In Canada, every adult and every corporation must generally file an annual income tax return. What we do at Towler & Associates is help our clients fulfill their tax filing obligations while reducing the taxes they pay. We don’t prepare US tax returns, we don’t conduct audits, and we don’t provide accounting services to Not for Profit entities; we help client’s with their Canadian taxes, both personal and corporate.
How do we help our clients with their taxes?
- For our personal tax clients, we prepare their personal tax returns, accurately and quickly for a reasonable fee,
- Every March, April and May we are focused on completing personal tax returns. Our experience is very valuable as we help our clients reduce their taxes by ensuring that all tax deductions and credits are claimed,
- The personal tax clients that we help include small business owners, investors, and retirees; generally taxpayers wanting a trained professional to prepare their tax return and reduce the taxes they pay, all for a reasonable fee,
How do we help our corporate clients?
Our corporate clients fall into 3 groups, medium sized businesses, small businesses and micro businesses.
1) Our medium sized clients have typically 9 or more employees including an in-house accountant that handles the payroll, bookkeeping and operational accounting. These clients are retailers, manufactures and service based businesses. We help these clients by preparing their annual financial statements, corporate tax returns and the owner’s personal returns. As well, we help these clients with key decisions and other business matters when asked. We save them money by providing tax planning advice including income splitting recommendations and minimizing their combined corporate and personal taxes,
2) Our small business clients have 3 to 8 employees but no in-house accountant. Instead they have a contract bookkeeper, who completes the bookkeeping, prepares monthly operating statements and handles payroll. Examples of these businesses would be restaurants, franchise businesses, and building contractors. We help them by preparing their annual financial statements and tax returns as well as consulting on payroll and HR issues, asset purchase decisions, and tax matters. We save them money by providing tax planning advice as well assisting them with a wide variety of business decisions.
3) Our 3rd type of corporate client is a micro business including incorporated professionals, film industry contractors, and project managers. These owners are totally hands on and don’t require operating statements to manage their business; they need our help to reduce their taxes and to complete their tax reporting and other government filings, so they can concentrate on making money. We help them by preparing their annual financial statements and tax returns as well as their payroll calculations and government remittances, and we review and analyze their revenue and expenses. We save them money by reducing their taxes and by handling all their bookkeeping, accounting, tax planning and tax reporting for between $2,000 and $2,500 a year. For these clients, we have a distinct price advantage over other firms.
A big way we help our new and existing clients is by providing sound tax planning advice and income splitting recommendations. A common situation we review is whether a self-employed business person should incorporate. In many situations it is beneficial to incorporate. A sample scenario is an IT contractor, earning $100,000 who has a stay at home spouse and two children. By incorporating and utilizing income splitting transactions, he can save over $7,500 a year in after tax dollars, which is the equivalent of more than a 10% raise. If you know a self-employed business person or contractor that fits this description, ask him if he would like a 10% raise and when he says yes, you say, call Warren, he can help you. I would be happy to speak with him and explain the details, on a free of charge basis.
When someone says that they need the help of a good accountant, you say, call Warren, he can help you.