Strategic Tax & Business Solutions Inc.
Features of Benefits
Filing a tax return is not like building the pyramids; it’s fairly straight forward. Planning a tax strategy for your business however, requires the concentrated efforts of a team of tax specialists working for you. Given the complex nature of the Canadian Tax System, it only makes sense that business owners are relying on professional accounting, legal, and estate planning services more than ever. Strategic Tax & Business Solutions has developed a select set of essential tax and business services specifically designed to optimize your operations, our “Portfolio of Services”.
Our “Portfolio of Services” Includes:
ü Personalized & Confidential Service
ü A Team Oriented Tax & Business Approach
ü Seven to Ten Year Historical Review
ü A Bookkeeping Review
ü Pre Year-End Tax Analysis
ü Asset & Wage Management
ü Financial Statements
ü Strategic Tax Returns
ü Audit Representation
ü Will Review
ü Estate & Succession Planning
ü Year Round Consultation
Personalized
& Confidential Service:
Each of our Tax & Business service professionals is an experienced relationship builder. Like yours, our business depends on placing our clients’ needs first. Our on site personalized visits maintain a constant link to your business operations. After all, building a strong business relationship is very difficult, if not impossible, if we only see you once a year at tax time.
The Associated Client Benefit:
Business owners across western Canada made it very clear that the lack of personalized and confidential service is by far the most prevalent concern they have with their accounting or tax preparations firms. They felt that operating a business today requires the immediate and personalized assistance of a team of professionals working for them. By servicing our clients in this manner, we are better able to provide timely and more meaningful business advice as well as respond to their immediate concerns in an effective, efficient manner.
Team
Oriented Tax & Business Solutions:
The Federal Tax Act is far too complex to rely on any one individual to provide the right answers all of the time. Our extensive network of tax and business professionals is ready to assist you no matter what situation you are in. This team-oriented approach ensures you receive the right answers, at the right time, every time.
The Associated Client Benefit:
With well over seven thousand pages, the Canadian Tax Act has become far too complex and difficult for the average business owner to understand. This applies to one-man accounting and tax preparation firms as well. The age of specialization is upon us and is nowhere is it more evident than in the accounting/tax preparation field. By way of strong associated alliances, SRATEGIC Tax & Business is able to offer our clients a level of expertise normally only available through large national accounting firms. Our team of financial specialists, estate planning specialists, human resource personnel, and business advisors bring a wealth of real world experience and expertise right to our clients’ doorstep.
Seven
to Ten Year Historical Review:
By reviewing your past seven to ten years tax returns, financial statements, and assessment notices, our team of tax specialists develop a keen sense of where you have been, where you are at, and how best to approach your short and long term goals. This review also provides us with the opportunity to examine your past accounting practices, check for errors and omissions, and to make corrections and revisions, all in an effort to identify future tax savings.
The Associated Client Benefit:
Knowing where a business has been, and how it got to its present position is essential information required to plan for the future. An in-depth review of our clients’ past seven to ten years tax returns, financial statements, and assessment notices provides us with a look back in time. This analysis allows us to check for accounting errors and oversights, options that may have been missed, assets categorized incorrectly, and other important information that will help in our overall tax planning strategy.
Bookkeeping
Review:
Whether you keep books in-house or have an outside bookkeeper, we are available to assist in making sure your books comply with all federal standards and that they are accurately tracking your business transactions. We will also make sure your GST is reconciled with your tax return, thereby reducing your risk of a GST audit.
The Associated Client Benefit:
Proper tax planning requires accurate financial information. The importance of keeping a proper set of books cannot be over emphasized. Whether our client is new to business or a seasoned business owner, our service providers will make sure our clients’ books comply with all CCRA standards and protocols, and that the financial information is accurately and systematically tracking the business activities. We will also ensure that prior to filing a tax return, GST totals are reconciled and balanced, thereby significantly reducing the risk of a GST audit.
Pre
Year-End Tax Analysis:
Discussing your situation with your tax specialist prior to your year-end is a sound management strategy. Whether you are thinking of restructuring your business, increasing or decreasing inventories, leasing, buying, or simply re-examining your asset depreciation allowances, we are here to help.
The Associated Client Benefit:
It is essential that prior to filing a business tax return, both the client and service provider be on the same page with respect to the clients’ STRATEGIC tax plan. Generally a month or two prior to filing the clients’ return, our service providers will meet with our clients to discuss the year-end tax plan for the business. This exercise is just another step in providing proactive client service, while at the same time demonstrating the importance of year-end tax planning.
