Corporate and Charitable Accounting Services
We offer comprehensive accounting services to both corporations and registered charities, including the preparation of Compilation Engagement Reports (formerly Notice to Reader). These financial statements are ideal for both internal and external readers and provide a clear snapshot of your financial position. Our services include:

• Year-End Adjusting Entries: We will work with your internal accountant or bookkeeper’s ledger to ensure your records are accurate before preparing the compilation.
• Reconciliation Services: We can assist in reconciling your records prior to the compilation of financial statements, ensuring they are clean and ready for reporting.

Tax Planning and Compliance

Navigating the complexities of corporate tax and compliance can be daunting, but our expertise ensures that you remain compliant while minimizing your tax liabilities.

• Corporate Tax Filing: We prepare and file T2 corporate tax returns, ensuring compliance with federal and provincial regulations.
• Excise Tax Returns (GST/HST): We prepare and file your GST/HST returns, making sure that your business complies with tax laws while maximizing available credits.
• Payroll and Dividends: Whether you need to file T4 payroll slips or T5 dividend returns, we provide guidance on how to structure your remuneration to minimize tax liabilities and ensure proper reporting to the CRA.
  
  

Dealing with CRA Audits and Voluntary Disclosures

If your corporation or charity is facing a CRA audit, we can act as your representative, reducing the stress and back-and-forth with the agency. Our team will prepare all supporting documents and correspond with the CRA on your behalf, ensuring the process runs smoothly.

In cases where you may have missed tax filings or need to correct an error, we can assist you in applying for relief under the Voluntary Disclosures Program (VDP), potentially avoiding penalties and prosecution.

Starting and Structuring Your Business

Whether you’re considering starting a new business or restructuring an existing one, Foresight Money Matters offers expert guidance on the steps to take. We help you navigate the decisions of whether to operate as a sole proprietorship, partnership, or corporation, and we explain the implications of each structure on your tax and compliance obligations. Our services include:

• Assistance with obtaining a business number
• Guidance on setting up payroll and calculating payroll remittances

Personalized Tax Strategy
In preparing your financial statements, we also consider your personal financial goals. If you’re withdrawing funds from your corporation, we can advise on whether to declare dividends (T5) or pay a salary (T4). Each option has different tax and reporting implications, and we’ll evaluate which approach best aligns with your long-term objectives while minimizing your tax liabilities.

At Foresight Money Matters, we’re here to lessen the burden of financial management for corporations and registered charities by providing expert accounting and tax services. Let us handle the complexities so you can focus on achieving your goals.