They say that among the few constants in life are “death and taxes”. I’m not the right person to deal with the first one but I do have something to offer on the second.
Every business needs to make sure they deal with and stay on the right side of the taxman. Here in Canada it is Canada Revenue Agency for the most part. There are others. For instance, in Ontario there is the Workplace Safety and Insurance Board (WSIB). There are a number of taxes that need to be considered like corporate taxes, payroll taxes, HST, Employer Health Tax (EHT) and WSIB. Not only do these taxes need to be taken care of but they are time sensitive with possible penalties and interest if they are reported and remitted late.
The hallmark of a good and professional bookkeeping service is to be able to take care of all tax obligations in a regular and timely fashion. At Fiscal Performance Inc. that is what we do. It’s not enough to post the numbers into a set of books but to also fill out the necessary tax reports and make sure that they are submitted along with funds owing. This needs to be done in good time to whatever tax department is applicable.
The start point when we first engage with a new client is to determine the taxes that apply and to check and make sure that the filings and payments are current. If this is not the case, we know that a high priority needs to be placed on catching this up. The longer the delay, the greater the interest and penalties, and the greater the risk of the tax authority stepping in and taking drastic action to see that their interests are being met.
As usual, the best place to start is with a meeting. I would be happy to get together with you to review and assess your tax status. I will incorporate this into a package of services for you. It will be tailored to your business and your unique needs and requirements. Check out our contact page to get the ball rolling.
Tracy Khamis