Services
Financial Reporting
As a valued client of MacKay Brehm & Smith, we will work with you to meet your financial reporting needs. We work with you to learn about your business and the uniqueness of your business operations. We will assist you with the financial reporting that meets your particular requirements and will issue the report that meets your particular needs.
We work with your bookkeeper or assist you with your bookkeeping to help keep your financial records accurate and up to date.
Our services in this area include assistance with government remittances, including HST/GST returns, WSIB and payroll remittances. We will also help you choose and implement the financial accounting software that best meets your needs.
Throughout the year we are available to address any financial reporting issues you may have. We will meet with you to go over your annual financial statements and work with you to discuss performance, goals and strategies for the coming year.
We will look after your reporting requirements so that you can focus on running your business!
Incorporation and Business Restructuring
We can assist you with setting up your new business and advising on the best option for your particular circumstances including incorporation, partnership or cost-sharing arrangement. We will help structure or re-structure your business around your personal circumstances to assist you in long range financial and tax planning.
We work closely with you and your legal team in assessing potential business purchases, including performing due diligence reviews and cashflow planning for the purchase of an existing business.
New Business Ventures
Many times the opportunity arises to start a business from the ground-up. We work closely with you and your bank to prepare business plans and cash flow forecasting to help determine your financing requirements and help you secure the financing you may need to set up your new business. We work with your legal advisors to ensure that you have implemented the appropriate agreements and to ensure that any required tax filings are prepared and filed on a timely basis.
Sale of Existing Business
At some point in our lives, we all decide to retire from our business and take on new life ventures. When that time is right for you, we assist you with the transition of your business. We will work closely with you to review the terms and conditions of the sale of your business and assist in structuring the sale to maximize your after tax return. Transitions or sales to family members have nuances that are not faced with sales and transitions to non-family. We are familiar with the particular nuances of these transitions and will work with you, your family and your legal team to design the transition that meets your needs.
Cash Flow and Budgeting
It is important for businesses to have a properly structured financial plan. We will work with you to assess your financial needs. When the need arises to restructure your financing or obtain additional financing for business expansion or purchase of equipment, we can prepare cash flow forecasting and help budget for your upcoming financial needs to strengthen your financial health. We will advise you of any tax consequences of various alternative financing options and will work with your bank to help you obtain the financing that meets your needs.
Corporate Tax and Planning
We offer a full range of corporate compliance services to help you and your business stay on track. Our corporate tax services include completion of annual federal and provincial tax returns, GST/HST returns, preparation and filing of income tax elections, including capital dividend elections and completion of T4 and T5 slips and any other annual reporting returns your business is required to file.
Sometimes the best laid plans have to be amended due to changes in tax legislation. We keep abreast of tax legislation and changes so that we can provide you with the most efficient plan for your business and personal situation. We will keep you apprised of changes in tax legislation that may affect your business and will advise you of strategies to minimize your corporate taxes.
If your business structure is not optimum for you, we will advise you and assist you in re-structuring your business so that you pay the least amount of tax possible now or in the future.
We are also here to assist and represent you if Canada Revenue Agency knocks on your door. We will guide you through the process and conversations with CRA and represent you in any dealings you may have with CRA.
Personal Tax Services
We provide a full range of tax compliance and planning services and work with you to make your tax filing as pain free as possible. As every situation is different, we will take the time to understand your unique situation and work with you to construct a plan centred around your particular circumstances. We will advise you of your reporting and compliance obligations. Our personal tax services include preparation of personal tax returns, personal tax planning to minimize personal taxes, assistance with and representing you with CRA audits and appeals and consultation regarding retirement planning to optimize post retirement after tax income.
US Tax Services
If you are a US Citizen, hold a US green card or do business in the US you may have filing requirements in the US that you are not aware of. We have a long standing relationship with US CPA’s. Working with the US CPA’s we will advise you of and if required, assist you with your filing requirements in the US to make sure that you stay on the right side of your cross border compliance requirements.
Estate Planning
We will work with you to help you preserve your wealth and transfer your assets and will advise and assist you in implementing an effective personal tax plan and estate plan. Your plan will be tailored to your specific situation and may include planning to use your personal capital gain exemption, structures to fund and minimize the taxes that will be payable by your estate and possibly the implementation of a family trust to minimize taxes. We will work with you to develop a tax effective estate plan and will guide you through the necessary steps to put your plan in place. We will work with your legal team to make sure that your Wills are up to date and are tax effective.
In order for the orderly succession of your business in the event of the illness or loss of a business partner, it is important to have plans in place to allow for an orderly and efficient transition of the business. This may include provisions for buy-out of business partners or for the dissolution of the business. We will work with you to advise you of the options and assist you with implementing the plans to minimize the anxiety and stress in these difficult situations.