Client Services
Our goal is to provide information to our clients that will contribute to their business success. Our clients are successful because they have developed their own business plan. Within this business plan are business goals the client wishes to achieve. These goals include maximizing profit and cash flow, minimizing income tax, and arranging appropriate financing.
Our main focus is to provide consulting services that will lead to achieving the financial goals of our client.
Personal Financial Planning Services
Personal Financial Planning Services
Everybody needs a financial plan. We have the tools available to prepare a comprehensive personal financial plan. Based on your personal and financial goals we prepare a balanced financial plan that is made to maximize cash flow, minimize income taxes, maximize the rate of return, and minimize risk. By achieving these, we assist in building our client’s wealth over the working years. Our team constructs an action plan checklist that will allow us to monitor the plan regularly and ensure all necessary actions are being dealt with. We strive to ensure will achieve his or her goals.
We consult independently of our client’s investment advisor.
The personal financial plan includes providing an estate analysis and an evaluation of our client’s insurance needs. This includes evaluating critical insurance, disability insurance, and life insurance needs.
Tax Planning Services
Tax Planning Services
Tax preparation of Corporate and Personal Income tax Returns is the final product of the ongoing tax planning process. Prior to the completion of the income tax returns, we consult with the client to ensure that the appropriate strategy is undertaken in order to minimize current and future income taxes. Our team is continuously keeping current with the ever-changing rules and regulations. Our goal is to ensure our clients comply with the legislation and to avoid the many trips and traps of the tax world.
Income tax strategies such as Retirement Compensation Arrangements, Individual Pension Plans, and Universal Life Insurance Plans are examined. We provide information to our clients on these various strategies in order to ensure that tax minimization is optimized.
With all the new investment vehicles on the market, it is equally important to know the tax implications attributed to these investments prior to purchase. Investments such as REITS, Income Trusts, Principal-Guaranteed Notes, mutual funds, segregated mutual funds, labor-sponsored investment funds, Flow-Through LP investments, real estate, etc. are some examples we review for their tax implications.
Assurance and Advisory
Assurance and Advisory
We provide the level of financial reporting necessary to meet our client’s business goals. This includes Audit, Review Engagement, or Compilation reports. Our services are to provide advice on the level that best meets the needs of financial institutions, government, and the shareholders. An integral part of our service is to consult on the strategies necessary to increase profitability, improve cash flow, and working capital positions.
Each client has his or her own individualized key business indicators. We identify this information and assist our clients in using this valuable information to improve business performance in different areas.
Our focus is to provide our clients with information that can be used to achieve their business goals.
Wealth Management and Estate Planning Services
Wealth Management and Estate Planning Services
As our client’s business grows over many years it builds a large amount of working capital and assets that are contained within the company. The owner has reached the pre-retirement stage and needs to sell the business, pass it on to future generations, maintain inactive ownership, etc. The main objective is to draw cash out from the business to fund retirement and minimize income tax.
We have a network of income tax experts who provide our clients with many options to meet their needs given the criteria similar to the above scenario.
It is important to perform estate-planning strategies, in order to minimize the income tax for the estate in the distant future. Estate planning should be reviewed by all businesses at least every 10 years to ensure optimization of proper tax planning.
T4, EHT and Payroll
Payroll Services
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner. These include filing annual T4 summary, T4 slips and EHT returns.
Professional Corporations
Professional Corporations
Healthcare Professionals can minimize income tax in a variety of ways by incorporating their business in a Professional Corporation. We network with tax lawyers who specialize in this area to ensure that the corporation is set up in a way that will meet the goals of our clients. There are many issues to consider when incorporating, choosing a year-end, types of shares to issue, who will own the different classes of shares, salaries versus dividends, etc. We will prepare a plan to follow to assist our client in the monthly bookkeeping and government compliance that is required. When funds begin to accumulate in the corporation we will advise on investment options available that are consistent with our client’s goals.
Consulting Services
Purchase and Sale of a Dental Practice
There are many issues to consider when reviewing the information relating to the purchase of a dental practice. We work together visiting the location, viewing the premises, reviewing the financial information, and preparing a due diligence report. We will review financial information closely and compare it to industry standards, to report on any discrepancies that are problematic. We work together with the lawyer to assist with any information required for the Offer to Purchase Agreement. We will work closely with the financial institution to provide any cash flows and/or financial statements as required.
Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning.