Tax Services
Tax planning is most effective when done proactively. By keeping current on new tax legislation and interpretations, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with taxation expertise and knowledge throughout the year and can help to implement planning in order to:
- Withdraw funds from your business in a tax-efficient manner
- Maximize the opportunity to claim lifetime capital gains exemptions on the sale of your business
- Simplify the corporate structure by eliminating redundant companies
- Improve creditor protection
- Plan for the addition of a new shareholder or investor
- Structure the buyout of a departing shareholder
- Extract corporate assets tax effectively post-death
- Utilize marginal tax rates available to Graduated Rate Estates
- Income-splitting with lower income family members
Estate Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. Click here to learn more about the services we offer .
Tax Preparation
Our significant investment in computerized tax preparation and research software enables us to prepare returns accurately and efficiently for individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. During the tax preparation process we are highly focused on striving to find opportunities to minimize our clients tax exposure.
Federal and Provincial Sales Tax (GST, HST, PST and QST)
Many of our clients are responsible for collecting and submitting sales taxes in many different jurisdictions. We can assist your company in the compilation of information and preparation of sales tax returns, and in controlling your sales-tax-related costs. We can also help with assessing the sales tax treatment of various transactions including real estate sales.
Foreign Property Reporting Obligations
Severe penalties may apply for not complying with reporting obligations for foreign reporting returns. If you determine that you (or your company, trust or partnership) has not complied, you may qualify under the voluntary disclosure program to have penalties waived.
T1135 Reporting Return – This form must be filed to advise Canada Revenue Agency of foreign investments if the aggregate cost exceeds $100,000 at any time in the year. A filing obligation can apply to an individual, corporation, trust or partnership. The form is due at the same time as the income tax return. The most common reportable foreign property includes:
- Foreign investments held in Canada such as shares of U.S. company held by a Canadian brokerage.
- Assets held outside Canada such as foreign bank accounts, foreign investments, interest in a foreign trust, interest in foreign real estate, and loan receivable from foreign sources.
Personal use property, property used in carrying on an active business and property of a foreign affiliate are excluded from these reporting requirements.
T106 Reporting Return – A filing obligation can apply to an individual, corporation, trust or partnership that is carrying on business, transacts with a non-arm’s length foreign business and the fair market value of transactions exceed $1,000,000 in the year.
T1141 Reporting Return – A filing obligation generally applies to transfers or loans to non-resident trusts or corporations controlled by such trusts.
T1134 Reporting Returns – a filing obligation applies to investments in foreign affiliates. Generally, a foreign affiliate is a non-resident corporation in which a resident individual, corporation, trust or partnership holds an equity investment of at least 1% and together with related persons, total interests are at least 10%. Certain thresholds may apply to eliminate the filing obligation.
Immigration and Emigration
Canadian tax law includes a number of special rules that apply to immigrants and emigrants. Our teams of experts are able to advise both individuals and corporations planning to establish or relinquish Canadian residency.
U.S. and International Taxation
A record number of Canadian businesses and individuals have cross-border interests. Our team of experts can assist you in understanding the tax rules that may affect those interests, and in planning accordingly. We are members of an international affiliation of accounting firms know as Integra International. Access to other Integra firms provides our clients with access to a team of global advisors. We regularly meet with our international counterparts and have direct experience working with them.
Research and Development tax refund claims
Most businesses have to continually improve their business by adding new products or making existing processes more efficient and effective. In many situations, the tax authorities provide considerable financial support to these companies. We can help you to identify where the opportunities for tax savings exist, guide you in the development of systems to capture and track the qualified activities, assist you with the preparation of the necessary reports to substantiate your claims and complete the appropriate tax filings.
Voluntary disclosures relating to income tax, sales tax, and other matters
Many businesses and individuals find themselves in situations where they have failed to properly prepare and or file the returns required. In such circumstances, they are exposed to taxes, interest penalties and prosecution. Voluntary disclosures may be initiated in situations where the tax authorities have not yet commenced an action against a taxpayer. By making a voluntary disclosure and “coming clean” it is possible to avoid penalties and prosecution.
