Our Services - Chartered Accountants

By: L C P S Chartered Accountants  09-12-2011
Keywords: Accounting, Retirement, Chartered Accountants


Auditing has always been one of the core services of the accounting profession.  In Ontario, only Chartered Accountants are authorized to perform independent audits of financial statements.

We are a member firm of the Institute of Chartered Accountants of Ontario and licensed under the Public Accountancy Act.  Our team has years of experience in auditing and attest services and is well equipped to assist you in meeting your company’s audit obligations.

Business Acquisitions

We can assist in acquiring any business.  If you are looking at buying an existing business, it is a good idea to get professional advice as soon as possible.

We can help you structure the purchase so that you receive the best possible value for your dollar.

Commodity Taxes 

Our team includes professionals who have attended the Canadian Institute of Chartered Accountants In-Depth GST/HST Course.

This training combined with practical field experience allows us to offer an enhanced level of GST/HST advisory services.

We can perform a thorough review of your GST/HST systems to ensure that you are not missing out on any money owing to you and complete all the necessary paper work to get that money back.

We can also assist you with any GST/HST compliance problems you may have encountered.

Our team is also experienced with the Ontario Retail Sales Tax Act (prior to July 1, 2010), and the compliance and planning issues that go along with this tax.

Whether you want a complete review or assistance with a particular problem, we can help. 

Computer Training 

We are a certified consultant for Simply Accounting, accounting software. Simply Accounting is a market leader in providing small and medium sized computerized accounting solutions.

We only do one-on-one training.  What this means for you is that you get individualized attention and a program tailored to your needs.

The amount of training required depends on many factors including the individual’s prior experience and the complexity of your business.

All our computer training includes a full year of unlimited support and refreshers as required. 

Corporate Reorganizations 

Businesses, like many other things, are continuously changing and evolving. The business structure that worked well in the past may not be what is needed for you today or in the future.

We will work with you to restructure your current business operations to meet your new requirements.  All of our plans include flexibility for the unexpected changes and tax minimization. 

Corporate Taxation Services

You will receive an enhanced level of income tax advisory services because our team includes professionals who have completed the Canadian Institute of Chartered Accountants In-Depth Income Tax Course.

This training, combined with practical field experience, allows us to provide you with complete and comprehensive income tax planning.

Estate Planning

Estate planning - the process of planning how to preserve your assets for your heirs - is not just for the very wealthy.  Everyone should engage in some form of estate planning.  After working hard for many years, building up a business, and accumulating assets, you should make sure that those assets will not be unnecessarily used up, but preserved for your survivors.

Incorporating a Business 

Operating a business in a corporation may have tax, legal and business advantages for you.  We will do everything required to transfer your business operations from a proprietorship or partnership to a corporation.  We will take care of the paperwork so you can concentrate on running your business.

Personal Tax Returns 

We provide a personal tax preparation service throughout the year with most returns prepared in March and April.  We prepare a separate menu for these services each January.  The menu includes the services we provide along with our fees. 

Retirement Planning 

The retirement safety nets that have existed for years - the Canada Pension Plan and Old Age Security - really are not likely to provide enough for the lifestyle you would like to enjoy with your grandchildren and hopefully great-grandchildren!

Add to that the fact that we are all living longer, we are dependent on the income we generate throughout our working lives for many more years than previously thought - clearly retirement planning is vital.

Retirement planning is not a luxury – it is an absolute necessity. You have to think about how much you will need, when to retire, how to achieve enough retirement income to enjoy the lifestyle you want for your later years and what will the government have to contribute if anything?

We take into account your current lifestyle, income levels, projected income leading up to retirement and create a plan that is going to support your needs now and in retirement. While it is hard to predict what the future holds, it is easy to ensure that yours has at a very minimum, the lifestyle you know you want. Talk with one of our specialist team members today on how best to prepare for a comfortable retirement. 

Succession Planning

Handing over your business to family members successfully can mean the difference between being financially sound for life or losing the value of many years of hard work and effort.

More than 70 percent of family-owned businesses do not survive the transition from founder to second generation.  Rather, they fall prey to either the estate tax or family discord.  Developing and implementing a well-designed plan is essential to the long-term success of the business you have grown and developed from the very beginning.

Succession planning also applies regardless of whether you have family members looking to take over the business.  One day you are going to need to exit the business, through retirement or sale.  Succession planning covers the key steps to prepare the business for that moment.

In the event of selling the business to an outside purchaser, we can manage that process for and with you, as that can be an arduous undertaking.

It is important to keep this concept in mind: Ultimately, for your business to truly be a realizable asset for you, you need to constantly be working on it with a view to selling it sometime in the future.  Whether you do sell it or not .. is irrelevant. Keeping that frame of mind means that at least you will always be in a position to sell it and realize its true value, if you should ever want or need to.

That focus gives you a greater awareness of the need to systematize your business and make it less dependent on you.  People want to buy businesses that work, not businesses that are run by people that work and work and work.  Succession planning is an ongoing, ever improving process and is just as much about working ON your business as planning for the future.

Keywords: Accounting, Chartered Accountants, Retail Sales Tax, Retirement

Contact L C P S Chartered Accountants

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