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One On One Accounting

In order to prepare the financial statements, it is important to adhere to certain fundamental accounting concepts. Going Concern, unless there is evidence to the country, it is assumed that a business will continue to trade normally for the foreseeable future.

Accruals and Matching, revenue earned must be matched against expenditure when it was incurred Prudence, if there are two acceptable accounting procedures choose the one gives the less optimistic view of profitability and asset values. Consistency, similar items should be accorded similar accounting treatments. Entity, a business is an entity distinct from its owners. Money Measurement, accounts only deal with items to which monetary values can be attributed.

Helps existing and potential investors and creditors and other users to assess the amounts, timing, and uncertainty of prospective net cash inflows to the enterprise

Separate Valuation each asset or liability must be valued separately.
Materiality, only items material in amount or in their nature will affect the true and fair view given by a set of accounts. Historical Cost, Transactions are recorded at the cost when they occurred. Realization, revenue and profits are recognized when realized. Duality, every transaction has two effects. This can lead to tax litigation and business tax audits from the Canada Or Quebec Revenu Agency.

 




 

 

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  • Ottawa:       613-699-6671
  • Montreal:    514-604-9097
  • Toronto: 905-614-2436
  • Toll-Free: 613-699-6671
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Why Tax Accountants Are The Better Option

There may come a time that you need someone to represent you in front of revenue Canada or Quebec for tax problems you may have. But like everyone else, you’re pretty much confused by which person to choose for your current situation, is it the Tax Advisor or the Tax lawyer? In this post, we will talk about which is which, why they are perfect for the job and some FAQs to know about audits.

First of all, we will start with the basics, what is a Tax Accountant, what do they actually do and how they can help you? As you can see, a Tax Accountant is a person who is responsible for the collection of tax-related information, informing taxation authorities at the federal, state, country and or local levels in an appropriate manner. They also do advising management on the tax impact of countless corporate tactics.

Now that you have an idea what a tax accountant actually does, why is it logical to choose a tax accountant than a tax lawyer even when they somewhat do the same role? The answer is simple, there are roles in which an accountant would do that a lawyer would not.

As you can see, both accountants and attorneys give their clients a tax planning back up, they aid individuals and organizations create financial decisions with a keen eye on the potential tax benefit or penalization that the said actions would make in the future. However, tax attorneys propose more focus in legal questions of tax planning while your tax accountant have more know-how on the financial implications.

Though most problems (from the start) are from accounting discrepancies, it is only right to contact a lawyer when needed. Aside from the good things a tax accountant can do for you, we’re more affordable because they (tax lawyers) charge around $250 to $450 an hour.

Tax planning alone includes tackling the grounds of trusts, estate planning, investment, business and personal expenses, payroll, business structure and self-employment. Sadly, tax attorneys usually do not set up tax returns but they might give legal advice on how to complete precise aspects of a return. Tax accountants do plan tax returns and can even file them at once with the Internal Revenue Service.

Now when it comes to tax defense, if you or a company will be in need to defend yourselves on a tax-related issue, tax attorneys and tax accountants can be quite useful. Be mindful that tax attorneys’ expertise is to handle legal challenges and can speak for clients in the court system, whether their clients bring a case against the CRA or Revenu Quebec is doing an investigation against them for possible tax offense. When you have a tax accountant, he or she can help toughen up a legal case, particularly if they helped arrange the tax returns in question. Do take note that a tax attorney will only provide the advantage of attorney-client privilege. While a tax accountant will offer attorney-client privilege only if standing in the direction of a lawyer to give the client information that is relevant to the said case.

Though most problems (from the start) are from accounting discrepancies, it is only right to contact a lawyer when needed. Aside from the good things a tax accountant can do for you, we’re more affordable because they (tax lawyers) charge around $250 to $450 an hour.

If the needs be to do for exemple a voluntary disclosure to Revenu Canada Or Quebec or that a client needs to be represented in front of the tax court for formal hearings or in the criminal court when we are talking of Special Investigations, Leveille Tax Solutions Will be Able to Refer you to the proper specialist. We will also be able to testify as experts on many litigious matters.

In case of Tax Audit or Tax Litigation, do not wait to Contact Us Now by Clicking Here or call us :

  • Ottawa:       613-699-6671
  • Montreal:    514-604-9097
  • Toronto: 905-614-2436
  • Toll-Free: 613-699-6671

Have your rights protected.

We will put a wall between you and the government.




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Save On Taxes Easily

Under Canadian Tax law, the standard rate of GST in Canada is 5%.Each Province may have a different type of sales taxes wether it is HST or PST on a restricted list of goods and services. It is important to know that sales taxes are administered by the Federal Government in every Province Except Quebec where The Revenu Quebec Agency Is in Charge of collection and audits .

The penalties for not filing your income taxes, sales tax report or employer remittence forms are where working with a professional can help avoid costly mistakes.
Penalties are 5% + 1% per month for first time offenders and can be as high as 10% of the balance owing plus 2% per month!
When you are under audit, these interest and penalties add up fast. There is even a penalty that is 50% of the taxes owed on undeclared income.

\Good and professional book-keeping and the preparation of a personalized fiscal plan will help you reduce your income tax payable or differ it’s payment further in time.

Never is this more important that in the planification of retirement or the sale of a company. What are the fiscal implications of a transaction? Should the assets or the stocks be bought. Can the Capital Tax Gain Exemption be Used and Maximized?

Having a Fiscal Representative is like having a lawyer when you are being interrogated by the police. Did you know Auditors have even more rights then police officers for their audit, that the burden of proof is inverted to the tax payer and that they do not need to prove beyond a reasonable doubt their claims, only that it is more likely then unlikely.They also outright make-up numbers and call it cost of living or projections.

We at Leveille Fiscalite in Ottawa/Tax Solutions in Ottawa Can analyse all of your questions and come with the most cost effective approach to taxes and your business in the Ottawa/Gatineau area.




Contact Us

  • Ottawa:       613-699-6671
  • Montreal:    514-604-9097
  • Toronto: 905-614-2436
  • Toll-Free: 613-699-6671
Read more