Our Approach
Our Approach – more than just filing tax returns.
When we prepare tax filings for voluntary disclosures, we usually file for several years, yet have a limited amount of time in which to do the work. Over time, we have developed an approach to gathering and processing your accounting and tax information. We have developed custom programs and approaches to analyze the information and to minimize your tax liability.
We look at your personal, business and if applicable, your corporation’s income. We analyze the whole picture and wherever possible, minimize your overall tax liability, not just income tax and GST liability, but also the possible impact of interest charged by the CRA over the years.
Getting Started
At the time we receive a retainer letter from your lawyer, we also receive some information about your specific tax situation. Within a week we contact you by phone informing you that we have been engaged and that you will be getting some initial documents by e-mail.
The first document is a "Letter of Understanding", which outlines the work to be performed and other particulars about our involvement with your tax returns and other tax filings. The second document is "Fee Estimate" which approximates our basic fees based on your specific situation.
The Work Begins
Once these documents have been accepted and returned to us, our work begins. Because time is of the essence due to filing deadlines, we have developed questionnaires, forms and programs to facilitate and expedite the preparation of your tax filings. There are some general questions that need to be answered by individuals, self-employed persons and corporations. These are basic questions that help us determine what needs to be done next and what forms we will provide to you.
Once we have received the above questionnaires and forms, we will analyze and process the information. Very often we will contact you for clarification of some of the information that you have provided to us, this is to ensure that there is no misunderstanding, or that we do not assume something that we should not.
In preparing your tax filings, we will use our judgment in resolving questions where the tax law is unclear, or where there may be conflicts between CRA interpretations of the law and other supportable positions. Unless otherwise instructed, we will resolve such questions in your favour wherever and whenever possible.
The Final Stages
Near the end of the process, we provide draft tax returns and filings to your lawyer and inform him of any issues that may need further consideration. Once the tax filings have been finalized, we provide copies for the tax department, your lawyer and yourself. We maintain two electronic copies of your tax returns and supporting documentation for ourselves.
After The End
Should CRA issue tax assessments and requires additional information regarding your tax filings, we will be here for you to provide them with answers and to support your tax position
We always welcome your questions, suggestions or comments on our service.
