Typically, a small business is defined as a privately owned corporation, partnership, or sole proprietorship with between one and 100 employees. It’s estimated that there are around 1.2 million small businesses in Canada, which is about 98 percent of all businesses in the country.
When such companies need a small business accountant, they turn to us for the following reasons:
At Tangs Accounting we’ve helped small and medium-sized businesses with professional business accounting services for over a decade from various industries, including insurance, real estate, food, dental, retail, legal, construction, and more.
We take a compassionate approach to the process, with a strong focus on customer service, because we understand that accounting and taxation can feel overwhelming for any small business owner. Whether you need help with registering your business or setting up your accounting, we’ll be by your side to help.
During these unprecedented times, many small businesses are shifting to the digital economy to follow shelter-in-place orders and adapt to the new normal. At Tangs Accounting in Toronto — we offer online accounting and bookkeeping services to small business owners interested in organizing, tracking, and planning their finances.
Whether you need our online accounting or bookkeeping services, you will notice that our system is robust and intuitive. For example, our online accounting services includes the following features:
- Set up of the physical system
- Establishing business bank accounts
- Division of personal and business systems
- Records of invoices and receipts
- Introduction of tax obligations
- Payment collection systems
- Payroll set up
- Prediction of future expenses
Corporate & Business Accounting Services
We’re fully certified in the Chartered Professional Accountant (CPA) program, allowing us to offer a full spectrum of accounting services for small business clients in Toronto.
Taxation: While you may be an expert in your field, small business accounting is our field. Our primary role is to help you meet your tax obligations through our accounting, tax planning, and other tax-related services.
Business Consulting: We’re well-versed in the process of establishing and maintaining your financials. We can help you flesh out a business plan, set up your new business, or facilitate a merger and acquisition.
Business Registration:Register your business to gain many advantages, such as the ability to hire and pay full-time employees. With our business registration services, you can easily manage your annual return filing, business information changes, and corporation share changes.
Business Accounting Services:Our services can help organize your financial statements, balance your books, and more. When you let us do the heavy lifting, you can focus more on your company’s core operations.
Bookkeeping: We help you keep track of your earnings, expenses, and other financials with monthly, quarterly, and annual reports. With our bookkeeping services, you can understand the nuances of your financials and finetune your business when necessary.
Payroll: Avoid the stress of keeping up with salaries, fees, and other expenses with our payroll services. We can ensure everyone in your organization is paid on time.
Notice To Reader Financial Statement Preparation Services
You can use our Notice To Reader services to help your investors and shareholders understand unaudited financial information. The notice includes a balance sheet and statements of income and is fully aligned with International Financial Reporting Standards (IFRS).
The statement can help your business in several ways.
- Bank Financing: You must satisfy many metrics to secure financing from a traditional lender, such as a big bank. Your Notice To Reader statement can help a bank determine if your company satisfies their concerns.
- Investment Opportunities: Whether your company is interested in venture capitalist funding, or angel investment, you will need a Notice To Reader statement to share your business financials with them.
- Sales Opportunities: If you’re shopping for a buyer for your company or involved in a merger, you can use a Notice To Reader to outline your business financials to an interested party.
- Record Keeping: It’s critical to get a Notice To Reader report to maintain your yearly records, even if you don’t need one for official financial purposes.
Corporate Tax Services
Our corporate tax services in Toronto are thorough and offer convenience to small and medium-sized businesses. We’re fully qualified to take care of all your needs to ensure that you enjoy a smooth tax season.
T1 Filing:As the sole proprietor of your business, you’re responsible for all your tax obligations and must file a T1 tax return. Remember, even if you need to file a T2 corporate tax return, you must still file a T1 form to reflect your personal income. A T1 can also show all foreign income, including US income. We can help you file your T1 tax return on time and without errors.
T2 Filing: If you’re not a sole proprietor, charity, a member of a Hutterite colony, or if you don’t have special tax-exempt status, you must file the T2 tax return. With our professional and detail-oriented services, you can meet your corporate income tax responsibilities.
GST/HST Returns:All registered businesses must collect, file, and pay the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST). They must file the return even if they have no net tax to remit. At Tangs Accounting — we can address all issues related to your GST/HST Returns.
Non-Resident Tax Issues:If you live in another country, lack residential ties to Canada, or stay in Canada for less than 183 days in a tax year, you must file a T1-NR Tax Return. We help you understand the income tax rules and identify the right channel for you to file and claim your taxes.
Tax Audit Representation: A reassessment letter from the CRA can be challenging for any busy business owner to manage. We take the burden off your shoulders by dealing directly with the CRA with our tax audit representation services.
Tax Planning: Proactive business owners can use our tax planning services to stay one step ahead of the tax season.
Business Advisory: Whether you need to appeal a case, amend previous tax returns, or need any other professional advice, you can rely on Tangs Accounting for input.
GST/HST Housing Rebate:We can help determine if you’re eligible for the GST/HST rebate for your future investment property. We can also compile all necessary documentation for the return.
As a licensed, experienced, professional, resourceful, and compassionate small business accounting firm, we’re the right solution for all your accounting needs. Please feel free to get in touch with us with any questions or concerns.