FAQs

Book Keeping

  • Transaction volume determines the amount of time required to do the bookkeeping. Most items are considered two transactions, one for input of the supplier invoice or bill and the second for the payment of this bill. Don't worry, we can help assess the transaction volume for your business.

  • At this time, we are unable to offer payroll services. We can assist you with a basic salary payment plan for an owner and/or have great resources if you wish to outsource the payroll function.

  • Ever get sick of carrying around a pile of receipts? Or do you continuously lose them?


    We get it! Welcome to digital receipts. You will provide us with the receipt either by desktop or mobile app and we will review it and then attach it to the transaction in QuickBooks. This way, you can always find out what you spent money on without digging through old boxes!

  • No, however, we are happy to provide you with a quote to include compilation financial statements, the corporate tax return and any information slips (T4/T5) required.

  • No, if you wish to have paper documents, we can arrange for this to be dropped off at our office in Airdrie monthly.
    Dext is a software we include in our packages which allows you to provide these documents to us easily using email, web browser, smartphone or scanner.

  • I pride myself on being very involved in my clients. During this process, I will be highly involved; however, our bookkeeping team will be doing the behind the scenes work! If an issue arises, I am always here and I will be reviewing the information regularly to ensure accuracy.

  • Absolutely. We can provide a custom quote for catch up services and then get you on a fixed fee plan going forward so you do not get behind again!

  • Absolutely! Bookkeeping isn't a one size fits all; however, we provide the packages to give you a rough idea of the pricing in order to save any issues when we prepare the final quote.

Corporate Taxation

FAQs

  • A CPA has formal training in accounting and taxation in order to provide you with these services. It is important to make sure you are obtaining professional advisory as ultimately the corporate tax return is your responsibility so you need to be confident in the amounts being reported and this is being clearly explained to you in a way that you can understand.

  • 6 months after year end HOWEVER, interest accrues on the balance due either 2 or 3 months after year end so our best practice is to get your package complete within 3 months of year end. This is also typically the GST deadline if you are an annual GST filer.

  • Absolutely, life happens! Let’s get you caught up and then develop a system so you do not fall behind again. Catch up work does typically have a longer turnaround time as we are required to prepare each year individually.

  • No, we work with companies currently who do their bookkeeping in house. We are happy to work with you if you use an excel document, pen and paper or a formal accounting program like QuickBooks Online. We do also provide bookkeeping services if you are looking to outsource all the work!

  • Normally we are able to turnaround a year end file in 3-4 weeks. This does depend on your response time as well as the time of year since January to May is often our highest demand.

  • In our resources section, we have provided you with a checklist of documents to provide to us when you are ready for the year end to be completed! Year End Documents.

  • Not-for-profits are not our speciality and therefore, currently we are not accepting any clients with this status due to complexities surrounding these filings.

FAQs

Sole Proprietorship

  • The filing deadline for a sole proprietorship is June 15th however, if you owe income taxes then these are due April 30th. As a result, best practice is to have the return completed and filed by April 30th.

  • If your business does not earn more than $30,000 in revenue per year then you are considered a small supplier and this is not required. If you intend to reach this threshold, you can register right away and offset any GST collected with the GST paid on expenses. If you have significant start up costs, this may be something to consider.

  • Absolutely if you drive a personal vehicle for work. It is important to understand that you must keep a mileage log of all KM’s driven for business and personal and you must be able to provide a summary of all the vehicle expenses during the year. It is key that you have the receipts (a credit card statement is not deemed sufficient).

  • This is challenging to estimate since it does depend what threshold you fall into. A general estimate of 30% of the profit will make will allow you to save for personal taxes. It is important to note that once you owe over $3,000 in personal taxes, you will be required to prepay the upcoming year of taxes by way of installments. This is often helpful to eliminate the large tax liability in April.

  • Absolutely! This can be a bit of a challenging transition and can lead to errors or missed items if not done correctly. Make sure to get in touch with us before you make the transition or as soon as possible so we can help make it easier for you.

FAQs

Personal Taxation

  • The personal tax deadline is April 30th. We typically begin filing tax returns in the middle of March.

  • We will happily walk you through what is required. You will need to summarize the income and expenses from the property and then leave the rest to us.

  • At this point, we do not handle any international taxation situations. We appreciate the interest, however, there are very complex international tax laws which we suggest you find an accountant who deals with that country specifically and Canada.

  • Absolutely, we are always happy to try to assist you in planning for retirement or any other life situations. We are not a financial planner however, we are able to guide you to some helpful resources if required.

FAQs

CFO Advisor

  • Great question, there are several instances where we could provide value such as a start-up phase where you are unable to employ a controller or CFO. Perhaps you are having a challenging time replacing key staff members due to turnover and need assistance in the meantime or possibly you are facing a major change in the accounting department and want some assistance with a smooth transition.

  • Absolutely, we are happy to work with you to set up or improve the monthly bookkeeping or financial reporting processes and procedures. We can work with you or provide some great resources on individuals who can also assist us in documenting these processes.

  • We are happy to help for however long you need us! Sometimes this may be a long term solution or sometimes this may be a short term contract. It all depends on the needs of your business.

  • No problem. Feel free to reach out and see if we could be a good fit! Some of our clients we provide a quarterly review of the bookkeeping and a advisory call just to try to organize the financials with them and make sure they understand the numbers so you can make decisions for the business. Your business and financials are important and we are here to help you understand them!