Business Tax Services:
Your business requires immediate tax solutions combined with long-term corporate strategies. From sole proprietorships to large corporations, Naicker & Associates provides businesses financial insight and expertise to maximize on growth and savings. We work with clients in Burnaby, BC and surrounding areas.
Business Tax services include:
We prepare tax returns to report business income as follows:
- Sole proprietors report business income on their personal T1 tax return.
- Partnership business income is reported by the individual partners on their personal T1
- Corporations report business income on a T2 tax return.
Other tax services we provide include the filing of T4 and T5 slips and summaries.
Businesses require financial statements for users such as owners and managers, and for investors and financial institutions. We provide the following financial statement preparation and assurance services:
Compilation Engagement (Notice to Reader)
We use the information provided by the client to prepare the financial statements, but do not “review” or “audit” this information. Users are cautioned that these statements may not be appropriate for their purposes.
We review the financial statements to establish that the statements are credible and not misleading. Also, we ascertain that nothing has come to our attention that would indicate the statements were not prepared in accordance with Canadian accounting standards.
In an audit engagement, we provide an independent and objective opinion that the financial statements fairly present a company’s financial position, financial performance and its cash flows.
Generally, Canadian corporations are required to have an annual audit performed. However, some privately-owned corporations may waive this requirement by passing an annual resolution signed by all shareholders.
Tax Advice and Financial Planning
We provide advice on various tax and financial issues faced by business owners and managers, such as:
- Salary vs. dividends
- Incorporation, proprietorship or partnership
- Succession planning
- Financing alternatives
- Financial forecasts and budgets
Accounting for New Companies
We provide the following business start-up services for new business owners:
- Business plan preparation
- Business number registration
- Hiring employees vs. contractors
- Advising on payroll deductions and compliance
- Accounting and bookkeeping systems set up
- Advising on HST filing