Corporate Colin Phillips, CPA Professional Corporation regularly monitors federal and provincial tax laws that may affect small or medium-sized businesses in Canada. The tax legislation in Canada is continually evolving so it is important to have experts who keep up to date with these changes. Our multi-review system checks over 75 fields after the tax return has been completed to ensure all financial statements and corporate tax returns that are issued have 100% accuracy. Personal Our personal tax services are geared towards individuals who are owner/managers of a corporation or have extensive investments, self-employed income, rental property income, foreign or multi-jurisdictional reporting, and more. Personal…

One of the most time-consuming tasks any business owner faces is payroll. Processing payroll involves much more than simply handing out regular paycheques. There are taxes, deductions, employment benefits, changes in payroll legislation, year-end documentation, records of employment, EHT, WSIB, and more to worry about. It’s even more complicated if the earnings amounts change every period. By entrusting your payroll responsibilities to us, you turn this complicated administrative chore into a trouble-free function in your business that is both cost and time-effective. If we're handling your payroll, there's no need for you to staff an employee dedicated to this task, and…

While concentrating on your core business, the financial record keeping can sometimes fall behind, leading to an overwhelming pile of administrative work. There are some accounting programs that claim to make the bookkeeping easy. Unfortunately, our experience is that these programs also make it easy to make mistakes. Here are just a handful of errors we have detected that were permitted by the software: A $3,000 computer was coded to Office Expense; Automobile expense included, along with gas, the cost of cigarettes and candies; The GST/HST amount claimed on customs brokers’ bills was too low; The GST/HST amount payable to CRA was higher than the…

Whether you are a new business owner or are starting your third company, we can provide the expertise and guidance that businesses need in order to build a strong foundation for their future. Our firm can guide you through the process of entity selection and provide valuable tax planning advice. Let our firm set you up for long-term success with a strong foundation to build and grow upon.

If you are a sole proprietorship and thinking about converting to a corporation, you’ve come to the right place. At Colin Phillips, CPA Professional Corporation, we are here to discuss the pros and cons of converting your sole proprietorship into a corporation. Whether you’re a start-up or have been operating as a sole proprietorship for many years, we can evaluate your business situation along with your family circumstances and advise you on the best legal form for your operations. You may have decided to run your business as a sole proprietorship because it was a less expensive and less complicated way…

Our firm can help with what could be referred to as advanced tax planning and procedures, such as rollovers, amalgamations, and wind-ups. We also have a method, not widely known, for passing real estate on to the next generation free from probate fees while retaining complete control of the property. We can also advise you on how to deduct depreciation on partnership rental income to create or increase a loss. You might have other situations that require some innovation; we love a challenge! While we ensure our tax knowledge is current through extensive professional development, the extent of the tax act…

Although CRA processes most items correctly, they will occasionally make a mistake, or there might be a time when you disagree with their decision. Errors can be corrected, and if you disagree with an assessment, there is a mechanism by which an appeal can be filed. These appeals must be filed within a set amount of time, typically 90 days from the date of the assessment. We can help you decide on the best course of action, whether it is a phone call to CRA or a written objection. We can also help if you have missed reporting income or are…

Coping with the death of a family member can be difficult, and responsibilities for the executor or administrator can seem overwhelming. We at Colin Phillips, CPA Professional Corporation, can help by providing guidance to Trustees and ensuring all of the statutory reporting requirements are taken care of. Some of the services we offer for estates and trusts include: Preparing and Filing the Tax Return: We will help ensure all tax-saving measures are explored and all reporting requirements are fulfilled. In the year of death, there are often three or more tax returns that can be filed to benefit from tax-saving measures.…