Our focus on you, the Client, ensures that all aspects of your tax situation are taken into account when filing your personal and/or corporate income tax returns to minimize the "families" income tax liability as a whole.
Owner Empowerment is the objective of many of our services as we strive to provide small businesses owners with the knowledge to take charge of their operations and save money. From effective tax planning during the start-up phase, to restructurings with the onset of profitable operations, to the complexities of the Tax Free Rollover of assets during incorporation, all advisory services required of the small business owner are available each step of the way to ensure income tax minimization and efficient operations.
Accounting Services
Accounting Services
Meaningful, well-organized financial records ensure that your business operations run efficiently on a daily basis and are the foundation of a successful business. As Simply Accounint Gold Certified Consultants, our qualified staff can assist you with the day-to-day tasks associated with your bookkeeping.
Simply Accounting - Certified Consultants
From simple to complex issues, Simply Accounting Support ("SA") by TAS ensures clients timely resolutions of their Simply Accounting issues by offering both telephone and on-line support via remote computer access. Have a setup or data entry issue...call TAS and we'll answer your concern immediately!
Financial Statement Compilations
We prepare our clients' financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information. T
The Financial statements produced can be a useful tool for management to make informed business decisions.
Bookkeeping/Write-Up
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Review Engagements
We have nutured relationships with Deloitte, an international CA firm, and local medium-sized CA firms, to provide our clients access to review engagements sometimes required by a client's bankers. Acting as the "internal controller" of the client, we prepare a full set of working papers and provide accounting experience to ensure that all review engagements of our clients' financial statements are performed in the most cost effective, efficient manner by the CA firms.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. And with our relationships with the CA firms, we provide financial reporting on all three levels of assurance:
- Audit - an intensive examination with the highest level of assurance
- Review - some analytical procedures conducted with limited assurance
- Compilation - based upon client information provided and used primarily for internal use.
Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
Federal HST Sales Tax
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.
Tax Services
Tax Preparation
Servicing the needs of individuals and Owner Managed Small Businesses ("OMSB") with revenues of less than $5 million, we aim to provide quality advisory services at affordable prices.
Our focus on you, the Taxpayer, ensures that all aspects of your tax situation are taken into account when filing your personal and/or corporate income tax returns to minimize the "families" income tax liability as a whole.
Owner Empowerment is the objective of many of our services as we strive to provide small businesses owners with the knowledge to take charge of their operations and save money. From effective tax planning during the start-up phase, to restructurings with the onset of profitable operations, to the complexities of the Tax Free Rollover of assets during incorporation, all advisory services required of the small business owner are available each step of the way to ensure income tax minimization and efficient operations.
Taxation Services - Personal
Specialists in personal income taxation advisory services for individuals, TAS Ontario offers a wide range of tax advisory services.
(i) T1 Personal Income Tax and Benefit Returns- A thorough examination of each client's circumstances ensures that all available credits are claimed on each and every income tax return prepared by TAS Ontario. We undertake a complimentary review of each new client's prior year(s) tax return(s) to ensure they did not overpay on their income taxes. Our personal attention to detail is Simple...We Care!
(ii) T1 Personal Income Tax Returns for Self Employed Individuals Opportunities to reduce income tax liabilities are significant for self employed individuals IF they are aware of the favourable provisions within the highly complex Income Tax Act of Canada that are available to them.
Available credits often not claimed by small business owners include: a) home office expenses such as heat, hydro, mortgage interest and property taxes; b) operating costs for personal vehicles used to earn business income; c) moving expenses to start up a new venture; d) the Ontario apprenticeship and co-operative education tax credit for tradesperson; and d) the tradesperson's tool expenses.
(iii) T1 Adjustments
TAS Ontario undertakes an in-depth review of all new clients prior year(s) income tax returns to gain an understanding of their tax circumstances. If opportunities exist to recover over-paid income taxes, TAS Ontario oversees the preparation and filing of T1 Adjustments.
To date, TAS Ontario has successfully recovered over $250,000 in income tax over-payments for existing clients over the past 5 years!
(iv) Students & Seniors - Free Services
TAS Ontario is proud to offer complimentary personal income tax return preparation to low-income seniors and all students attending any post-secondary school.
To minimize our client's costs to have their income tax returns prepared and to ensure efficiency, we recommend that our clients authorize TAS Ontario as their representative by visiting MY ACCOUNT on the Canada Revenue Agency website.
