Services
Accounting
A Broad Range of Accounting Services
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Our accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
These services include but are not limited to
We can set up financial reports for your view to streamline your business and save your valuable time. These reports are important tools that can guide your business in making financial decisions, planning, and evaluating performance. We have experience dealing with clients who use Simply (Sage) Accounting, Quickbooks, specialized accounting software packages, Excel or manual spreadsheets.
ASSURANCE
Add Long Term Value
At AMZ Professional Corporation, we focus on building close client relationships that add long-term value. This includes evaluating financial procedures and working to produce strategies that help our clients face the challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in accounting standards and tax law.
These services include but are not limited to:
Our assurance work also applies to Not-For-Profit organizations where we provide Audit and Review assurance level work. Additionally, we can assist in the completion of the various tax reporting required for NPO’s including charity returns, information returns or T2s.
ADVISORY
Business Reorganization, Valuations
Business owners may undertake reorganization for either tax or personal reasons.
Some of the tax reasons include:
- Income splitting – These plans generally try to shift a tax burden from one taxpayer to another or change the timing of tax liability. They are used when family members are involved in a business or when unrelated business partners have different tax situations. This may involve setting up new corporations or trusts.
- Tax attribute shifting – These plans try to use the tax losses or other tax pools of one taxpayer to offset the taxable income of another. This may involve amalgamating or winding up corporations.
Some personal reasons include:
- Creditor protection – This means trying to protect business and personal assets in case a business has financial difficulties or is sued. It usually involves setting up additional corporations and or trusts.
- Simplification – Business owners may try to combine various businesses to save legal and accounting fees and generally make life easier.
With a tax lawyer associate, we can help. The lawyer generally prepares any required legal documents, and we prepare and file any tax elections and make sure that the execution of the plan is reflected in all tax filings.
Business owners may want to know what their business is worth for any number of reasons: they may be looking to sell the business, they may want to bring new investors into the business etc.
While we are not Chartered Business Valuators, we can help clients in this regard. Ongoing businesses are usually valued based on their future cash flows. The calculation requires a lot of assumptions.
Personal Tax Returns
Fast, Convenient, and Secure Fillings of Your Tax Returns
At AMZ Professional Corporation, we prepare and file about 800 personal tax returns annually, most of those in the last half of March and April.
While many of our personal tax clients are shareholders of our corporate clients, we also do returns for individuals with
- Rental income
- Investment income
- Business incomes
- Foreign income
We have clients who:
- Claim special employment deductions
- Claim disability credits
- Split pension income with their spouse
- Claim their kids’ tuition expense
- Pay or receive spousal support
- Are unemployed
We file returns for
- Deceased persons
- Non-residents
- Individuals who have not filed for years
If you have a special tax issue, we have probably seen it before.
Our fees for personal tax preparation start at $150 for individuals who have simple returns that are T-slip driven (ie., include only T4’s, T3’s, T5’s, and RRSP’s).
Not-For-Profit Organization
We work together with a number of not-for-profit organizations and condominium corporations.
In addition to providing the audit reports, we may assistant these clients in some compliance aspects of their business including preparing and filing GST returns, T4’s for employees and either T2 corporate tax returns or T1030 charities returns.
Our fees to not-for-profits vary from less than $10,000 to nearly $100,000. If you would like us to quote on providing services to your organization we would need to see a copy of the latest financial statements and tax returns.
Basic Compliance
Businesses generally operate either as corporations or as proprietorship.
If your business is a proprietorship, you report all the business income on your personal tax return. If your business is incorporated, the corporation is a separate legal entity, and it files its own tax returns. In either case there are some things that you need to do to satisfy the tax authorities… and we can help.
For most small businesses corporations we prepare a “Notice to Reader” set of financial statements and file the federal and Alberta corporate tax returns. The price for this service generally starts at about $2,000 (provided you have completed the bookkeeping, and it is in good shape).
For either corporations or sole-proprietors, we may do some or all of the bookkeeping, file GST returns, prepare T4s for employees or prepare T5s for dividends paid to shareholders (corporations only). GST returns, T4s and T5 usually cost $150 each (though T4s may cost more depending on the number of employees).
In most cases we also prepare the personal tax returns for the shareholders of our corporate clients.
Clients may choose to have a “subscription”. We bundle all of these compliance services together and charge a monthly fee rather than issue one big invoice at the end.
Bookkeeping
Accurate book-keeping is absolutely vital to every successful business yet can also be complicated and time-consuming. AMZ Professional Corporation can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.
We can help set up your accounting system, find you a bookkeeper, or even do all of your bookkeeping for you. We use online tools that can help automate large portions of your bookkeeping.
Business Incorporation and Restructuring
How your business is initially incorporated with Corporate Registries can have a big impact on the options available for remuneration and the deferral and reduction of taxes. From your company’s inception through its growth and development, we can advise you on the optimal share structure, corporate tax planning and remuneration strategies. If you are already an incorporated company, it may be advantageous to restructure the company to provide creditor proofing and tax deferral and reduction options.