Asset
& Wage Management:
Maximizing your depreciation allowances and taking them at the right time can have a dramatic effect on reducing your overall tax position. In addition, the methods used to withdraw funds from your business, establish employee benefit packages, or distribute share options can and will significantly impact your taxable situation if not done correctly. Your STRATEGIC professionals can handle these important issues as they arise.
The Associated Client Benefit:
Assets depreciate over time. By maximizing all allowable depreciation allowances, business owners can recognize substantial tax savings. Also the combined effect of when and how to strategically allocate these allowances will provide additional tax savings to business owners. Wage management is an essential ingredient in all successful business operations. All owners want to recognize a fair return on their business investment. How the owner withdraws that return from the business can severely impact his/her taxable situation if not done correctly. When to incorporate, establish holding companies, joint ventures, or family trusts are some of the relevant issues our tax specialists will bring to our clients’ attention.
Financial
Statements:
Lending institutions require accurate and meaningful financial statements. We provide your business with a complete set of financial statements designed to meet your needs and those of your banker. Our multi-year snapshot statements immediately highlight your past and present financial position allowing you to make more informed day-to-day management decisions.
The Associated Client Benefit:
Business owners, banks, and financial institutions require accurate financial statements. Our financial statements are provided as part of our client service package, at no additional cost. These financial statements assist business owners and lenders in their decision making process with regards to financing requirements as well as providing an accurate overview of overall company performance.
Audit
Representation & Protection:
Some people have compared tax audits to riding out a storm. The anxiety and frustration of dealing with a GST or CCRA audit should be the responsibility of your tax professional. After all, who is better equipped to deal with the audit? At STRATEGIC, we will not only prepare your case, but we will represent your interests at no additional cost. We will even provide the place for the audit to be conducted. When the “storm” is over, you will be glad we were there to help. That is what our clients call “peace-of-mind” service.
The Associated Client Benefit:
The CCRA is taking a very aggressive approach when it comes to both general taxation audits and GST audits. Their mandate stipulates that approximately 80% of Canadian small businesses will be subject to some form of an audit. STRATEGIC Tax recognizes that the responsibility for audits should fall within the guidelines of our client services package. By taking on this responsibility, we completely remove our clients from the anxiety and frustration of dealing with a CCRA audit. After all, we are far better equipped to deal with these potential situations than are our clients.
Will
Review:
What are the tax implications of your current will? In the event of an untimely demise, we want to make sure your estate and your beneficiaries will not be subject to an excessive federal tax assessment. Our team of tax professionals will ensure that in the event of a rollover or sale of your business, all of your wishes will be met.
The Associated Client Benefit:
All too often the tax implications of a will are overlooked. About the last thing a business owner wants to do is make CCRA the largest beneficiary of his/her estate. Once again, by taking a proactive approach to tax planning, our service providers will review the current will, and will offer helpful suggestions that can significantly reduce the amount of tax owing in the case of a sudden demise of either the principal shareholder or other affiliated business shareholders.
Estate
& Succession Planning:
Whether you retire or cease operations, exiting your business activities with no plan can have profound tax implications. A well-planned estate and succession plan minimizes your tax burden and sets forth the sequence of events to be followed prior to exiting your business. Also, a well-defined plan will ensure you enjoy the life style you have worked so hard to achieve.
The Associated Client Benefit:
At some future time all business owners will be looking to retire and either cease operations or have the company continue to operate. Either way the fundamental process for exiting should be planned well in advance of the occurrence. At the appropriate time, our service providers will begin to put in place an exit strategy that will facilitate and address all of the key issues surrounding this important business decision. Our aim, once again, is to ensure that all the bases are covered and that every potential tax consideration has been properly planned for.
Year-Round
Consultation:
It is reassuring to know that should you have questions or need some help, we are only a phone call away. Throughout the year, you are bound to have questions relating to your business or your personal tax situation. Keeping in touch allows for the timely exchange of ideas and provides us with the opportunity to offer helpful business advice. For in-depth consultation, however, we would prefer to meet with you in person, and remember, we will even come to you!
The Associated Client Benefit:
We have removed the inherent practice of most accounting firms of charging clients for consultations. We respect the fact that tax related questions are bound to arise over the course of a business year and those questions deserve to be answered without the penalty of some arbitrary hourly surcharge attached. We are here to help and that help is covered in our annually based service package. By taking advantage of this feature alone, our clients become more knowledgeable and confident in our company’s commitment to superior client service and satisfaction.
In
Summary:
All of the previously mentioned services form the heart of the STRATEGIC Tax & Business Solutions package. This package is designed to provide the maximum benefits possible while maintaining the lowest possible costs.