Taxation Services - Corporations
For tax efficiency, it is usually beneficial for a small business to commence its operations as a proprietorship or partnership. During the start up phase the often incurred losses incurred by the new business are available to the business owner(s) to claim against all other sources of income to minimize the personal income tax liability otherwise payable.
However, once operations become profitable, incorporation is necessary to gain access to favourable tax rates available to Canadian Controlled Private Corporations ("CCPCs"). The highly complex rules and regulations involved in the Rollover Transaction tranferring the assets of a proprietorship or partnership into a corporation on a tax free basis require the services of a tax professional. TAS Ontario has the knowledge and the experience with these complex transactions to ensure such transactions are completed successfully in the most tax effective manner possible.
Significant tax savings that can be realized via incorporation include the following:
i) a favourable corporate tax rate (15.5% for Ontario CCPCs) as compared to the personal tax rates of up to 46%; and ii) the dividend tax credit available to individuals on corporate dividends received in a year.
Like individuals, corporations are required to file annual T2 federal and provincial income tax returns. The rules & regulations relating to these entities is highly complex and an in-depth understanding is required. TAS Ontario has the knowledge and professional services that ensure both compliance and tax mimimization of both personal and corporate income taxes.
Estate & Trust Tax Preparation
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.
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Our experienced staff can develop tax-minimization strategies to optimize your after-tax position.
Payroll Services
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
U.S. and International Taxation
A number of Canadian businesses and individuals have cross-border interests. We maintain affiliations with qualified professionals to ensure you abide by all tax rules and regulations of foreign countries.
Consulting Services
Consulting Services
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. 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 - Financial & retirement planning - Estate planning
Business Valuations
A professional and objective business valuation is a necessary component of many transactions, such as purchase, sale or reorganization of a business, shareholder and partnership agreements, matrimonial settlements, or estate proceedings. Our experienced team will provide you with an objective and accurate valuation of your business assets and goodwill.
Accounting Software Selection & Implementation
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we have knowledge of most programs, either through personal experience, or industry literature. Our experienced staff can help you choose and implement the system that best fits your needs.
Wealth Management and Estate Planning
Effective wealth management is essential as you accumulate assets over your lifetime. TAS Ontario maintains close affiliations with professional advisors to ensure our clients' investment, insurance and other wealth management needs are met. The importance of these services increases as you age and prepare for your retirement.
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. TAS Ontario can guide you through the complex process of getting your financial affairs in order.
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.
Mergers & Acquisitions
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
Real Estate Advisory Services
Commercial Tenancy Leasing Advisory Services
The focus of our commercial lease advisory services is to provide Tenants with an advocate with the skills and the knowledge to protect their interests during lease negotiations or dispute resolutions.
Commercial Tenancy Lease Advisory Services include, but are not limited to,: - Landlord Billing Reviews - Operating Cost Statement Re-audit Reports - Lease Agreement Analysis - Lease Negotiations Advocate - Landlord Dispute Resolutions
Lease Agreement Analysis
Ideally, when negotiating a new lease or renewing an existing one, both the Landlord and the Tenant desire terms that are fair to each party. Unfortunately, in most cases, the Landlord has the financial means to engage a legal representative to protect his interest. The Tenant on the other hand usually has limited resources and so provisions necessary to protect their interests are often overlooked.
This results in the Tenant accepting whatever the terms as presented in the lease prepared by the Landlord's representative. More often then not, the Tenant is not even aware that terms are available that would protect their rights as a tenant.
By performing a detailed Lease Agreement Analysis BEFORE signing the document, TAS Ontario can guarantee your rights as a tenant are incorporated in the documents. Lease terms that protect the rights of tenants that are NOT often included in signed agreements include:
- - tenant right to access the Landlord's documentation supporting the Year End Final Billings amounts; - tenant right to have the Landlord pay for leasehold improvements required to renovate the premises to meet the Tenant's needs; - tenant right to earn interest on Security Deposits held by the Landlord; - tenant right to clearly defined operating costs for which the Landlord is entitled to recover from the tenants of the building.
Landlord Billing Analysis
Typical commercial leases require the tenant to pay their proportionate share of the Landlord's estimate of the operating costs of the building in monthly installments as Additional Rent along with their monthly Basic Rent. At each year end, a Final Year End Billing is issued by the Landlord with an adjustment to actual for the costs paid by the tenants during the year.
