Services

Taxation Planning and Compliance Services

Corporate tax

It is a legal requirement for all corporations established in Canada to file an annual corporate tax return. Corporations are subject to tax in Canada on their worldwide income if they are resident in Canada for Canadian tax purposes. Corporations not resident in Canada are subject to Canadian tax on certain types of Canadian source income. For a small business corporation, the corporate tax return is due to be filed within 6 months of the fiscal year end, however, in all cases, any balance owing is due within 60 or 90 days of the fiscal year end (depending on the specific type of corporation). At Gauvreau & Associates we work closely with our corporate tax clients to ensure that their financial information is appropriately reported, and that any corporate tax filing requirements are completed on time, and that all available deductions are fully utilized.

Personal tax – Canadian

The Canadian tax system imposes income tax on the worldwide income of individual’s resident in Canada and on certain types of Canadian-source income earned by non-resident individuals. In Canada, an individual tax payer is required to file income taxes by April 30th (June 15th if the taxpayer or their spouse is self-employed) if there are any taxes owing on that date. At Gauvreau & Associates we assist over 800 individuals with their personal tax filing requirements on an annual basis. At the beginning of the tax season we provide our clients with an income tax checklist so as to ensure all information required to be included in the tax filing is done so, and that any available deductions are fully utilized.

Estate tax

A loved one passing is a very difficult time for everyone. In additional to the emotional anguish, there are significant complexities when it comes to dealing with the taxation of an individual upon death, as well as the probate of the assets of the estate and the eventual distribution of assets to beneficiaries identified in the will and final testament. At Gauvreau & Associates we assist the executors and their legal representatives with the processing of the final taxes as well as filing the required estate tax returns and filing for clearance certificates, while at the same time provide clarity and direction through the entire process.

Trusts

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or multiple beneficiaries. At Gauvreau & Associates we frequently use trust structures for both tax planning opportunities as well as a required filing upon the death of a taxpayer.

Income tax planning

The practice of income tax planning is a proactive approach to reviewing a particular individual’s or businesses tax position to ensure that any current or future income tax issues or concerns are fully understood and any opportunity to mitigate those identified taxes is executed either now or in the future. At Gauvreau & Associates, some methods of income tax planning involve the review of specific transactions prior to their execution to ensure no unexpected tax liabilities exist, discussions and analysis with clients based on their current year results and the expected tax outcome of such results, and review of business structures to ensure that the most tax efficient structure are in place at all times.

Owner manager remuneration

As a business owner, you have many different options for being compensated for your efforts and investment risk incurred. Such options include, but are not limited to, salary, dividend’s and other taxable benefits. Not only do business owners need to determine which method is best for their individual purposes, it is imperative that such compensation plans be assessed for any change in circumstance and also be updated to address changes in legislation. At Gauvreau & Associates we work closely with our clients to ensure that remuneration is set up in a way that creates the most available after tax cash in the pockets of the owners. On an annual basis we review such compensation plans with the business owner to ensure we continually take advantage of the best compensation plan available for the business owner’s unique circumstances.

Taxation of partnerships

As a member of a partnership, an individual must report their share of the partnership’s profit or loss for its fiscal period on the individual’s personal tax return. While one can normally claim their share of partnership losses against other sources of income, this may not always be the case if they are a member of a limited partnership. At Gauvreau & Associates we work with multiple partners or individual partners to ensure that the partnership income is appropriately reported and that all available deductions for individual partners are reported.

HST

It is a requirement for most Canadian based businesses with revenue over $30,000 to register, collect and remit HST to the Canada Revenue Agency on a periodic basis. At Gauvreau & Associates we can assist with the HST filing requirements for your business. If our office is responsible for the bookkeeping of a business, we will ensure that any HST or other related filing requirements are remitted on time and to the appropriate government agency.

Corporate reorganization

This is the process of planning for, and executing, the change in a business’s corporate structure to generate a number of favourable outcomes for the corporation, including, but not limited to, a more efficient tax position, to accomplish a transfer of ownership in a tax efficient manner, and to facilitate a succession plan transition (to name a few). At Gauvreau & Associates, we proactively assess our clients existing corporate structures and determine whether the cost/benefit of implementing such a change in corporate structure will result in a more beneficial financial outcome for the business owners.