Compilations

With Notes to Financial Statements Compiled Financial Statements (previously also known as notice to reader engagements) are financial statements that are compiled on the basis of information provided by the management of the company. This form of financial statement is typically used when the main user of the financial statements is the government, as an attachment to the corporate income tax returns, or for use by the business owner(s). Fees start at $2,650 with non-profits receiving a 10-20% reduction in fees

Personal Income Tax Returns

From Basic to Complex Taxes are getting more complicated and filing on your own can mean missed credits and/or misinterpretation of the tax rules and how they are applied to your situation. Both can become costly mistakes. Long-Haggerty CPA Inc. has the expertise that will keep you informed and reduce your tax burden wherever possible. We specialize in both basic and complex tax situations. Here are a few examples of our experience: • Voluntary disclosures • Foreign investment and asset reporting • Foreign income reporting • Cross-border tax (CDN side only) • Investments • Deemed dispositions • Rental income earned in Canada by non-residents and elections under section 216 • Rental income reporting • Sole proprietorships • Tax planning • RRSP optimization When you face a complicated tax situation, it is in your interest to have a Chartered Professional Accountant review your case and see that you maximize any refunds and minimize any taxes. Errors or missed opportunities can end up costing you much more than it would cost to pay a professional to review your situation and make sure that your tax returns are done correctly. • Personal taxes range from $210 – $500. We base fees on time involved so ask us how you can save on fees! • Non-resident returns - we are currently not offering non-resident returns but are happy to refer you to a tax expert who does.

Corporate Income Tax Returns

From Basic to Complex As a small business owner, you rely heavily on your accountant for effective tax minimization strategies. Long-Haggerty Chartered Professional Accountant Inc. has experience working with small and medium sized businesses within diverse industries. We will work with you to develop a custom-tailored approach to your tax planning needs. Our team keeps up-to-date with legislative changes through advanced education, thus giving us the edge and you the opportunity to always plan ahead and strategize accordingly. Our corporate tax services include T2 corporation income tax return preparation, larger groups, connected corporations and integrated corporate and personal tax planning. • Compilation or review engagement – fees included (see Financial Statements for fees) • T2 Only Engagements from $2,100 • • NIL T2s from $1,900

Estate Income Tax Return

There are three types of deceased returns that might be filed after death. The legal representative (executor) has to file at least one return called the Final Return. However, it is possible to file multiple returns after death that includes Optional Returns and the Trust returns. You may use the optional returns to declare certain types of income that cannot be claimed on the final return. Also, by claiming certain amounts more than once, splitting them between returns, or claiming them against certain kinds of income, you may be able to reduce or eliminate the deceased’s tax payable as the personal income tax credits may be claimable on each return. Trust returns are required when assets remain in the estate of a deceased individual and not disbursed immediately upon death. • Date of death returns & rights and things returns start at $250 • Estate tax returns start at $500

Non-Profit/Charity Information Returns

Not-for-profit organizations have different reporting requirements than regular for-profit organizations. This can include restricted and non-restricted fund accounting, special information returns (T3010, T1144, and others) for CRA and even audited financials if government funding is significant. With the sector and the unique set of accounting standards for not-for-profit organizations (ASNPO). • Compilation or review engagement – fees included (see Financial Statements) • T3010 or TR2/T1044 Reporting only from $2,000 • • NIL Filings from $1,700

Bookkeeping Services

Hourly/Monthly/Quarterly/Annual Rates We help develop and main your company’s overall financial processes by helping create your chart of accounts that is specific to your business. Using accounting software and specific accounts, we will track your expenses (payables) and income (receivables) to keep all your business financial transactions documented and up to date. We provide reporting for each period so you can stay on track of the business and know where your profitability sits. We can also use this information to stay on top of any tax planning and get ahead of the issues rather than trying to fix them after the fact when it is often too late. When you use us for your regular bookkeeping, you save on our year end fees! * Hourly rate – $125/hour (we are more than a non-designated bookkeeper but lower than most other CPA firms) * Set monthly rates from $350/month – our rates are guaranteed and can be all inclusive! Meaning we can include your year end fees, consulting, and all CRA Reporting into your monthly fee, so you have no surprise billings and no larger one-time payments each year! * Set quarterly/annual rates – contact us

Payroll & Related Reporting

Monthly/Quarterly/Annual Rates We offer assistance with payroll including regular payroll reporting on bi-weekly, semi-monthly and monthly pay structure and the remittance to the CRA on regular or accelerated requirements. Payroll can be included in the monthly bookkeeping fees OR do your own bookkeeping and have us do your payroll at the following rates: • Payroll – $150/pay period up to 5 employees + $30/employee over 5 • PD7A Payroll Report – $200/report OR included with bookkeeping set fees • Employer Health Tax (EHT) – $350/report • WCB Reporting – $250/report • T4 Reporting – see below section

GST & PST Filing

We can help with all your government reporting needs for consumer taxes applicable to your business. Whether you are a new business and not sure if you need to register for GST or PST or if it may be beneficial to early register, we can help. We help provide analysis on any pros and cons to early registration OR if you are required to register and fill out the required forms. Once registered, we can prepare and file the returns for you. This can be done as part of your set monthly bookkeeping rate OR you may opt to prepare your own bookkeeping and just have us prepare the GST & PST returns and file them. For the latter option, our fees are $200/filing.

T4s, T4As, & T5s

T4s, T4As & T5s are required to be reporting on or before February 28 of the year following the payroll. These are always based on a calendar year, regardless of your company year end. T4 slips and summaries are used to report the payroll amounts to the CRA and for individuals to claim the income they have earned from employment. T5 slips and summaries are used to report dividends paid from your company to the shareholders. These can be included in the monthly bookkeeping fees OR an all-inclusive year end fee OR can be done separately for $275/return + $30/slip (per employee, contractor or shareholder)

Consulting

$250/HR - $400/HR Consulting includes but is not limited to tax planning, consulting on incorporation vs sole proprietorship, consulting on purchase offers/selling of a business, due diligence procedures, valuation calculations, business set up, board of directors set up, internal controls, etc. benefit depends on the topic. We bill a minimum of 1 hour.

CRA Assistance

CRA assistance can include obtaining information from CRA regarding your account, comparing assessments or reassessments to filings, responding to a CRA audit or review, tax payer relief requests and more. Contact us for rates which vary depending on needs.

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Why hiring a CPA matters when it comes to your business.

There are lots of ‘accountants’ and tax preparers, but they are not necessarily a CPA. CPAs go through rigorous education and training (7 years – 3 of which are done working full time and in school full time PLUS continuous annual Professional Development requirements) and are regulated by a governing body. This allows protection for the client as there is a body that is overseeing what we do and they have very strict compliance regulations.

The truth is that “Anyone can call themselves an accountant but they are not allowed to call themselves a Professional Accountant.” CPA’s adhere to the high standards of the Chartered Professional Accounting Association of BC. CPA’s must have a license to practice public accounting in their province and are monitored regularly by the CPA Association.

For more information www.bccpa.ca

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