It's Our Business to Help Your Business With it's Bookkeeping
Financial Reports
Financial Statements, are used to communicate a company's financial health over a specific period of time. These financial reports are helpful when making important decisions regarding the allocation of funds. Balance sheets are used to report a company's assets ( what the business owns ), liabilities ( what the business owes ) and the owner’s / shareholders equity ( business net worth ). An income statement shows a company's revenues and expenses. A cash flow statement shows how well the company manages its cash.
Payroll Processing
Businesses with employees have the regular task of calculating employee wages and taxes / deductions, then getting their staff paid. Our office can handle this for you, doing the calculations, provide your employee(s) with a pay-stub and have the wages deposited directly into their bank account.
CRA Required Filings
GST / HST ( Goods & Services Tax and Harmonized Sales Tax ) Most Canadian businesses must register with the Revenue Canada Agency to collect GST / HST on their business activities. Reporting periods may vary from business to business, with common reporting periods being monthly, quarterly, or annually. By filing a GST / HST return, your business can claim back taxes paid out on eligible business expenses during that reporting period.
WSIB ( Workplace Safety and Insurance Board ) is a fund that most employers contribute to. WSIB protects the employer and provides an employee with compensation if a workplace injury occurs. The payable premium during a WSIB reporting period is based on the wages paid to employees and the premium rate of the business industry. Reporting period(s) may vary from business to business.
Source deductions are a portion of deductions ( CPP, EI, Taxes ) that an employer must withhold from an employee's paycheck. The amount of source deductions withheld from an employee, along with the employer’s portion of CPP and EI ( if applicable ), must be remitted to the Canada Revenue Agency ( CRA ). Common reporting periods are monthly, quarterly, or annually, and may vary from business to business.
EHT ( Employer Health Tax ) is a payroll tax that is calculated based on the wages paid to employees. Some exemptions apply.
T4 / T5 Slips are statements of remuneration and dividends income, that must be filled out by a business for every individual / corporation who has received wages or dividends from the business during the year, Jan - Dec. These statements will also reflect the source deductions and other deductions that were subtracted from their income. An employee or corporation receiving a slip then claims it on their Tax Return. A T4 Slip is for employees only, A T5 Slip is for dividends that either a corporation or individual has received, and usually does not require source deductions.
ROE ( Record of Employment ) is a form that provides information about employment history. An employer must file an ROE for an employee who has stopped working and no longer earns an income. An employee may then be eligible to apply for EI Benefits ( Employment Insurance Benefits ).
Income Tax Preparation
The T1 is an Income Tax and Benefit Return for individuals, self-employed individuals, and small businesses. A T1 return is used to calculate the tax obligations to the CRA on income earned from all sources, and to apply for Provincial and Federal benefits.
The T2 is a Corporate Income Tax Return for Corporations, and for Non-profit organizations that are not classified as charities.
