Services
1- Professional corporation
The laws regarding incorporation of a professional service corporation can be quite complex. For this reason, it is crucial that you consult with a professional accountant/ tax specialist before determining the best course of action for you and your business. We will work to advise you with the best solution for your corporation.
Incorporating your services will also allow you to benefit from favourable tax rates for professional corporations in Ontario. By merely incorporating your business you can save thousands of dollars every year by lowering the overall income taxes you pay. An individual with professional earning income in the highest tax bracket pays nearly 50% of their income in taxes. On the other hand, that same money earned inside of your professional corporation is taxed at 15.5%.
Once your professional corporation is setup, AI Professional accountant can assist you by taking care of the accounting and tax filing obligations as noted below:
Corporate Tax Returns & Planning We work with you to ensure these are prepared accurately, and that they are filed on time.
Accounting & Bookkeeping We also complete this for your professional corporation, so it’s one less thing to worry about.
Personal Tax Returns When we prepare your personal tax returns, you get full advantage of tax credits and deductions that are readily available to you.
Outsourcing Payroll We’ll help streamline your payroll, and you'll save time, money, and reduce audit risk from the CRA. We do this by connecting you with an online platform for your payroll needs.
2- Accounting and bookkeeping
The purpose of accounting and bookkeeping is to help the owner-manager manage their business; provide a clear picture of financial performance, and to enable correct tax reporting to the Canada Revenue Agency.
We take the time to set up financial systems correctly from the start, leaving your bookkeeping and accounting better than ever. Our goal is to improve your financial systems so profoundly, that you cannot imagine ever going back to your old ways.
Bookkeeping — For Corporations
This service suite is ideal for professional corporations and incorporated businesses, as it allows for the proper recording of transactions during the fiscal year. This ensures that the year-end corporate tax return preparation is efficient, timely, and cost effective.
For professional corporations and incorporated businesses, AI professional accountant corporation completes the bookkeeping as part of the year-end corporate tax return preparation. The corporation service suite includes:
- Guidance and checklists to help you stay organized, so you can keep your paperwork to
a minimum - Recording of revenues, expenses, deposits, cheques, and credit cards in a proper
general ledger - Preparation of bank reconciliations
- Preparation of Financial Performance Reports, including: Cash Flow Statement, Income
Statement, and Balance Sheet
Accounting — Compiled Financial Statements
Professionally compiled financial statements, also known as Notice to Reader Financial Statements, are prepared for clients to whom we provide corporate tax return preparation services and/or bookkeeping services to. These financial statements are mostly used as follows:
Preparing the client’s corporate tax return(s)
Inclusion in a corporation’s minute book for record-keeping purposes
Provided to third parties, such as a bank, for a client applying for a mortgage or loan.
Personal tax return
At AI Professional Accountant Corporation, we will prepare your personal tax return, and also ensure that you take full advantage of the tax credits and deductions available to minimize your taxes.
AI Professional Accountant Corporation provides personal tax preparation services that
are proactive, secure, and efficient.
Being proactive: In order to make the personal tax process simple for clients, AI Professional Accountant
Corporation is proactive by contacting clients via email at the beginning of March to provide checklists for organizing tax documents, communicating due dates, and relaying any new
requirements from the Canada Revenue Agency for the upcoming tax filing season.
Providing secure options
Clients are setup with a Canadian encryption service using their own email account, at no cost to them. This allows clients to send personal tax documents, using their own email account, to AI Professional Accountant Corporation through a secure medium, giving them peace of mind.
Making life easy for you
By being proactive, and using the latest information technology, the preparation of personal taxes is an efficient process, resulting in saving time for clients.
3- Advisory
Business Valuation: Business valuation services can accurately calculate your business’s worth and provide an accompanying report. The reports are prepared in accordance with the standards of the Canadian Institute of Chartered Business Valuators. Depending on the client’s requirements, AI professional accountant corporation will provide business valuation service and reports at 3 different levels of assurance and costs for your ease:
Calculation report – Low assurance and cost
Estimate report – Medium assurance and cost
Comprehensive report – High assurance and cost
Business Forecasting & Budgeting Services:
Let AI Professional Accountant corporation help you improve your planning, budgeting and forecasting processes.
Budgeting is an important component of financial success for any business. A budget is a business’s financial plan to better manage monthly, quarterly and annual cash inflows and outflows. AI Professional corporation can provide high-quality and more efficient budgeting services at
very competitive rates.
Forecasting is a process that allows businesses to use historical data to make financial projections in the long run.
Many people are often confused with the differences between budgeting services and forecasting services. Budgeting is a financial plan that is prepared annually, and it identifies desired results (goals and/or objectives) of a company. Forecasting is a projection of expected results within a given year. Note the difference: budgets are financial plans with desired results, whereas forecasts are predictions of expected results.