Other Services
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience and relatiojnships with specialists over the years in numerous areas, many of which are listed below. We feel our ability to assist in such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
- Mergers & Acquisitions
- Corporate recovery
- Asset protection
- Debt Management
- Business start-up or expansion
- Bankruptcies
- Insurance
- Litigation support
- Employee benefit plans
- Payroll servicees
Consulting Services
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. The following are just a few of the areas in which, along with our trusted referral partners, we provide consulting services:
- Accounting software selection and implementation
- Business valuations
- Buying/selling a business
- Computer systems
- Financial & retirement planning
- Estate planning
- Insurance needs
Certified QuickBooks Software Training
Certified in QuickBooks desktop versions, we can assist in finding the right complement for your business and provide setup, training and support services.
With experience in providing a full range of business services to our clients, Jones Thomblison LLP Chartered Professional Accountants is well placed to provide such support. Give us a call at 905-319-3515 or send us an email. We have your best interest at hand and work for a lasting relationship with all our clients. Accounting services for small businesses from Jones Thomblison LLP Chartered Professional Accountants just might be the boost you need.
Individual T1 Tax Preparation
With years of tax return preparation experience, we welcome the opportunity to assist you with the preparation of your Personal (T1) returns.
T1 Returns include:
- Residents of Canada for part or all of the year
- Individuals receiving income from employment, investments and private or government pensions
- Children who earn money through baby sitting, paper routes, etc
- Terminal returns for individuals deceased during the year
- Optional returns for deceased individuals (based on the facts in each situation)
We are proficient in providing the following services relating to your tax filing:
During Tax Season
- Gathering of slips and documentation and an analysis of your personal tax situation to ensure that no claim has been overlooked
- Preparation of entire family’s returns (including spouse and children)
- Preparation of your HST return if you are self employed
- Optimizing family income splitting
- Timely filing of elections
- Electronic filing of returns
- Preparation of Foreign Income Verification Statement if applicable
After Tax Season
- Verification of accuracy of Notice of Assessments
- Preparation of adjustments to previous years’ filings as required
- Handling of correspondence with CRA in the event of an e-file audit or pre-assessment review
- Communicating with CRA on a variety of issues requiring immediate attention
- Paying installments for clients who are out of the country
- Ongoing discussions with clients regarding tax planning strategies that may present themselves throughout the year
Succession Planning
If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...
"What happens to the business when you're no longer running it?" and
"Will you have enough money to retire?"
The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
We help you with these key issues -
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Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
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Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
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Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
What we do for you...
Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
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Business Valuation
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Business Restructuring
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Tax Consequences
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Retirement Projections
- Tax Projections
Let us help you pass on what's taken a lifetime to build by requesting a Free Consultation by calling 905-319-3515 or by contacting us by email.