Effective and efficient analysis through our experienced professionals can help you understand the impact on your company. We are able to assist you with the impact of future tax changes or issues that may arise, in a manner that is tax-efficient and maximizes wealth to stakeholders. The bread-and-butter of our work is to ensure our corporate tax clients stay compliant with the Income Tax Act and file their required returns within the prescribed timelines. We work with your team to ensure that you get the best overview of your tax position and that your questions get answered promptly and accurately.
Indirect taxes in Canada include Harmonized Sales Tax (“HST”), Goods and Services Tax (“GST”) and Provincial Sales Tax (“PST”), which are broadly defined as consumption taxes. As these taxes are paid on most goods and services sold or provided in Canada, most transactions will be impacted, and a tax liability could arise regardless of your company’s profitability. Abacus can help with the planning and application of compliance solutions to reduce cost, minimize the risk of error and ensure that your company is not missing out on refund opportunities.
When it comes to assessing your personal taxes, the goal is simple: to maximize” the available after-tax wealth for you, your family and your estate. A comprehensive approach involving an analysis of potential personal scenarios and incorporating current and future tax legislation is critical in achieving those objectives. Our advisors are able to assist you through all aspects of personal taxation, including preparation of your personal tax returns, information returns, electives, calculating current and future tax liabilities and projected installment payments.
Abacus offers a range of audit-related services, to meet the requirements of your stakeholders. An audit also adds value in identifying controls, management and system issues as well as providing regulatory oversight. Regulators and industry standards require certain standards for financial reporting and our firm possesses the knowledge to ensure your organization is in compliance with the applicable framework.
A review is often performed for investors, lenders or potential acquirers, who may have security over the assets of your company, and therefore require less assurance over the amounts in your financial statements. Fully-licensed to complete review engagements and well-versed in a multitude of reporting frameworks, our mission is to provide an experience that is cost-efficient, effective, and free of surprises.
Compilation / ‘NTR’
Many companies do not require financial statements containing all of the required disclosures under a reporting framework. Compilation engagements aggregate financial information supplied by the company and organize it in a way that is meaningful to the stakeholders. Compilations often accompany tax filings, are prepared for reporting purposes, included as part of merger or acquisition transactions, or just maintained for informational purposes as a form of internal control.
Small and medium sized enterprises comprise 99.7% of the total Ontario businesses, contributing 28% to the provinces overall GDP. Entrepreneurs risk and sacrifice to ensure business success, little consideration is taken into determining the strategy for ownership transition. Abacus can assist with succession planning to help ensure business continuity. Proper planning with our firm will: ensure continuity of the business, facilitate transition business to peers or family, provide income for or during retirement and ensure efficient planning for your estate.
Estate planning is the process of anticipating and arranging for the management and disposal of net worth during life, a stage of incapacity or death, while minimizing, delaying or avoiding taxes and fees. If strategic planning based on professional advice is not done, one of the principal beneficiaries could be the Canada Revenue Agency (“CRA”) at the expense of those individuals or charities that meant more to the departing party.
Wealth management is more than just advice about your financial position or your investments. It encompasses all aspects of your financial well-being, including accounting, tax, retirement planning and estate planning. Abacus’s wealth management package integrates advice with various service offerings from financial experts to provide a comprehensive and tailored financial plan which will improve your current financial situation, establish financial goals based on personal risk levels and set you on the path to achieving financial freedom.