Tax Planning
Tax planning is most effective when done proactively. By keeping current on new tax legislation and interpretations, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with taxation expertise and knowledge throughout the year and can help to implement planning in order to:
- Withdraw funds from your business in a tax-efficient manner
- Maximize the opportunity to claim lifetime capital gains exemptions on the sale of your business
- Simplify the corporate structure by eliminating redundant companies
- Improve creditor protection
- Plan for the addition of a new shareholder or investor
- Structure the buyout of a departing shareholder
- Extract corporate assets tax effectively post-death
- Utilize marginal tax rates available to Graduated Rate Estates
- Income-splitting with lower income family members
Estate Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. Click HERE to learn more about the services we offer.
Tax Preparation
Our significant investment in computerized tax preparation and research software enables us to prepare returns accurately and efficiently for individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. During the tax preparation process we are highly focused on striving to find opportunities to minimize our clients tax exposure.
Federal and Provincial Sales Tax (GST, HST, PST and QST)
Many of our clients are responsible for collecting and submitting sales taxes in many different jurisdictions. We can assist your company in the compilation of information and preparation of sales tax returns, and in controlling your sales-tax-related costs. We can also help with assessing the sales tax treatment of various transactions including real estate sales.
Foreign Property Reporting Obligations
Severe penalties may apply for not complying with reporting obligations for foreign reporting returns. If you determine that you (or your company, trust or partnership) has not complied, you may qualify under the voluntary disclosure program to have penalties waived.
T1135 Reporting Return – This form must be filed to advise Canada Revenue Agency of foreign investments if the aggregate cost exceeds $100,000 at any time in the year. A filing obligation can apply to an individual, corporation, trust or partnership. The form is due at the same time as the income tax return. The most common reportable foreign property includes:
- Foreign investments held in Canada such as shares of U.S. company held by a Canadian brokerage.
- Assets held outside Canada such as foreign bank accounts, foreign investments, interest in a foreign trust, interest in foreign real estate, and loan receivable from foreign sources.
Personal use property, property used in carrying on an active business and property of a foreign affiliate are excluded from these reporting requirements.
T106 Reporting Return – A filing obligation can apply to an individual, corporation, trust or partnership that is carrying on business, transacts with a non-arm’s length foreign business and the fair market value of transactions exceed $1,000,000 in the year.
T1141 Reporting Return – A filing obligation generally applies to transfers or loans to non-resident trusts or corporations controlled by such trusts.
T1134 Reporting Returns – a filing obligation applies to investments in foreign affiliates. Generally, a foreign affiliate is a non-resident corporation in which a resident individual, corporation, trust or partnership holds an equity investment of at least 1% and together with related persons, total interests are at least 10%. Certain thresholds may apply to eliminate the filing obligation.
Immigration and Emigration
Canadian tax law includes a number of special rules that apply to immigrants and emigrants. Our teams of experts are able to advise both individuals and corporations planning to establish or relinquish Canadian residency.
U.S. and International Taxation
A record number of Canadian businesses and individuals have cross-border interests. Our team of experts can assist you in understanding the tax rules that may affect those interests, and in planning accordingly. We are members of an international affiliation of accounting firms know as Integra International. Access to other Integra firms provides our clients with access to a team of global advisors. We regularly meet with our international counterparts and have direct experience working with them.
Research and Development tax refund claims
Most businesses have to continually improve their business by adding new products or making existing processes more efficient and effective. In many situations, the tax authorities provide considerable financial support to these companies. We can help you to identify where the opportunities for tax savings exist, guide you in the development of systems to capture and track the qualified activities, assist you with the preparation of the necessary reports to substantiate your claims and complete the appropriate tax filings.
Voluntary disclosures relating to income tax, sales tax, and other matters
Many businesses and individuals find themselves in situations where they have failed to properly prepare and or file the returns required. In such circumstances, they are exposed to taxes, interest penalties and prosecution. Voluntary disclosures may be initiated in situations where the tax authorities have not yet commenced an action against a taxpayer. By making a voluntary disclosure and “coming clean” it is possible to avoid penalties and prosecution.