Services

Bookkeeping

Maintaining proper books and records for your company is vitally important for several reasons.  The first that most people think about is that Canada Revenue Agency requires anyone who carries on a business or is engaged in a commercial activity in Canada to keep records containing information to enable the determination of their liabilities and obligations.  This in itself can be a very time consuming task.  Another reason to keep proper books and records is to assist the business owner with making timely strategic and relevant business decisions.  The information that you can obtain from your company’s financial books is priceless allowing you to change direction or pursue avenues so that you can take advantage of opportunities as they arise to keep you ahead of your competitors or to just make your business more successful.  To do this you need accurate and timely information.

At Biddlecombe Plett and Associates we can help in a variety of ways. Below are just some of the areas we can help.

Setting up books and records – we can help with setting up the books and records based on your needs.  Maybe you need a computerized system, maybe a manual system will work for you.  We will take the time to assess your needs and set you up based on your requirements.  We will also help with training staff.

Bookkeeping – bookkeeping entails the recording of the transactions of the operations of the business.  What do you need help with?  We can do all your bookkeeping or assist with specific areas like paying your bills, bank reconciliations, reviewing your books regularly and reporting to you.  We are versed in numerous accounting programs including QuickBooks, Accountedge, Simply Accounting, PCLaw and various other programs.

Reporting – how do you figure out your liabilities for GST and PST? Without proper systems in place you can very easily under report your obligations to the government.  We can help with putting systems in place to ensure that your filing obligations are met and we can even file your returns for you so you have one less thing to worry about.

What is it that you need to run your business? Come speak to us at Biddlecombe Plett and Associates and we can help.

An audit provides 95% assurance that there is no material misstatement in the statements of the business.  (A material misstatement is an error or omission that could cause a reader of the statements to form a different opinion based on those statements.  For example an investor wouldn’t invest if he knew of that error or omission).  In order to provide this high level of assurance, a lot of testing and sampling is required by the accountant.  Of course that takes time and can be quite costly.
A review provides 60% assurance that there is no material misstatement in the statements of the business.  To provide this level of assurance, procedures and testing is required.
A compilation or notice to reader engagement provides no assurance there is no material misstatement.  We do still have to ensure the statements are reasonable.  This is the most common form of statements produced and can be used for preparing corporate income tax returns.
At Plett and Associates, we can help with preparing your financial statements and providing an opinion on them.

 

Consulting

Need something special done for your business? A special job or report? Need policies and procedures designed and put in place but you don’t have time? An analysis of your business? An independent look at your business operations? Can us and we can help. We are here to help you become successful.

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Corporate Tax Returns

Corporate Income Tax – Every corporation is required to file an annual return to report their taxable income. The deadline for filing is six months after the fiscal year end, however taxes owing are due either two months after the year end or three if you are eligible for the one month extension. Taxable income is different than accounting income. Are you taking advantage of all the deductions you are entitled too? Are you eligible for Scientific Research and Experimental Development (SRED) credits? Call us and we can help with your corporate filing obligations.

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Financial Statement Reporting

There are three main types of financial reporting that a business can require.  An audit, a review, or a compilation.  All three involve an independent accountant providing an opinion on the fairness of the operations of the business represented in its financial statements. 

An audit provides 95% assurance that there are no material misstatement in the statements of the business.  (A material misstatement is an error or omission that could cause a reader of the statements to form a different opinion based on those statements.  For example an investor wouldn’t invest if he knew of that error or omission).  In order to provide this high level of assurance, a lot of testing and sampling is required by the accountant.  Of course that takes time and can be quite costly.

A review provides 60% assurance that there is no material misstatement in the statements of the business.  To provide this level of assurance, procedures and testing is required. A lot of questions are asked of management regarding their policies, procedures and controls in order to form the accountant's opinion.

A compilation or notice to reader engagement provides no assurance there is no material misstatement.  We do still have to ensure the statements are reasonable.  This is the most common form of statements produced and can be used for preparing corporate income tax returns.

At Plett and Associates, we can help with preparing your financial statements and providing an opinion on them.

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Personal Tax Returns

Personal Income Tax – do you need help with filing your personal income taxes? Are you taking advantage of all the deductions you are entitled to? Do you want to figure out ahead of time your tax liabilities? Do you know your filing deadline is April 30 for the prior calendar year unless you or your spouse/common law partner are self-employed, then your deadline is extended to June 15 (although any tax owing should be paid by April 30). Are your the Executor of a will? Do you know what deductions are available on an individual’s final return or the optional returns you can file to reduce the tax liabilities owing? We can help with all your personal taxes and filing obligations as well as provide guidance and planning.

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Reporting

Each business whether incorporated or not has various reporting requirements that are not tax related.  We can help with your reporting obligations in areas such as:

  • Payroll & source deductions
  • Worksafe
  • Statistics Canada
  • T5018 – Statement of Contract Payments
  • T3 slip reporting
  • T4 reporting
  • T5 reporting
  • & many more

Call us if you need a hand with your various reporting requirements.

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Taxation

There are various types of obligations a taxpayer has for their taxes. It’s important to make sure you meet your deadlines otherwise significant penalties can apply. We can help with your taxation obligations.

GST/HST – are you required to be a registrant for GST/HST purpose? Do you know your obligations? Are you a monthly, quarterly or annual filer? Are you required to make instalments? Do you use the best method for reporting your liabilities? We can help. Give us a call.

PST – do you know your responsibilities under PST? Are you required to register in other provinces? What are your filing obligations? Call us and we can help.

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Trust Returns

Are you the Executor of and Estate or Trustee of a Trust? We can help with preparing your trust returns and T3 slips for payments to beneficiaries.

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Other

There are various other areas that we can help you with your business. We are all experienced with working in various capacities of businesses so we are able to help with whatever you need to run your business or help improve your business. Some of the various areas, but not all are:

  • Setting up a business
  • Business plans
  • Business management
  • Strategic planning
  • Absentee owner reporting
  • Reporting for management purposes
  • Future Oriented Financial Statements (FOFI)

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Other Professionals

We deal with a large network of other professionals. If we can’t help you we will help you find the professional that suits you and your needs. We feel that it’s important that our client’s professional advisors all work together to ensure your goals are meet, that’s why we ensure we work as a part of your team.

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