Tax Services for Savings and to comply with BC and Federal Regulations

We offer services to set up and help you manage all taxes that a Canadian business will be responsible for.

It is vital to manage the various government taxes to predict cash flow as well as avoid costly penalties and potential fines.

We offer services to set up and help you manage all applicable taxes that a small or mid-sized business will be responsible for.

 

  • Payroll Tax Filings
  • Goods & Services Tax (GST)
  • WorkSafe BC Reporting
  • BC Provincial Sales Tax (PST)
  • Year-end T4 Preparation
  • Year-end T5 Preparation
  • Year-end T5018 Preparation (Construction industries)
  • Liaise with your CPA who will prepare Individual Tax Returns (T1’s) or Corporate
    Tax Returns (T2’s)

 

We offer services to set up and help you manage all applicable taxes that a small or mid-sized business will be responsible for.

Income Tax Returns for Different Business Structures

How your business is organized will dictate how the tax returns are filed. We offer business set up services in liaison with your CPA firm for the self-employed and corporations.

  • Proprietorship – a business with one owner. The profit or loss gets reported on the owner’s personal tax return. In addition, the owner is personally responsible for the business’s debts.
  • Partnership – a business with two or more owners. The profit or loss gets reported on the owners’ personal tax returns. In addition, the owners are often personally responsible for the business’s debts.
  • Corporation – a legal entity that is separate from its owners, called shareholders. Corporations have rights and responsibilities similar to an individual such as hiring employees, opening corporate bank accounts, owing assets and pay taxes separate from the shareholders. Corporations file tax returns separately from their shareholders (owners).

We prepare the accounting – your CPA firm does the tax filings.

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Sales Tax Accounting & Reporting Services

Businesses in BC are required to collect and remit both provincial and federal sales taxes subject to exemptions and other regulations.
Not remitting those taxes in a timely manner or paying the incorrect amount of tax can spell problems for you and your business, facing fines, penalties and even being responsible for sales taxes that you didn’t collect from your customer. There are two sales taxes in BC.

  • Provincial Sales Tax (PST) – sales of “tangible personal property” which
    in plain English means physical objects such as cars, televisions, furniture
    and more.
  • Federal Sales Tax (GST – goods and services tax) – payable on all
    sales of goods and services excluding medical services, groceries,
    residential rent and financial services. Businesses can deduct the sales
    tax paid on purchases from the GST collected on sales.

Currently the sales tax for BC is 7% PST and 5% GST for a total of 12%. We can assist with registration, bookkeeping systems, filing procedures and response to government audit.

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Accurate tax reporting and remittance is at the heart of your small business’s survival and success.

As your business grows, know that we are here to make tax return filing as painless as possible.

With many years of experience, we can help you grow your business and make your life easier by providing counsel and services to support your business’s growth from formation to business plans, financial statement preparation, liaison with your CPA firm for tax matters, loan applications and more.

We offer a complementary consultation to review your requirements.

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