CRA wishes to see them.
• Calculation, preparation, and filing of T4 returns and forwarding the T4 slips to employees by the end of February each year.
• Declaration of annual director fees for up to four owners/directors for debit balances in shareholder accounts.
• Calculation of taxable benefits using information provided by the client.

Invoicing and collecting

• Sending customer invoices to customers per the client's procedures.
• Collecting payments from customers using digital means such as QBO payments, Stripe, or other payment processors.
• Perform collections efforts on overdue amounts by sending automated emails, following up by phone, and forwarding them to a third-party collection agency of the client's choice.

Wealth Management

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Tax Planning

• A two-hour meeting held once per year with the tax expert. The meeting is held in Microsoft Teams or over the phone and during that meeting the client and tax expert will generate a 'this-year, next-year' instalment plan based on expected taxable income, deductions, and tax credits as confirmed by the client.
• Generation of a spreadsheet which indicates estimated future taxes payable for the current and next years for the group's businesses and individuals. Usually, this spreadsheet breaks these amounts down quarterly or monthly for the client.
• Generation of a repayment schedule for past balances owing.
• This creation of a personal tax planner with up to five tax scenarios from which the client can compare various income and deduction options (example, T4 vs T5, or various levels of RRSP investment).
• All amounts used in the personal tax planner and the calculation of business taxes will be compiled based on the accountant's own judgment and by information provided by the client. Often these estimates will include judgments based on past trends.
• The tax expert will complete a detailed analysis of the taxpayer's assets, liabilities, and eligibility for Canadian benefits and all tax credits/deductions by using the CRA's Benefit Finder Tool.
• A written analysis of the taxpayer's potential use of the following topics:
  1. Spousal RRSP maximization.
  2. Assessment of the impact of interest-free, non-arms-length loans to split investment income.
  3. Registered Disability Savings plans, estates related to disabled individuals, and confirm that all benefits are currently being applied for.
  4. Holding Corporation tax-savings assessment.
  5. Private Health Services Plan cost-savings assessment.
  6. Life-Time Capital Gains Exemption maximization and planning.
  7. Principal residence exemption planning and maximization.
  8. T3 Bare Trust filing risk assessment.
  9. Capital Gains 66% threat assessment.
  10. Charitable and political donations assessment and potential returns for various levels of donations.
  11. An assessment of the potential of family trusts to help the taxpayer achieve the bequeathments and security they desire for friends and family.  
  12. Child care analysis to ensure the maximization of credits against higher income earners.  
  13. Farmland deductions for rural property assessment. 
  14. And other topics at the discretion and judgement of the tax expert. 

Budgeting and Forecasting Management

• Completed during a 2-hour meeting, held over MS Teams, with both the client and facilitator present.
• A completed annual budget for the current year and next year based on information and estimates provided by the client will be made available.
• Uses QuickBooks Online budgeting feature, or another application (ie, Fathom) whenever possible. T
• he facilitator will set Karbon to provide reminders for the client to report their progress regularly (monthly or quarterly, at the client's preference), and the updates will be sent to our firm using Karbon's comment feature.
• Short responses to progress updates will be sent by the facilitator to the client at a rate of no less than once per month using the Karbon comment feature.
• After the period, we shall comment on whether or not the metric was achieved or not.

Financial Health Assessment

• The generation of an annual written report, usually in the form of a checklist and which is presented in a 2-hour length meeting with the taxpayer, which analyzes and comments upon the following topics as they relate to the taxpayers:
  1. Determination and documentation of the client's short-term, long-term, retirement, estate, family, and succession goals.
  2. Analysis of any emergency funds' and other savings' ability to protect the taxpayer from risk and to achieve their goals.Commenting upon the health, return on investment, and stability of taxpayer's assets and investment portfolios.
  3. Assessment of insurance coverage for life, health, and financial loss. Documentation of all beneficiaries and comments on the tax implication of cash payouts.
  4. Calculate debt-service ratios and debt-to-income calculations with comments indicating general health.
  5. A simple net worth statement will be constructed in Excel and provided to the client. Comments may be annotated with notes by the preparer and comments about relevant financial matters.
  6. Retirement feasibility assessment based on past savings and future savings plans.
  7. Review of will and estate documents to ensure adequate bequeathal of assets and the proper appointment of executors. This includes any reasonable consideration for executor remuneration.
  8. Review of prenuptial, matrimonial, or any other civil-domestic agreement between spouses and comments regarding any tax implications of such.
  9. And other relevant topics as per the discretion of the tax expert and at the request of the taxpayer.

