Information To Provide To Your Tax Accountant

Working with a tax accountant is a smart way to ensure that your business performance and personal financial planning are adequately monitored and controlled.  In times of increasing economic stress, it becomes more important to ensure that plans are followed and corrective actions, if needed, are implemented as quickly as possible.  The following lists outline some of the more common items that you should consider providing to a new tax accountant either at your first meeting or in advance of that meeting.

Information to provide to your tax accountant at your first meeting

1. If you have engaged your tax accountant to assist you with your personal or family financial planning, some of the information that is very helpful includes:
   1. Marital status (spouse’s income etc.)
   2. Ex-spouses and second marriages
   3. Children (ages/disabilities/custody issues/fitness classes/arts classes/university)
   4. Parents and siblings
   5. Family members with CCPCs

 

1. For situations where you have asked a tax accountant to assist you  in maximizing the potential of your business, the following information should be provided:
   1. History of company (who/when/profitability/risks)
   2. Structure (share ownership/types of shares/dividend restrictions/multiple corporations)
   3. Tax planning issues (dividends/salaries/potential PSB status/loss utilization/objectives)
   4. Certificate of Incorporation
   5. Latest Annual Report (as sent to BC Registry Services)
   6. Register of Directors
   7. Central Securities Register (issued shares of all classes)
   8. Articles
   9. Shareholders’ agreement
   10. Any other agreements e.g. bank loans/lease agreements
   11. Directors’ Resolutions (Dividends etc.)

    

2. You should provide your tax accountant with a detailed tax history so that they are aware of any outstanding risks or exposures.  With this information, your accountant can assist you in mitigating any risk or exposure as well as offer advice on how to remain compliant with tax requirements:;
   1. Prior year Financial Statements, Tax Returns, Notices of Assessment
   2. Tax elections filed by the Company or its shareholders
   3. CRA statements for CT/HST/Payroll

AG TAX LLP Can Help

If you have any other tax-related queries, and/or need assistance with tax planning/filing please contact AG Tax. Our tax professionals are highly-experienced with U.S. and Canadian tax laws and can provide you the right guidance to handle your tax situation.

Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to U.S., Canada and other international tax laws.

We can assist with:

• Canadian Personal and corporate tax returns
• Cross Border Taxation and Business Planning
• Personal and Corporate Taxation
• Disclosure of Foreign Assets and other information filings
• Retirement planning
• Estate Planning, Inheritance tax advice

To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:

• 416-238-5920 (Greater Toronto Area, ON)
• 604-538-8735 (Greater Vancouver Area, BC)
• 780-702-2732 (Greater Edmonton Area, AB)

 

Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.