We Are a Team of Small Business Tax Accountants
Our Calgary Team includes: Tax Accountants; General Accountants; Payroll Accountants and many more.
Small Business Tax Accountants (Canada) Inc. works with small business owners identifying opportunities that may otherwise go unnoticed. SBTA has grown dramatically compared to other accounting firms, during similar time frames, thanks to solid business practices, exceptionally effective marketing initiatives and exceptional accounting education at affordable prices, to all clients.
We Have Engaged Some of the Best Small Business Tax Accountants in Canada
Our Small Business Tax Accountants are recognized in their profession for having the highest professional standards in the accounting field. In today's ever-changing economic climate, expertise at making "educated" decisions is vital to the survival of every organization. While typically only Canada's medium and large corporations could afford the services of Small Business Tax Accountants, Small Business Tax Accountants (Canada) Inc. has made them available and affordable to bring strategic tax planning and decision-making to all small business owners across Canada. Have a question? Ask the experts! We give free advice.
Did you know that the accounting industry is unregulated?
Anyone can file a tax return and most small business owners try to save money by using non-designated, non-certified accounting people who often fill out tax returns incorrectly, costing business owners thousands of dollars annually, and they don't even know it. Do you think that you might be overpaying taxes? Here are a few questions that are commonly asked of accountants...
Did You Know That Most Small Business Owners Overpay Taxes?
If the Accounting Industry is Unregulated, Do I Need an Accountant?
Just because the industry is unregulated, doesn't mean that you don't need an accountant. There are many advantages to using an accountant to prepare your tax returns with the greatest being that if your taxes are properly prepared, you will avoid overpaying taxes. Accountants also can provide audit services that no one else can provide, as well as business valuation and restructuring advisory services from both an above-average experience and education background. So, whether you're struggling or successful, it is always advisable to consult the advice of an expert, in this case, an accountant, and the highest designation is Chartered Accountant.
Do You Need a Tax Accountant?
Most small business owners try to save money by using so-called accountant firms where none of the staff are accountants. This should throw up a red flag. While most of these companies mean well and really do attempt to save you money, they have never been properly trained. In some cases, they aren't even aware of ongoing changes in the Tax Act. It takes years of study in this industry to be properly trained. If they are making an error or omission for certain operating expenses, in handling of GST or tax preparation, then they are making it for all of their clients, including you, only in your case, you are the one that will be penalized, either by overpaying taxes or underpaying and could eventually end up getting caught by the CRA and attract some of the highest interest rates and penalties in Canada.
Does Your Accountant Work for You or the Canada Revenue Agency (CRA)?
With many accountants, it's difficult to tell. Rather than telling you the proper way to account for expenses they ask you what you've been doing and account for that way of doing it, which is not always in your best interest. Your accountant should be able to advise you on the most tax effective way of doing things so that you... NEVER PAY TAXES UNNECESSARILY!
Does your business's corporate year end (T2) tax return need to be filled out and submitted by an Accountant?
No. Anyone can fill out your tax returns. BUT, not everyone can fill out tax returns properly, which is one of the reasons that we usually find an average of $3,000 per client when we go back and look at their 3 previous year's filings.
My accountant usually pays me Management Fees each year – should I be concerned?
If they don't give you a T4, then "Yes", you should be concerned. Management fees are an acceptable way for business owners to take compensation when an accountant completes their tax year. It used to be common practice for this to happen on the tax form with no further paperwork. Recently, CRA has gone back up to 2 years and fined business owners a “Failure to File” penalty for NOT creating a T4 Slip for this income received. Although the tax payable is no greater or less, the full compliance to submit a T4 Slip for this management fee event draws the fine.
Beware of the “Friends’ Network” and Google Designated Accountants!
First of all, not everything that you read on Google regarding taxes is accurate as the rules and laws are constantly changing. Also, many of our friends mean well and often offer their opinions of what they’ve heard can and can’t be included in taxes. Often times, this is shared in a story that usually gets re-interpreted multiple times and becomes distorted to the point where the original tax advantage has become distorted and ineligible. If processed incorrectly, this could result in a CRA review, disallowance of the deductions and could incur additional penalties and interest dating back to the submission date of the errors found. If you’re going to use a tax preparer or accountant – ensure that they’re knowledgeable concerning changes in the Tax Act.
When I have my Corporate taxes prepared, what documents should I request from my tax preparer or accountant?
As a corporation, you should request a complete hard-copy (or complete .pdf in electronic form) which contains GIFI Schedule 100 (Balance sheet), Schedule 125 (Income statement) and Schedule 8 (Capital Cost Allowance). As well, there should be Financial Statements (at minimum, Notice to Reader statements) prepared which provide the necessary financial information required by lenders and banks. Ensure that this IS NOT merely the bookkeeping income/expense and balance sheets prepared within Quickbooks or Simply Accounting as they are not acceptable to banks and lenders.
When I have my Sole-Proprietor taxes prepared, what documents should I request from my tax preparer or accountant?
As a Sole-Proprietorship (or Partnership), you should request a complete copy of your tax return filed. This should include the pages titled T2125 Business Activity which show Income, expenses, vehicle depreciation and Business-use-of-Home expenses. It may also include CRA form T776 Statement of Real Estate Rentals. Any other schedules or worksheets with calculations are also an asset to have.
Our Team of Business Experts
Small Business Tax Accountants (Canada) Inc. has put together an exceptional team with the best tax accountant Calgary has to offer as well as business experts that includes:
-Small Business Tax Accountants
-Certified Financial Planners