Most tenants are unaware of their right to "question" the final billing amount and proceed to pay the invoice as presented by the Landlord, regardless of the hardship this additional invoice usually causes the Tenant. It should be noted that errors made by Landlord's when preparing their Final Billings is not uncommon!
With A Landlord Final Billing Review, TAS Ontario confirms the validity of the costs being recovered by the Landlord and then verifies the accuracy of all calculations associated with the Year End Adjustment and the Landlord's Final (Year End) Billing to the Tenant.
Landlord Dispute Resolutions
Have you received a Year End Final Billing and the amount of the adjustment for Additional Rent is significantly greater than prior years? Have your premises been damaged and your Landlord is unwilling to pay any costs to make the necessary repairs? Is your Landlord threatening to commence eviction proceedings for your late rental payments caused by a slow-down in customer traffic in the mall resulting from the loss of a major tenant.
The expertise available from TAS Ontario may be able to help. By engaging TAS Ontario to negotiate with your Landlord on your behalf, you're assured that your rights as a Tenant are protected...regardless of whether or not your lease agreement includes such rights!
Operating Cost Statement Re-Audits
Prudent commercial property owners have an audit of their financial information undertaken each year. These audits typically include a specific Audit Report on the property's Operating Cost Statement (or "CAM Statement") which verifies the specific costs the Landlord is entitled to recover from it's tenants in accordance with the property's standard tenancy lease agreement. It is this audited CAM Statement that is used by the Landlord to calculate the Year End Adjustments included in the Final Billing received by each tenant. So, So, if non-recoverable costs are in fact included in the audited CAM Statement, the Landlord recovers amounts from their tenants which they are not entitled. Given the degree of audit failures experienced in recent years (such as Enron!), the possibility of errors within the audited CAM Statement definitely exists!
TAS Ontario uses it's extensive knowledge in commercial leasing and undertakes a re-audit of the Landlords financial information during the preparation of a Re-audit Report. With first hand knowledge working alongside Landlords and property owners, we know exactly where and how to confirm the validity of the Landlords claimed recoverable costs.
Property Manager Reviews
The Purpose Owners invest a significant amount in their properties. Putting the day-to-day operations of the property in the hands of a third-party Property Manager allows the Owners to focus on the higher-level investment decisions.
If the property is not generating the required rate of return anticpated or if the vacancy rate is consistently on the rise, it may be prudent to have TAS Ontario perform a Property Manager Review.
The Procedures The review commences with TAS Ontario gaining an in-depth understanding of the Property Manager's obligations as set out in the Management Agreement. Performance measurements that assess the effectiveness and efficiency of the Property Manager's performance are identified.
Next, TAS Ontario assesses the property's annual returns by performing an extensive analysis of the historical results to identify areas of concern.
Lastly, the Property Manager's performance is assessed. The Property Manager's practices and policies are agreed to those set out in the Management Agreement and their performance is assessed for effectiveness. Also, an in-depth understanding of the Property Manager's working relationship with the tenants is idenfied. The identified performance measurements are then applied to assess the effectiveness and efficiency of the Property Manager's performance.
The Report The Report provides the Owner with an objective assessment of the Property Manager's performance. Both identified strengths and weaknesses in the effectiveness and efficiency of the Property Manager are presented.
The Report includes recommendations to remedy any identified shortfalls in the Management Agreement or any aspect of the Property Manager's performance. The Report also provides the Owner with an objective opinion on the return on his investment.
Other Services
Family Dispute Mediation
Mediation is a voluntary family dispute resolution process in which a neutral third party intervenes to assist you and your spouse or partner in the negotiations of a mutually acceptable agreement. As a proud member of Family Mediation Canada, the Canadian body that oversees the Family Mediator Certification progams in Canada, we are trained and have access to the resources necessary to ensure a fair and equitable division of a family's net assets are negotiated upon a marriage breakdown.
At the conclusion of the mediation process, the mediator will prepare a Memorandum of Understanding setting out the terms and conditions of your settlement from which lawyers will prepare a Separation Agreement. Alternatively, the mediator can prepare a draft Separation Agreement with the understanding that you and your spouse or partner will obtain independant legal advice and only sign the Agreement after they have made any changes as they deem necessary.
Elder Care
There are many special considerations involved in planning for the long-term well-being of older adults. Our Elder Financial Care program provides a safequard over all of the assets while ensuring day-to-day obligations are met on a timely basis.
We are well equipped to assist you in making and implementing plans for the care and financial security of your loved one or client.