Wealth Management Consulting

• A single, annual, 2-hour meeting, held over MICROSOFT TEAMS, where various items about the taxpayers, their financial and legal health, and strategic goals will be discussed.
• A review of the current financial position will occur, and comments and any items of note or concern will be provided to the client verbally at that time.
• A short discussion on new and ongoing goals will occur. We will update our documents with notes on such.
• The facilitator and client will devise an action plan for one to three strategic goals to improve a wealth key metric: net worth, risk management, and tax avoidance.
• The facilitator will set up the steps of new action plans in Karbon. Karbon will be configured to provide reminders for the client to report their progress regularly (monthly or quarterly, at the client's preference), and the updates will be sent to our firm using Karbon's comment feature.
• Short responses to progress updates will be sent by the facilitator to the client at a rate of no less than once per month using the Karbon comment feature.
• After the period, we shall comment on whether or not the metric was achieved or not.

Estates

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T3 Trust Tax Return

• Preparation of T3 Jacket, Schedule 15, and other schedules to file the T3 Trust Tax Return.
• Calculate and claim various benefits, credits, deductions, and expenses for an estate.

T3 Summary Return and Slips

Clearance Certificate

• Collecting data for and preparing the TX19 Clearance Certificate application for final disbursements.
• Preparation of supporting documents to send to the CRA as part of the application, including bookkeeping reports, asset listings, information on the beneficiaries, and trust hold-back amounts.
• Registering and gaining consent for trust accounts.
• Responding to correspondence from the CRA regarding the clearance application.

NON-SERVICE ITEMS

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Dedicated accountant and an engagement team.

• Answering questions regarding the general topics of accounting, bookkeeping, payroll, taxes, cash flow, personal and corporate financial management, investing, and other financial or business-related topics for which an accountant would generally be knowledgeable.
• Any member of the client group can ask questions of the client group. Typically, this means business owners, individual taxpayers, and even dependents who may or may not be filing a tax return.
• Questions can be answered by email, telephone call, MICROSOFT TEAMS meeting, or LOOM video. The
• Dedicated Accountant will spend up to 15 minutes responding to the question. During this time, the accountant will read the question, seek follow-up information from the client, formulate a response, and then communicate the response in one of the abovementioned mediums. The 15-minute constraint is not meant to withhold advice but rather to differentiate between consulting work or tax planning versus answering general questions.

Client Onboarding

• Setting up authorizations and consents for various tax accounts.
• Set up any relevant software included in the engagement.
• Complete client training on any relevant software included in the engagement.
• Registering any required tax account, including WCB, GST, Payroll, Corporate Tax (federal and provincial), PST, and more.
• If applicable, import opening entries and other bookkeeping data per the 50-step import guide.
• Setting up all workflows to ensure proper execution of our commitments per the engagement letter.
• Completing initial goal planning.
• Perform initial tax planning, determine instalments, and set up automatic withdrawals for the client.
• Determining and documenting the customized agenda for your regular check-ins.
• Discussing and documenting short- and long-term, retirement, estate, and succession goals for the client.
• Configuring access and connectivity of the client's tech stack to our systems for data retrieval.
• Creating a list of documents to submit and when to submit them.
• Ensuring the client has the highest level of access to all of their client portals (CRA, TRACS, Service Canada, and WCB).
• (Monthly or quarterly accounting clients only) Creation of a comprehensive financial systems guide for suppliers, customers, and special transactions.
• An introduction to the entire engagement team assigned to this client.
• (Corporations only) A review of the minute book to confirm adequate articles, filing of annual returns, and confirm share structure is conducive to dividend splitting.
• Configure mileage tracking tools and reporting to help resist future CRA auto audit.

Past Work Deep Dive

• Our firm will review the previously filed tax returns and previously prepared bookkeeping for the last THREE years to identify money left on the table and errors that can cause audits.
• A short list of potential errors or corrections will be generated and discussed with the taxpayer.
• If desired, we will make the corrections and changes outlined.