Tax Planning, Preparation & Filing
Canadian tax laws have evolved over the decades and still changing. From time to time, volumes of changing tax laws and regulations affect the application, preparation and filing of income taxes in Canada, and as a result, the preparation of personal and corporate income taxes can be a little complicated or at the least, a painful process.
It requires a certain level of knowledge to be able to accurately complete your taxes without jeopardising some important details that could result in errors which may cause tax payers to pay a lot more in taxes or lose money on their tax refunds. This is where WJA becomes your best ally. We offer the following tax services to meet your needs:
Tax Planning & Strategies
Tax planning is all about legally keeping most of your income in your own pocket instead of in the government's pocket. It all starts from the business conception and planning, the registration process, the type of business and financing structures to put in place for each specific business case, the employment process, the business income appropriation, dividend or salary, Loan facilities, etc.
Speak with you before incorporating your business and we'll be glad to be tremendous help to you. If you had already got your business running there are still a lot that can be done on your tax saving strategies, please contact us.
Personal Income Tax Return: Our personal income tax return preparation is extended to individuals who are on commissions, employees, contractors, sole proprietors, partnerships and investors – domestic or international, among others. We offer discounts for seniors and students. We require cash payments and do not offer instant cash at the moment; these are services we hope to add in a very near future.
Personal Income Tax Planning & Advises: We can work with you to minimize your personal income taxes, implement smart tax strategies, without compromising regulatory compliance – Tax avoidance and not evasion.
Corporate Tax Return: From small businesses to mid-size enterprises, our professional expertise and tax solutions are developed with you in mind to meet your growing business needs. We can create tax savings through tax planning strategies, and also work with you year-round to help you minimize your taxes and maximize your profits.
We offer a holistic approach to businesses with a package made up of; business registration / incorporation tax planning, tax return preparation, bookkeeping, financial statements preparation, and business management & consulting.
GST/HST Tax Return: The goods and services tax (GST) is a tax that applies to the supply of most goods and services in Canada. These goods and services also include real property and intangible personal property.
Generally, the harmonized sales tax (HST) applies to the same base of property and services as the GST. HST is imposed in provinces that have harmonized their provincial sales tax with the GST; these provinces are referred to as the “participating provinces”; which includes New Brunswick, Nova Scotia, Newfoundland and Labrador, Ontario and Prince Edward Island.
We expertly help businesses and corporations in the preparation and filing of their periodic GST/HST returns.
Tax Audit - CRA
Business financial decisions should be based on reliable information, therefore the financial statements which form the bed rock of these information are the blood line in running an effective business. The WJA professionals are ready to work with you to ensure your financial statements are in order and available in a timely manner as required for the efficient day to day running of your business.
Our accounting services are not limited, but we cover all aspect of accounting services that are required by all small business enterprises irrespective of the industry where you operate. We are available to help your business with accounting needs right from registration or start up to maturity.
Below are the summary of some of the accounting services we provide to our clients:
Financial Statements Reporting
Compilation of financial statements: We speak and understand the language of the numbers very well. We shall be glad to look after your financial statements. We are experts in preparation of the financial statements in accordance with the professional accounting standards, packaging them nicely and presenting them in a readable format, highlighting to you the specific information that you need to make intelligent business decisions, in a timely manner.
Our firm provide a range of cost effective accounting services such as:
Book Keeping Services
We act in full capacity as your accounting department thereby giving you all the benefits of a full flesh accounting functional department, but without the huge costs and overheads associated with it.
Our book keeping services include the provision of full-service bookkeeping solutions, day-to-day processing of your business transactions – full cycle accounting.
We provide services including but not limited to the areas listed below:
The reports can be accessible online from your designated devices at anytime. Therefore giving you timely information and keeping you in controll at all times.
Financial Planning & Analysis
Our professionals can provide a comprehensive analysis and interpretation of financial statements to your small business enterprises. Using the industries best practices approach, we calculate and interpret all the relevant financial ratios, trend analysis, bench-making against appropriate parameters, extraction of variances. Significant variances are then reviewed in detail, and recommendations provided on how to realign in order to meet the set objectives.
