Services

Chartered Professional Accountant in Toronto, ON

What we do

Colin Phillips, CPA Professional Corporation, is a business-focused tax and accounting firm that provides tax planning, business advisory, tax return and financial statement preparation, payroll processing, bookkeeping, and more. We also have extensive experience in the accounting and tax aspects of Estates, Trusts, and Private Foundations.

Bookkeeping Services Toronto

Services We Offer

Business owners have to wear many different hats to run their companies well. But it can be challenging to get everything done and still have time to balance the books and keep track of all the expenses. We can help make sure the books are up-to-date, all required tax filings and payments are made on time, and all tax-saving measures are explored.

Colin Phillips, CPA Professional Corporation, understands that when it comes to your business, you need to know the exact state of your current financial situation. With an experienced staff that is dedicated to the efficient and accurate management of your business’s finances, you can rest easy knowing that the accounting aspects are properly taken care of. Here is a selection of services we provide:

    • Tax Returns and Financial Statements

    Corporate

    Colin Phillips, CPA Professional Corporation regularly monitors federal and provincial tax laws that may affect small or medium-sized businesses in Canada. The tax legislation in Canada is continually evolving so it is important to have experts who keep up to date with these changes.

    Our multi-review system checks over 75 fields after the tax return has been completed to ensure all financial statements and corporate tax returns that are issued have 100% accuracy.

    Personal

    Our personal tax services are geared towards individuals who are owner/managers of a corporation or have extensive investments, self-employed income, rental property income, foreign or multi-jurisdictional reporting, and more.

    Personal and corporate tax positions must be considered together to achieve the optimal tax position. This is why, if you engage an accountant to prepare your corporation’s tax return, it would be prudent to employ the same firm to produce your personal tax return, as well as that of your spouse and children.

    • Payroll

    One of the most time-consuming tasks any business owner faces is payroll. Processing payroll involves much more than simply handing out regular paycheques. There are taxes, deductions, employment benefits, changes in payroll legislation, year-end documentation, records of employment, EHT, WSIB, and more to worry about. It’s even more complicated if the earnings amounts change every period.

    By entrusting your payroll responsibilities to us, you turn this complicated administrative chore into a trouble-free function in your business that is both cost and time-effective. If we're handling your payroll, there's no need for you to staff an employee dedicated to this task, and no need to maintain your own payroll system. As your experienced payroll partner, we will handle all of your needs, including cheque processing and printing, direct deposit, filing up-to-date monthly reporting to CRA, T4 and T4 summary processing and filing. Better yet, all of our services are offered electronically, saving you time, money, and reducing costly mistakes.

    • Bookkeeping

    While concentrating on your core business, the financial record keeping can sometimes fall behind, leading to an overwhelming pile of administrative work.

    There are some accounting programs that claim to make the bookkeeping easy. Unfortunately, our experience is that these programs also make it easy to make mistakes. Here are just a handful of errors we have detected that were permitted by the software:

    • A $3,000 computer was coded to Office Expense;
    • Automobile expense included, along with gas, the cost of cigarettes and candies;
    • The GST/HST amount claimed on customs brokers’ bills was too low;
    • The GST/HST amount payable to CRA was higher than the sales amount would support;
    • And there are more.

    The first two examples will harm your credibility with CRA, while the next two will unnecessarily cost you money.

    By utilizing our services you will spend less time on your books and records, achieve better results, and have more time available to do what you do best, run your company and earn money.

    We offer monthly, quarterly, and annual bookkeeping services to coincide with the GST/HST and WSIB/WCB reporting requirements.

    • Business Setup

    Whether you are a new business owner or are starting your third company, we can provide the expertise and guidance that businesses need in order to build a strong foundation for their future. Our firm can guide you through the process of entity selection and provide valuable tax planning advice. Let our firm set you up for long-term success with a strong foundation to build and grow upon.

    • Transitioning to a Corporation

    If you are a sole proprietorship and thinking about converting to a corporation, you’ve come to the right place. At Colin Phillips, CPA Professional Corporation, we are here to discuss the pros and cons of converting your sole proprietorship into a corporation. Whether you’re a start-up or have been operating as a sole proprietorship for many years, we can evaluate your business situation along with your family circumstances and advise you on the best legal form for your operations.

    You may have decided to run your business as a sole proprietorship because it was a less expensive and less complicated way to start. However, as revenue grew, so did your need for financial protection and tax-saving options.

    We can help you decide if the time is right to incorporate – sometimes it isn’t. If it is, we can help make the transition straight-forward while utilizing the tax rules during the rollover.

    • Tax Planning

    Our firm can help with what could be referred to as advanced tax planning and procedures, such as rollovers, amalgamations, and wind-ups. We also have a method, not widely known, for passing real estate on to the next generation free from probate fees while retaining complete control of the property. We can also advise you on how to deduct depreciation on partnership rental income to create or increase a loss. You might have other situations that require some innovation; we love a challenge!

    While we ensure our tax knowledge is current through extensive professional development, the extent of the tax act makes it difficult to be an expert in everything. We will act on your behalf to engage specialists with whom we have worked and have confidence in. We are able to make efficient use of specialists’ time while continuing to provide you with a single point of contact. Some instances where we will do this:

    • U.S. or other foreign tax return preparation;
    • Complex corporate reorganizations;
    • Tax matters that involve a legal aspect, such as shareholder disputes or the division of property during divorce;
    • Estate planning.
    • Resolving Disputes with CRA

    Although CRA processes most items correctly, they will occasionally make a mistake, or there might be a time when you disagree with their decision. Errors can be corrected, and if you disagree with an assessment, there is a mechanism by which an appeal can be filed. These appeals must be filed within a set amount of time, typically 90 days from the date of the assessment. We can help you decide on the best course of action, whether it is a phone call to CRA or a written objection.

    We can also help if you have missed reporting income or are behind in filing your taxes, even if it is for a number of years. Under certain circumstances, we can obtain relief from penalties and partial relief from interest.

    • Estate and Trust Services

    Coping with the death of a family member can be difficult, and responsibilities for the executor or administrator can seem overwhelming. We at Colin Phillips, CPA Professional Corporation, can help by providing guidance to Trustees and ensuring all of the statutory reporting requirements are taken care of. Some of the services we offer for estates and trusts include:

    • Preparing and Filing the Tax Return: We will help ensure all tax-saving measures are explored and all reporting requirements are fulfilled. In the year of death, there are often three or more tax returns that can be filed to benefit from tax-saving measures. We can help properly allocate the income among each of these tax returns;
    • Financial Planning: Testamentary trusts have a 36 month time period to benefit from reduced tax rates as a Graduated Rate Estate (GRE). This provides a small window of opportunity that should be taken advantage of by all trusts that qualify. Financial planning prior to death can also help reduce the often large tax bill at the end;
    • Making Distributions Out of the Estate: Depending on the nature of the distributions out of an estate, you may be required to file income tax information slips with CRA, which we can prepare. These slips would also be required to be sent out to those receiving the distributions.
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