| Our firm offers a wide range of services to our individual and business clients. Our clients benefit from personalized, quality service. Our website lists the services that we offer to our clients, together with a brief description and our personal experiences.
Please feel free to inquire about a service if you do not see it listed below. |
| (Click Service Title For Details) |
| Accounting Services |
| Our firm provides a number of accounting services including the following:
*Financial statement preparation including compilations
*Bookkeeping and general ledger(Monthly/Quarterly/Annual)
*Accounting system setup for new businesses
*Audits and review engagements
Where we are engaged in audit or review engagements, we conform to mandatory CICA assurance guidelines and standards. CICA is the national guiding body for chartered accountants!
We say with confidence, that we can help YOU, as we have helped many other small companies and businesses, by providing solutions for your headaches both big or small.
Within a twelve-month timeframe, we set the records straight in a professional organization, completing two years of tax returns, and amending two prior years, satisfactorily resolving matters with CRA.
We have maintained, for over 10 years, the books and financial statements of a multi-company steel service centre business, involving complex intercompany accounts, advising aimed at improving company records and giving guidance to resolve many challenging taxation issues.
We are accountants for several high-worth individuals and investment companies, each with, annually, many capital gain or loss transactions. Charles is very proud of his work in this area and enjoys the challenge most of all!
We have setup and prepared many different books of accounts, including conglomerates, foreign based companies, companies requiring multi divisional records, and companies with foreign exchange accounts, and many with complex investment accounts. We have honed our skills in seeking out accurate and detailed information, and preparing supporting working papers. |
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| Acting CFO to small corporations |
| Charles is happy to discuss acting in a part-time CFO role, or financial coaching for your company. In fact, at present, Charles does this for three companies; two of the organizations are U.S. subsidiaries. The third company is a high-end retailer. Charles is particularly comfortable in this role, having 15 years of hands-on experience in the retail, department store, freight, distribution and real estate businesses, where he held senior roles in financial management, planning, and business strategy. |
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| Taxation of trusts - Administration of Trusts |
| We prepare trust income tax returns,T3's and have worked with several substantial estates. Charles presently administers one trust (testamentary)and would happily take on this role again in this specialized area.
In the taxation area of testamentary trusts, we work with property appraisers, investment advisors as well as the executors/trustees to assemble the deceased's final trust return. In particular, we have done complex calculations of cottage property capital gains, principal residence issues, deemed dispositions of stocks, deemed proceeds of RIFs, RSPs, beneficiary elections, capital dividends, share buyout agreements, spousal rollovers, Estate loss carry-back to deceased return and many related matters.
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| Bookkeeping/Write-Up |
| Our qualified staff can assist you with the day-to-day tasks, including bookkeeping. We understand and take great care in the following areas: GST, PST, WSIB, employee tax withholding, Non-resident withholding, employee benefit plans and taxable benefits, as well as T4-T4A-T5's. While we do not prepare a significant volume of these "T-slips", however, those we do complete usually require much care and preparation. These include employees with taxable benefits for Company-owned automobiles, disability insurance and employee stock options, and several other like items.
In addition we are capable bookkeepers. We are frequently hired for the assignment of fixing inadequately-maintained books, and once completed we are happy to stay on in oversight role when a new bookkeeper is hired. |
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| Consulting Services |
| In this areas, we gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Business valuations
*Buying/selling a business
*Business process improvement
*Accounting systems
*Financial & retirement planning
*Estate planning
We recently completed a exit and succession strategy for the founders and children of a profitable family-owned business.
We are engaged in assessing on behalf of a spouse, in a marital dispute, fair share of assets and alimony, working in contact with the divorce lawyer. The assets include several holding and business operating corporations.
We are engaged in a protracted partner dispute dealing with split of profits and advances, and will testify in court as expert witness. Assignment involves dealing with partners lawyer, Company accountant and forensic auditors. |
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| Financial Statements |
| We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. We call these compilation assignments and on completion we include a Notice to Reader to accompany to describe our work. |
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| Other Services |
| We encounter a wide array of financial and tax issues, and as a result, we have gained valuable experience over the years in some specialized areas, of which several are listed below.
*Mergers & acquisitions
*Business start-up or expansion
*Bankruptcies
*Litigation support
*Cash flow forecasting
*Employee benefit plans
*Accounting System upgrade and implementation
We completed a one-year assignment to upgrade the accounting computer systems and procedures in a $10,000,000+ retail chain with eight branches. |
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| Response to CRA audit. Failure to file, serious omissions etc. |
| We have negotiated with CRA on several serious income tax situations, normally as agents after-the-fact, to remedy previous filing shortcomings, including failure to file, improper filing, and careless filing cases. We have corresponded with CRA on behalf of many other clients on issues of varying complexity and difficulty. We work with income tax lawyers, where necessary.
In one recent case tried in criminal court, as the defendant's accountant, Charles assisted the defence lawyer vs Crown in interpreting substantial amounts of material. Charles also testified as a material and authorative witness. We take great pride in being part of the winning team. The judge's decision and reasons add some significant weight to the case law on the subject of wilful neglect.
Recently, we successfully worked with an income tax lawyer under the CRA Voluntary Disclosure Program to bring on side a taxpayer who had failed to file income tax returns and substantial taxes due, for six sucessive years.
We resolved a tax liability for the prior year of a corporation, from the inadvertant omission of substantial income, and taxes due to impropriety of the financial officer.
We work with non-filers who are struggling with CRA forced assessments and bring their accounts and filings up to date.
We are presently engaged with an income tax lawyer with a view to a CRA Voluntary Disclosure Program to bring on-side a taxpayer corporation owned by a non-resident, who had failed to file T106 report of Foreign Activity, with the intent to avoid substantial oversight penalties.
If you have serious concerns about your income tax filings (or lack therof) in these areas, please consider a voluntary disclosure as soon as possible. We are able to help you with matters of this nature.
Refer to our Internet Links page, where we have included a Canada Revenue Agency internet link describing the nature of some very serious cases recently prosecuted and convicted. |
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| Reviews & Compilations |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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| Tax Services |
| We spend a great deal of time keeping current on the income tax law, and considering planning opportunities.
Working with several tax specialists, we are knowledgeable in the following areas:
*Tax planning for individuals and corporations
*Return preparation for
- Individuals
- Corporations
- Estates and trusts
- Not-for-profit organizations
*Provincial and federal commodity tax planning and compliance
*Tax considerations in matrimonial settlements
*Tax effects of buying/selling a business
*Tax effective retirement and estate planning
We recently completed a minority share buyout by the principal shareholder on a tax-advantaged basis.
We are so happy (go figure) performing capital gains calculations, and we do work with many investment dealers during the course of the year.
We have been accountant-on-record for several cross-border employee moves and engage US tax specialists where required. In high-worth client moves, we have proven the merit of our knowledge and organizational skills, which combined with using US tax specialists', produce cost-effective results.
We have been been instrumental in transfer-pricing agreements between US parent and Canadian subsidaries. |
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| Management Advisory Services |
| Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success. |
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| Purchase and Sale of a Business |
| Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning. |
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| Litigation Support |
| Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages. |
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