Accounting and Taxation
Taxpanel has a strong accounting and bookkeeping department. Services are either provided at the client’s offices or at the firm. In addition, the accounting department provides sales tax compliance services including completion of GST, WCB, T4’s and ROE’s.
We look at keeping down the price of bookkeeping and accounting by cutting out the extra expenses that can be removed advance new techniques that emerged through accessibility via internet and software. Contact us to find out what the costs will be and how we can help. With over 20 years of experience in financial statements, taxation and bookkeeping for personal and corporate use, we can show you the secrets that will save you money as well as tricks that will make finances much easier to manage.
Preparation of financial statements and tax returns
Taxpanel prepares financial statements for our clients based upon their reporting requirements and needs. More importantly, Taxpanel explains the results of its preparation in easily understood terms, and identifies opportunities for profit enhancement and efficiency gains. By being regularly involved with our clients throughout the year, Taxpanel can make a difference in our clients’ bottom line. As well, our services include the preparation of federal and provincial returns. We prepare tax projections, estimated tax payment calculations and extensive year-round tax planning to minimize or defer taxes.
Business Plan
Part of the needs of a start-up business is the formulation of a solid business plan. Our conservative nature serves to ensure that the foundation of your new business plan is sound. We will help you develop and formulate the key aspects of your business that provide the economic advantage over current business competitor practices.
Our services begin with the creation of the business plan, but may be easily complemented with tax planning, capital financing and structuring. In the past, we assisted clients implement business plans. In other words, make their dreams a reality.
Our services include
- Affordable and convenient preparation of all types of tax returns including business, corporate, farm, personal, estate and trusts.
- Convenient electronic filing of income tax returns directly to CRA.
- Convenient pick-up and delivery of tax returns.
- Filing forms for GST, PST or supplementary income.
- Accounting Services, affordable, professional monthly bookkeeping support and small business accounting.
Contact us and schedule an appointment and find out how we can help you with your business or personal taxes.
Representation before tax authorities
Taxpanel has experienced staff to represent our clients before Canada Revenue Agency (CRA) and other taxing authorities. Our clients are encouraged to contact us whenever correspondence is sent to them that requires action. The staff at Taxpanel welcomes all opportunities to alleviate any distractions related to tax so that our clients can focus on their profession and practice.
Professional Sources
At Taxpanel, we have been helping dentists establish their practices for many years. We will guide your growth from inception through expansion into partnerships and associations. Where other professional services such as banking, real estate, legal council and specific industry consultants are required, we can draw upon our professional relationship with respected professionals who will service you well.
Estate and Retirement Planning
We work in conjunction with our clients’ advisors to provide extensive estate and retirement planning. We incorporate various trust vehicles, charitable and individual gifting plans and other structures to satisfy the wishes of our clients in a tax efficient manner.
Due Diligence report
In a commercial context, it is the process of determining that information and representations are accurate, or at least reasonable in the circumstances. This process is generally conducted by an independent third party.
This financial due diligence may be required by a purchaser or minority investor in the course of a purchase/sale of a business or some form of business combination. It may also be required by investors and lenders in a (re)financing arrangement.
At Taxpanel we have developed the “art” of due diligence to a new level. Our approach is not simply to check for numbers and documents. We strive to find out what makes a business tick. What makes it successful? What are the critical areas that could adversely effect a business? This approach is vital, especially when preparing or reviewing management prepared business forecasts.
Whether working with a financial institution, lawyer or principal investor/purchaser, we believe that we are especially suited to provide this service to the small and mid-market business sector, whether for the private owner managed business or for a public company.
A brief sampling of some of the transactions in which we have played a key role include:
Two separate private placements in publicly traded food processing and distribution companies, Outright purchase of major machine shop and fabrication division of a large multinational corporation, Equity and subordinated debt investment in beverage operation, followed-up with subsequent merger with a second beverage processor, and Equity and subordinated debt investment in companies in the following industries:
- Foundry operations,
- Manufacturer and distributor of packaging and storage products,
- Photo-finishing lab, and
- Glass and plastic recycling.
We believe that our experience and our commitment to getting it right, along with our approach to each and every assignment makes us a well suited alternative to the national accounting firms, in the due diligence arena.
Our role as business advisors can take the form of a specific and targeted assignment. Alternatively, we believe that we bring our business advisory skills to each and every client. We think this is what our clients have come to expect from Taxpanel.
Business Acquisition
We advise clients regarding the many issues relating to opening, buying or selling a practice. Some issues include preparation of a business plan, cash flow projections, bank negotiations, negotiations with vendor, purchaser or landlord, lease versus buy, assets versus shares, cost-sharing versus partnership, review of premises lease for tax issues, and establishing identity with various governing authorities, and choice of entity.
There are many considerations in determining the appropriate choice of entity. We provide analysis and recommendations regarding sole proprietorship, professional corporations, technical or hygiene service corporations, and trusts. It is also important to determine if a change in entity choice is warranted during the life of the business.
Tax Planning
Taxpanel is recognized for helping our high net worth clients and businesses minimize their tax liabilities. We provide ideas and advice that help individuals and businesses plan for the lowest possible tax bill. Extensive hands-on experience with our client base enables us to provide our clients with industry-specific information such as comparisons of key ratios, and industry-specific strategies such as income tax minimization through the utilization of professional and/or technical/hygiene service companies.
High net worth individuals and corporations face issues that are generally more complex, such as deferred compensation, tax and estate planning. Taxpanel can assist by designing strategies to meet the objectives of our client within the guidelines of Canada Revenue Agency (CRA).
Medical Professionals
Medical professionals, and in particular, doctors and dentists, enjoy income splitting opportunities unique to their professions. On the other hand, they face many of the same business and investment challenges as our other clients.
Our involvement will generally encompass acting as accountants for the professional’s medical/ dental practice and providing the related tax advice and tax compliance services. We also may provide our expertise with various aspects of that individual’s investments and wealth management, as described more fully in that section of our service description.
With the recent changes that will expand the tax benefits of incorporation for medical professionals, we are poised to assist our medical professional clients to navigate the tax planning opportunities and ownership options. Further, the lower corporate tax rates should allow the doctor or dentist to accumulate more investment assets in a company. This may again make our investment accounting and tax services more necessary and useful.