Corporate

Corporate Tax Services

At Colby McGeachy Professional Services, we offer a vast array of corporate tax services.  Let us assist you with your income tax compliance, planning or appeals requirements. Our goal is to tailor tax preparation services for your unique business situation.

PERSONAL service.
PRACTICAL solutions.
PROFESSIONAL strength.

PERSONAL service.
PRACTICAL solutions.
PROFESSIONAL strength.

At Colby McGeachy, we prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include, but are not limited to:

  • Tax planning for individuals and corporations
  • Return preparation for individuals, corporations, estates and trusts, not-for-profit organizations
  • Provincial and federal commodity tax planning and compliance
  • Tax considerations in matrimonial settlements
  • Tax effects of buying/selling a business
  • Tax effective retirement and estate planning

Corporate Tax & Accounting Services

Federal and Provincial Sales Tax

Federal and Provincial Sales Tax (GST, HST, PST and QST)

Many of our clients are responsible for collecting and submitting sales taxes in many different jurisdictions. We can assist your company in the compilation of information and preparation of sales tax returns, and in controlling your sales-tax-related costs.

Controllership

Controllership

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. They also help to ensure you meet any statutory filings you may be required to make.  Our qualified staff can assist you with the day-to-day tasks associated with keeping your business running smoothly and meeting your statutory filing obligations.

Bookkeeping

Bookkeeping and Write-Up

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

Corporate Assurance

Compliance Audits
Compilation Engagements
Audit Engagements
Review Engagements
Special Purpose Engagements

Statutory requirements are constantly changing and you don’t fully understand your responsibilities.

How can you keep up with changing financial markets, corporate structure and information and communication technologies? It’s difficult to keep abreast of these evolving accounting and auditing standards.

We keep up to date, so you don’t have to. We have processes in place to ensure that as changes occur we can immediately implement them.

We can offer you non-financial Compliance Audits. These are often required by government organizations who provide funding to the public and private sectors. Primarily, these audits provide assurance that you received the government approved service and that you were in compliance with the terms. Compliance Audits can also verify whether or not you are in compliance with the conditions of a contract.

We can help your organization report on non-financial information, enhancing the confidence of stakeholders in your business

The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client.

A compilation engagement is appropriate only where the client and other users do not need financial information that conforms in all respects to generally accepted accounting principles and audit or review assurance is not required, and where the client understands that the statements may not be appropriate for general purpose use.

The procedures performed are not designed to enable public accountants to provide any assurance on the reliability of the compiled information. To warn readers of this lack of assurance, a “Notice To Reader” communication is attached that states that no review was performed on the information (as above) and that the information may not be appropriate for use by the reader. If a professional accountant knows, or has reason to believe the financial statements are misleading or incorrect, they must not associate with this information. A compilation may be applicable where financial statements are prepared for the exclusive use of the company’s management or for income tax purposes.

The objective on an audit engagement is to enable independent professional public accountants to render an opinion on the fairness of the client’s financial statements.

Audited financial statements are the accepted means which many business corporations report to shareholders, to bankers, to creditors and to government. Federal and provincial legislation in Canada generally requires a limited company (corporations) to prepare annual financial statements for audit by qualified independent auditors.

The financial statements subject to audit are the responsibility of the company’s management. The auditors’ responsibility is to express an opinion on those financial statements. The auditors must plan the audit to obtain reasonable assurance that the financial statements are free of material misstatement. Through the study and evaluation of the company’s system of internal control, an by inspection of documents, observation of assets, making enquires within and outside the company, and by other generally accepted auditing procedures, the auditors will gather evidence necessary to determine whether the financial statements present a fair picture of the company’s financial position an its activity during the period being audited.

The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible, that is, worthy of belief. If, after reviewing the financial statements the accountants are satisfied that the financial statements are not misleading, the accountants’ standard report will preface the financial statements.

In Manitoba, “The Corporations Act” requires that an auditor be appointed annually for all corporations (S.157 of The Act). However, under S.157 of the Act where a resolution agreed to by all of the shareholders of the corporation is made, the appointment of an auditor may be waived. This resolution must be renewed annually.

Where an audit is not required or the shareholders have waived the appointment of an auditor, financial statements may be prepared on a review basis. Reviews provide limited assurance that the financial information confirms to generally accepted accounting principles.

In performing a review the accountants would must be independent from the clients and have sufficient knowledge of the industry which the business operates. They would acquire sufficient knowledge of the client’s business to make intelligent enquiry and assessment of the information obtained, with the limited objective of determining the plausibility of the information reported on. The review should entail enquiries, analytical procedures and discussion with responsible client officials.

This degree of assurance is less than that resulting from an audit and is expressed as either:

  • The negative assurance that nothing has come to the accountants’ attention that would indicate the financial information is not presented in accordance with generally accepted accounting principals, or

  • A reservation together with appropriate disclosure and explanation of the reservation.

We have conducted many different kinds of Special Purpose Audits such as inventory control, fraud checking, and tracking hospitals to ensure that the right services are in place for abused women and expectant mothers.

Our Special Purpose Audit services include:

  • Comprehensive Audit
  • Value for Money Audit
  • Fraud Audit – Mix of compliance and financial audits

Our audit process ensures that the money was spent on the right people and on the right service while providing assurance to your stakeholders.

Corporate Advisory Services

We can assist you by providing advisory services in the areas of management consulting, business valuation, strategic and financial planning and much more.

Cash Flow & Budgeting Analysis

A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company’s financial condition, estimate financing requirements, and track cash-flow sources and uses.

Financial Forecast and Projections

Financial Forecasts & Projections

Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company’s financial goals.

Purchase and Sale of Business

Purchase & Sale of Business

Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning.

Business Consulting

Business Consulting

We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

Corporate Advisory Consulting Services

We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:

  • Acquiring a franchise
  • Advice on personal inheritance financial matters

  • Business valuation

  • Eldercare services

  • Electronic Data Processing

  • Estate planning

  • Financial statements to assist you in making business decisions

  • Helping your business grow

  • Information systems design and management

  • Investing to earn satisfactory yields

  • Management consulting and advisory services

  • Non-resident taxation

  • Obtaining and securing financing

  • Planning and budget preparation

  • Planning compensation programs

  • Problem analysis and profitability improvement

  • Representing clients in tax matters

  • Retirement planning

  • Risk assessment and insurance planning

  • Sales Tax Consulting (HST filings and assistance with an HST audit)

  • Small Business Management Consulting

  • Solving business problems

  • Starting a new business

  • Tax planning and consulting

Other Services

Fraud Prevention & Detection
Litigation Support
Expert Witness Services
Forensic Accounting

We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.

Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.

Qualified expert witness testimony for forensic accounting in Ontario’s General Division Courts.

We use accounting and auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.