By: Sharon Macdonald  09-12-2011
Keywords: Accounting, tax preparation, Financial Statements

Self-Employed Tax Preparation
There is a minimum charge for preparing the Business Statement which would include the T1 or an hourly charge if applicable depending on the time involved in preparing this return. Corporate Tax Preparation
Once I have posted the year-end entries and the financial statements have been completed the information is then delivered to a reputable Chartered Accountant who then prepares the T2 Corporate Income Tax Return. A separate invoice is prepared for the T2 return by the Chartered Accountant. Tax Preplanning
Preplanning can be accomplished in two stages. I am available to meet with the client prior to year-end to discuss the client's options as well as meet in the new year prior to the deadline for RSP contributions. Stage 1 - Year End Considerations
There are several preparations that can be made before the end of the year to minimize your tax liability for the year. Here is a list of a few options available.

  • Make all of your charity donations by December 31, 2004 in order to use them as a tax deduction on your 2004 return. Also consider donating stock to get a special tax break.

  • Consider selling stocks that are held outside of your registered plans that will create a loss to offset any capital gains that you must claim for the year. In order for the loss to apply the sale must be processed by December 24, 2004. If you do not have any capital gains to claim this year you can still carry back and apply against any capital gains in the past three years. Any leftover losses can be carried forward indefinitely.

  • If you defer a sale of any assets that would yield capital gains you will not have to pay income tax on the gains until 2006.

  • Invest in a tax shelter that will allow you to deduct your full investment. Consult with a tax advisor as there are tax shelters that have a very high risk tolerance.

  • You are required to convert your RRSP to a RRIF in the year in which you turn 69. If you have employment income you can still make an RRSP contribution however you will have to pay an over-contribution penalty for a short period to achieve this.

  • Make an RESP contribution before the end of the year in order to take advantage of the Canada Savings Education Grant (maximum $400 or 20% of your contribution up to $2,000).

Stage 2 - RRSP Contributions
The final consideration to minimize your tax liability for 2004 would be to make an RRSP contribution by the deadline of February 28, 2005. You then have the option of using this RRSP deduction on your 2004 or 2005 income tax return.                   

The small business services as mentioned on the home page are specialized for each individual business. I offer monthly, quarterly and annual bookkeeping and reporting of un-audited financial statements to my clients both computerized or assisting with manual spreadsheets. Also available is supervising and training employees in any areas required such as bank reconciliations, payroll, accounting software, organizing, etc. as well as setting up your new business on an accounting software package.

Do you have a business idea but need help to prepare a business plan, if so give me a call. TYPING AND RESUME WRITING
As listed on the home page I provide typing of various items as well as resume writing. I also provide training with the internet to allow you to look for jobs on the internet and provide many job search websites. Interviewing skills and a covering letter are also an important part of the job search that I can assist with. COMPUTER TRAINING
In today's world computers and technology is a very important part of the business world as well as in the family home. Sharon MacDonald offers a variety of software training and support for basic, intermediate and advanced courses. The course can be taken in the convenience of your home or at my office location.

A list of the courses available are as follows:

Accounting/Taxation Microsoft Office Data Bases/Internet Operating Systems

Simply Accounting

Outlook Express

Internet Explorer

Windows 95/98/00
Windows XP

There is a lot of preparation when opening a new business and a lot of decisions to make. I have 26 years experience in the business world and can make opening your new business hassle free. From choosing the location to picking out office equipment and furniture, to ordering the telephones are just a few of the many tasks that can be handled in a efficient way.I offer broad experiences and services which separates me from other firms. They include the following:

  • Available everyday with night and weekend appointments

  • Delivery and pick-up available

  • Discounts are offered for Seniors, students as well as low-income earners

  • Referral coupon available on website

  • My overhead costs are low due to operating my business out of my home therefore the savings are passed on to my clients allowing my rates to be lower than most competitors.

  • Represent client during tax audits with Canada Customs and Revenue Agency

  • Provide training and spreadsheets for those self-employed clients not able to afford computerized accounting.

If you do not see a service listed above, please contact me and inquire as I aim to accommodate everyone and if I cannot provide the service I will refer you to someone who can provide you with the necessary service.  

The information in this article was current at 06 Dec 2011

Keywords: Accounting, Financial Statements, income tax, tax preparation