Monthly Books Review:
Budgets and Forecasts Review
We also provide a comprehensive review of your financial and operational forecast, cash management and projections. We rigorously test the basis of preparation of the budget or forecast; which includes a review of the organisations critical success factors, costs and revenue drivers, economic review and validation of stated assumptions and the accuracy of the calculations. We extract the targets, and set the anual objectives and KPIs based on the budget.
All these are always presented with simplicity; highlighting to you the specific areas that you need to focus on in order to meet the set objectives and KPIs. We also help to monitor these all year round.
We act as Controllers to small business enterprises and thereby saving them enormous administration costs: we help to plan your business from start up, develop your business systems, create entire business processes and run them. We also help in the area of contracts management, putting bids together, review of commercial sections of contracts and the interpretation.
We render professional financial advices and help our clients make sense of all financial numbers, which aides them in making informed business decisions, and in planning ahead on how to grow their organizations.
Our controllership services cover the following areas and more:
Starting a small business can be inundating especially to a new entrepreneur who is starting a business for the first time. Even though you have a great idea does not necessarily mean that you have all that you need to know or do for this enterprise to succeed. The use of professionals in various areas of expertise can actually help any entrepreneur avoid the potential loss that may not be envisioned.
Setting up a company requires a whole lot of preparations, including writing the business plan (this has to be professional developed and documented), and tax planning (this suggests how to structure the business for effectiveness) and it's better to be included from the start up. It can help your business to save a lot of money on taxes. Also there are regulatory requirements to be met - the need for your business to be compliant with the appropriate governmental and regulatory authorities in order to avoid penalties etc.
WJA Tax & Accounting is a firm of professionals that help and walk your business flawlessly through the entire business management processes with ease, from startup to maturity. We offer a comprehensive business management & consulting services.
We offer a holistic approach to businesses with a complete package including; business planning, registration & incorporation. The process involves tax planning, tax return preparation, bookkeeping, and financial statements preparation.
Our business administration services include:
Are you an entrepreneur starting a new business? and you have a lot of questions on your mind; how to go about it, on how to convert your dreams to reality. We are here to help. Our areas of help cover the provision of information, to the implementation of the administrative, financial and tax aspects of starting a business. We can help your business to prepare a comprehensive startup business plan and will be executed by experts and professionals.
Are you already a business owner and looking to incorporate? We offer incorporation services to help businesses easily make the transition. Our services include: dealing with the CRA at the beginning stages of incorporating your business, preparing the documentations, forming the corporation, etc.
As a corporation there a ton of additional documentations that you need to maintain, such as the munites of meetings, directors resolution etc. and some documents that are required to be filed with the government periodically.
Business Process Reengineering involves the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in productivity, cycle times and quality. Improvements in critical contemporary modern measures of performance, such as cost, quality, service, and speed.
From small businesses to mid-size enterprises, our professional experts analyse and redesign your internal workflows and between other enterprises, such as your suppliers and customers, in order to improve your organisational productivity by optimizing end-to-end processes and automating all the non-value-added tasks.
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of your business, group, organization, or system. Our Performance measures covers and lets you know:
We identify your business' critical success factors (CSF), review your set goals, establish the key performance indicators (KPI) and develop a balanced scorecard to monitor and drive your business to the ultimate goals.
Other Business Services
We can help to design, build and manage your business or personal websites.
Making professional appearances in staff or manangement meetings to make present on financial reports to the team.
We organise leadership seminars, business process topics, management and staff trainings to improve efficiencies across your organisation.
Looking ahead. Every business organisation plans to be in business for longer than one year, but only few actually plans beyond tha one year budget and forecasting cycles. Failure to plan is a plan to fail. Planning beyond one year is a plan to survival beyond one year.
WJA team will work with your company to develop a long term strategic business plan, a well supported and documented financial plans. We work closely with your operations, and sales & marketing teams to understand their businesses, help them identified their business drivers and validating their assumptions. The package also included the development of a framework for periodic re-evaluation of the strategic plan on quarterly basis.
Printing & packaging of your various business reports for various purposes, such as bids submission, board meetings, circularisation, resolution & minutes. And other scretarial services for your business.