Hugh Smilestone Chartered Professional Accountant

Services offered: Financial Statements ; Corporate Tax Consulting; Personal Income Tax Consulting; Bookkeeping.

* Assistance with new businesses

* Design and installation of bookkeeping services and reporting systems.

* Support and training of staff

* Monthly bookkeeping on a fee basis

* Reconciliations of accounts

* Preparation of payroll Remittances and HST returns

* Compilation of financial statements

* Financial statement reviews

* Taxation consulting

* Preparation of corporate tax returns and schedules

* Preparation of R & D claims

* Budgets and financial plans
Financial Statements

* Depending on the complexity of your business, you will require one of the following financial statements:

* A compilation is the least expensive. An accountant will generally use the numbers you have generated and arrange them in 
financial statement 


* A financial statement review is more expensive. The accountant will verify that financial statements are accurate and reported 

according to Canadian generally accepted accounting principles.

* Audit: the preparation of an audited financial statement require
s extensive testing of balances and transactions. Is generally not

required for small businesses.

Corporate Tax Consulting
New businesses

* When starting a new business, decisions must be made concerning the business framework. Should it take the form of a proprietorship, corporation

or partnership?

* How should it be financed? Who should be involved? What is the best way to structure a business for tax reasons?

* A business plan is a sensible tool to ensure that a business idea is sound and the financing is reasonable. It should be prepared, even though it may

not be required
by a financial institution.

* A new business will have to file information returns for government and calculate and pay payroll deductions, HST and income tax.

* It will require an accounting system that will efficiently calculate these liabilities and is designed for the specific business.

Existing businesses

* Existing business may benefit from the help of a professional accountant when undergoing periods of growth or change. Is your existing accounting

system satisfactory?

* Is it providing the information that you need? Do you know how much money you have made this year? Do you know what your tax liabilities are?

* Are your receivables current and have your customers been re-billed if necessary? Are you recording your payable so that you may benefit from

claiming HST tax credits?

* Professional accountants can advise you about the taxation of your business. This means legally minimizing your tax bill without incurring the risk

of interest and penalties.

* An accountant can also assist you with estate and succession planning and budgeting.

Personal Income Tax Consulting

* Everyone, whether working for a corporation, business, institution or at the corner store, can benefit from the kind of advice a CPA, CGA will provide.

* Preparing your income tax return. Everyone who must file an income tax return can use the services of a professional.

* A CPA, CGA can help you legally minimize your tax bill and ensure that you claim the credits to which you are entitled. 

* Special situations which occur from time to time may require assistance by a person with years of training and experience in taxation.

* Self- employed and unincorporated businesses require financial statements.

* Business income of an individual is reported on a special schedule. Different rules apply.

* The sale of Canadian real estate by non-residents of Canada requires that capital gain tax be paid at the time of sale and a Canadian tax return

filed at the time.

* The transfer of a Canadian property by a non-resident to a family member may also trigger capital gains tax. Hugh Smilestone, CPA, CGA will assist 

with tax planning and filing.

* Non-residents who rent their Canadian property are subject to tax withholding's on their rental income and may benefit from filing a Canadian tax


* Final returns of tax payers. In the year of death special returns will have to be filed.


* Keeping financial records is probably not what you do best. Most likely, you'd rather spend your time selling your product or service. If you are

going to run a successful business, accurate and timely financial information is a must.

* Here are some of the reasons why you need a good financial record keeping system:

* Monitoring the success or failure of your business. It's hard to know how your business is doing without a clear financial picture.

* Are expenditures increasing faster than sales? Which expenses are too high based on my level of sales?

* Do some expenditures appear to be "out of control"?

* Providing the information you need to make decisions. Evaluating the financial consequences should be a part of every business decision you make.

* Without accurate records and financial information, it may be hard for you to know the financial impact of a given course of action.

* Obtaining bank financing. A banker will usually want to see financial statements: a balance sheet, income statement, and cash flow budget for

current and prior years, as well as your projected statements showing the impact of the requested loan.

* A banker may want to see some of your bookkeeping procedures and documents to verify whether you run your business in a sound,

professional manner.

* Obtaining other sources of capital. If your business has reached the point where you need to take in a partner, any prospective partner

will want to become intimately familiar with your financial picture.

* If you need capital and are thinking of taking in an outside investor, you will need to produce accurate financial information. 

* Even your suppliers and other creditors may ask to see certain financial records.

* Budgeting. All businesses should use a budget for planning purposes. 

* A budget will help keep your business on track by forecasting your cash needs and helping you control expenditures.

Hugh Smilestone, CPA, CGA and his staff can assist by: designing and installing your accounting system, training and supporting staff, 

reconciling your accounts on a monthly basis, preparing payroll and GST/HST remittances.