Tax Services

Outsourcing your accounting to the experienced and qualified team at Versatile Accounting and Tax, who can most effectively represent you with the Canada Revenue Agency, will pay for itself when compared to less-qualified representation.

In general, Tax planning is similar to financial planning. At Versatile Accounting & Tax, financial and tax planning experts will help you make the smartest and safest decisions for your family and your finances. The more complex your finances, the more detailed and thorough tax planning is needed. We go above and beyond traditional tax planning and tax compliance, and work with you to explore unique issues and tax opportunities.

Corporate mergers, acquisitions, and reorganizations are complicated matters and require knowledgeable and experienced advice. Versatile Accounting & Tax has the necessary experience to assist you in optimizing your tax position. Our team of tax experts is here to help you with the complex and diverse corporate tax compliance process, transaction, and advisory needs. Our new and innovative tax planning solutions take into consideration each client’s personal or business incentives, thereby helping us achieve optimum tax treatment and tax saving opportunities for you and/or your business.

Versatile Accounting & Tax provides a reliable audit trail so that your records stand up to any questions the CRA might have for you and comply with the latest updates to financial best practices. Our Bookkeeping Services are designed around the needs of small to large businesses and are an affordable and efficient way to get up-to-date and accurate bookkeeping records, no matter where you are located. We understand how confusing it can be for bookkeepers to create reports and do analysis based on the records they keep. We work hard to break things down for our clients so that the process makes sense and runs smoothly.

Payroll services consist of accurate calculation of payments to employees for their work in the company, whether based on time (hourly) or productivity (contract or salary), as well as calculation of benefits and statutory deductions. It also involves the disbursement, pay slip generation, managing tax services, and record-keeping compliance.

Payroll can be scheduled to be processed weekly, bi-monthly, monthly, or daily (for daily wage workers) but must be done on a regular basis as per the determined pay period. Versatile Accounting & Tax can help you avoid the headache and problems associated with inaccurate payroll systems, with timely, professional, and accurate payroll services.

At month-end, Versatile Accounting & Tax will calculate payroll tax to determine the amount your employer is responsible for paying the Canada Revenue Agency for the deductions taken from the employee paychecks, known as remittance, plus the employer’s portion of Employment Insurance and Canada Pension Plan (CPP). We will develop a payroll strategy that is right for your business and your employees. We look forward to helping you with all your dividends, payroll, and t-slip needs.

As per Canada Revenue Service (CRA) guidelines, Canadian corporations must file a T2, or corporate income tax return, every year, even if there is no tax payable. Corporate tax returns must be filed within six months from the end of a corporation’s fiscal year. Corporate taxes are required to be paid three months after the fiscal year. A corporate tax year, or fiscal period, cannot exceed 53 weeks.

In order to receive a tax refund, your corporate income tax return must be filed within three years of the end of a fiscal period. Our standard turnaround is four weeks. In order to ensure your corporate tax is submitted or filed on time, please consider our corporate tax planning services to keep things running smoothly year-round.

Developing an estate or succession plan usually means having tough but essential conversations about the future. We start and finish the discussion by asking what matters most to you and what is important to your family. We work closely with you and your loved ones to create custom tailored, comprehensive estate and succession plans for current and future generations that allows for long-term wealth preservation.

This will be a dynamic document and will evolve with ongoing recommendations over time to reflect your changing goals and circumstances. Our clients truly value this continued service which would include tax compliance for estates and family trusts, and business transition, succession planning and estate planning services.