Income Taxes

Individuals appreciate special attention. Everyone, whether a business owner, employee or personal tax client can benefit from the kind of advice a professional CPA will provide.

Preparing your income tax return. Everyone who files an income tax return can use the services of a professional to help navigate the complex world of income tax. We strive to put income tax law into simple language that is easy to understand.

A CPA can help you legally minimize your tax payable and ensure that you claim the credits and deductions to which you are entitled. 

Special situations which occur from time to time may require assistance by a professional with years of training and experience in finance and taxation.

Financial Statements

Depending on the complexity of your business, you will require one of the following types of financial statements:

Compilation Engagement statements. We will generally use the figures you have generated and arrange them in an acceptable format financial statement. The use of these statements for external uses is limited.

Review Engagement statements. We will take more time and use additional procedures to verify that financial statements are accurate and prepared according to Canadian generally accepted accounting principles.

Audit Engagement statements. Audited financial statement requires extensive testing of balances and transactions. It is the most expensive and is generally not required for most small businesses.

Lending institutions, regulators, investors and shareholders are interested parties who may require a more reliable type of financial statement. Audits or reviews are not required by the Canada Revenue Agency.

Corporate

New business


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 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

  • Taxation consulting

  • Preparation of corporate and personal tax returns and schedules

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