That’s a great question.

Tax Plan is the most basic compliance work we can do for you. It includes just the T2, T4, T5, HST return and one T1 tax return. This is really meant for people who are micro businesses and just need basic work completed.

Tax Man: is a package designed for people who want tax planning, tax savings and need CSRS 4200 Standard financial statements. If you understand that paying your Accounting firm slightly more will result in you saving a lot of Tax money you would be better off choosing the Tax Man package.

A nil return is required if you have no income or expenses and just need a simple T2 corporate tax return prepared to keep your corporation in compliance. Generally, this is required if you have a corporation that is no longer active and the CRA is asking you to file nil returns. We will prepare the nil return and efile on your behalf to the CRA.

Accounting standards have changed after 35 years of no changes. We have to do a lot more work as compared to the last 35 years to produce a compilation engagement.

You really only need the compilation engagement if you are looking to review your own financials and or looking to get financing as this is a general Lender requirement.

That’s a good observation.

The real question is why is everyone else’s price so low? What are they not doing and the steps they are skipping to get the price low? Are you really getting your money’s worth? Are you setting yourself up for a Audit?

Many Accountants the dangerous ones. Purposefully set up their clients for Audits. This is because Accountants make money on Audits not really on Taxes.

We choose to be transparent.

Price is what you pay.
Value is what you get.

Bookkeeping is the process of taking your Bank and Credit card and other documents and turning them into Financial Statements.

We need a Trial Balance which is a combination of Profit and Loss statement and Balance sheet to complete a Corporate Tax return or a Small business tax return.

These financial statements are required to do Tax filing work as the CRA requires GIFI format financial statements for your filings.

Hence Bookkeeping is very important to get done right.

We find bookkeeping to be very time consuming and we have no idea how many bank or credit card transactions you may have. So we find it very fair to bill based on actual work load and we can confirm the number of transactions directly from Quickbooks Online from our Accountant view so it’s very transparent.

We have 24/7 Phone call reception service so we don’t miss any CRA phone calls. IF you receive a phone call from the CRA you can have them call our phone number and we’ll take over from there.

Number to remember is 416.903.4040

A corporate tax filing is required if you Incorporated your business.

Incorporating your business can reduce the amount of taxes you would end up paying to the CRA. Incorporations let you tax plan better.

However, there is a minimum annual compliance work required to maintain the corporation status.

Yes. We have a corporate tax only plan which are available here https://capexcpa.com/corporatetax

Your bookkeeping has to be done for this plan to be eligible for you.

We would look at doing your HST filing if required. You are generally required to do a HST registration if your sales are above $30,000.

Once we have your CRA authorization we will review the portal to understand if any HST work needs to be done and if so we’ll draft it and provide you with the calculation for review and filing.

HST Returns are generally filed on a Annual or Quarterly basis.

Yes. We include 2 Personal Tax returns as part of our Tax Man package and 1 Personal tax return as part of our Tax plan package.

If you require more personal tax returns you can add them using the following link —> https://capexcpa.com/personaltax

Personal taxes are due on April 30th of every calendar year.

T4 slips are Salary calculation slips and T5 slips are Dividend calculation slips.

When we do your tax preparation work we optimize the right balance between your Salaries and Dividends leading to tax savings which are generated and realized within the process.

We have a in house 60 point checklist that we follow which includes all the tax savings that we could generate and realize. It’s quite a lot of work involved in following this checklist but the end result is great for clients.

Bookkeeping is very time consuming to do right. However, if and when done right it can result in great tax savings on a regular basis.

We created a 12 steps to bookkeeping that you can learn in 32 minutes. You can complete the bookkeeping yourself and provide us with the Trial balance and we’ll get your tax work completed!

https://capexcpa.com/bookkeeping

That’s understandable.

We have been doing this for a while and after much research think it’s best for clients to be billed this way. It means we don’t skip anything. Everything that you may need is checked even if it’s done.

However, we don’t adjust prices based on what you may or may not need. It’s really based on what the CRA portal tells us that needs to be completed.

It’s actually cheaper for you to choose one of our plans as compared to buying the services separately.

We built the plans as combo packages.