When starting a new business, decisions must be made concerning the business framework. Should it take the form of a proprietorship, corporation or partnership? How should it be financed? Who should be involved? What is the best way to structure a business for tax reasons?
A new business will have to file information returns for the government and calculate and remit payroll deductions, GST, WCB and income taxes. It will require an accounting system that will efficiently calculate these liabilities and is designed for the specific business.
Existing businesses may benefit from the help of a professional accountant when undergoing periods of growth or change. Is your existing accounting system satisfactory? Is it providing the information that you need? Do you know how much money you have made this year? Do you know what your tax liabilities are?
Professional accountants can advise you about the taxation of your business. This means legally minimizing your tax bill without incurring the risk of interest and penalties, which may result from careless bookkeeping or bad advice.
An accountant can also assist you with estate and succession planning and budgeting.
Randy Bousfield and his staff provide the following services to corporations, partnerships and individuals:
Assistance with new businesses
Compilation of financial statements
Financial statement reviews
Preparation of corporate and personal tax returns and schedules