We offer a broad spectrum of financial and accounting services all focused on helping you reach your business goals. We look after all of the financial details so you can concentrate on the other important aspects of your business. Think of us as a partner in your success.
- provide expert advice that goes beyond the numbers
- analyze and interpret financial information to help you make the right management decisions
- keep you organized by looking after the nuts and bolts of keeping everyday accounting records
Our operating philosophy is to keep it simple and straightforward. We do not believe in aggressive, tax motivated transactions at the expense of common sense.
We strive to provide you with pro-active, timely, practical, reliable and personal service. We invest in our people by providing formal and informal training so you can be confident that you are complying with the ever-changing and often complex accounting rules.
We use the most technically advanced accounting systems available and are early adopters of paperless systems. The advantages to our clients include faster, more efficient service, and an improved ability to analyze financial information and provide proactive advice.
Finally, we bring you the benefits of real business insight from our years of working ‘on the other side of the desk’ in growing businesses and industry.
Bring your business to a new level of growth by teaming up with our innovative leadership team. Let us ask you this…
What are your business objectives? What are your “pain points”?
Is succession in the immediate future?
Are you hoping to expand? What are your issues and obstacles?
Would you like some help addressing them?
Any business, whether it’s a start-up or a long-established company, will have a list of targets that need to be satisfied and problems that need to be addressed. Tax Partners can help you do just that. With strategic, financial, performance, and organizational guidance truly customized to your business, we can provide as much or as little support as you wish.
For some clients, it’s simply a matter of offering guidance to sort out some annoying problems. For others, we play a far more interactive role in helping them incorporate their strategy.
Initially, we implement a review to determine areas for improvement. These can include areas such as planning and budgeting, capital structure, costing and pricing policy, marketing, debt collection, financial recording and reporting systems, and staffing requirements.
Then, employing a proprietary diagnostic tool, we analyze the benefits of revenue building strategies, productivity, customer service and systems implementation programs. With this data in hand, we benchmark your current levels of performance and provide suggestions for improvement.
Notice To Reader Financial Statements Services in Canada
A Notice to Reader (NTR) or Compilation is the production of unaudited financial statements. Basically, a NTR is simply information compiled from financial data provided by the client or bookkeeper. Most small and medium size businesses are only required to have an NTR done annually in order to meet the criteria for Canadian Income Tax Act.
NOTICE TO READER REPORT
Our team of accountants compile the information from the financial statements provided and assembles the report into a standard financial format. This package includes the Notice to Reader Report, a balance sheet and income statement; possibility of notes too for financial statements. Minimal work is done to confirm the integrity of the financial statements are authentic to the business activities. As the information provided is not required to be produced following GAAP (generally accepted accounting principles), users are left to trust the business owners honesty and record keeping provided as accurate information.
The Notice to Reader report along with the financial statements includes:
- Data compiled received from the client or the client’s bookkeeper to assemble into financial statements
- The report clearly states the scope and limitations of the report accuracy of the data was not verified
- A caution to readers the statements may not be applicable for their use
- The individual who prepared the report includes their professional status and the accounting firm
At Tax Partners, we understand that creative taxation strategies go far beyond the preparation and filing of tax returns. Our in-depth taxation knowledge and 35+ years of experience in helping our clients protect their earning and minimize income tax payable has established our team as the ‘go-to Accountants’.
Our clients recognize the added-value we offer by thinking outside the box. Our team’s objective is to clearly identify each client’s unique situation, as well as their goals, desires and aspirations. We provide strategic plans to maximize your earnings and minimize your tax, all while allowing you to do what you do best – running your business.
You won’t be shuffled around from department to department like the large accounting firms. Our team has all the expertise required to help you achieve success.
Big firm advice at a price you can afford.
Many business entrepreneurs are challenged when it comes to keeping proper records and paperwork. It’s not unusual for an entrepreneur, successful in their industry, to be completely lost when it comes to maintaining proper accounting, bookkeeping and income tax receipts.
We all have our strengths and weaknesses. If accounting is not your strength, then you need the expertise from those who have established a proven history in that field.
Tax Partners has built their reputation on partnering with businesses while helping them accurately understand the health of their business and more importantly assist them in developing plans to further enhance the wealth of their business.
Companies are facing the most challenging tax environment in history in the critical area of tax audits and disputes – increased global scrutiny is resulting in a substantial increase in the number and size of tax audits and assessments, leading to disputes with revenue authorities worldwide.
We know how much worry being on the wrong side of the CRA can cause and that’s why we offer comprehensive tax mediation services that are professional and efficient. We know the average Canadian business and individual knows very little about the processes involved in a tax dispute with the CRA and that’s why we have a team of professionals on staff who are familiar with all of the different paths one of these disputes can take.
Tax Appeals and Notices of Objection are just two of the possibilities National Tax Service can look after and our comprehensive tax audit section on our website can educate you while we work on your case as tax mediation specialists.
Settling any disputes that you have with the CRA needs to be a priority whether you’re an individual or a business. It’s both disruptive and costly to let these issues drag on for months when they can be settled much quicker in most cases with our tax mediation services. Remember our National Tax Service professionals have expertise in a number of different fields so you can rest assured your case is being handled by professionals that will see it through to a satisfactory conclusion.
If you’re having trouble coming to terms or reaching an agreement with the Canada Revenue Agency, we can assist you in reaching a mutually satisfactory conclusion.
HOW WE CAN HELP
- Gain a better understanding of your company’s risks and exposures
- Develop sound policies and processes to help safeguard your organization against audits and disputes
- Implement consistent and defensible practices and policies
Manage your tax disputes, audits, and examinations worldwide
CRA issues assessments, including net worth assessments, third party assessments for director liability or for assets transferred to a relative when taxes were owing under section 160 of the Income Tax Act, as the first step to establishing tax liability and collecting taxes. If the tax auditor believes that a tax return was filed incorrectly or contained inaccurate information, it is likely that the taxpayer will be reassessed by the Canada Revenue Agency. The taxpayer’s first step to dispute the auditor’s findings is by requesting an internal review of their file at the Canada Revenue Agency by an Appeals Officer with a mandate to take an independent look at the file. This is accomplished by filing a Notice of Objection. There is a time limit to file a Notice of Objection; 90 days from the date of the Notice of Assessment/Reassessment, with extension requests possible, but not always granted, for an additional year from the expiration of the 90-day objection period.
Upon filing a Notice of Objection, an Appeals Officer from Canada Revenue Agency will make contact with the taxpayer (or their Canadian tax lawyer if they are represented by a professional tax advisor) and conduct an independent review of the amounts on the taxpayer’s return(s) that are in dispute. This means that the Appeals Officer should not meet or talk with the tax auditor assigned to your file unless your Canadian income tax lawyer is given a copy of the minutes of any discussion.
It is very important that the Notice of Objection be drafted with legal arguments in mind and with references made to the Income Tax Act, as it is possible that any further appeals will be developed on the basis of the arguments contained within the Notice of Objection. Remember, the Canada Revenue Agency is bound by the Income Tax Act and can only act on the authority that is given to it by the Income Tax Act. Additional submissions can be made to the Appeals Officer at this time to persuade the officer as to why the auditor was incorrect in coming to their conclusion in their tax audit.
Our experienced Canadian tax lawyers can assist at this step by drafting a Notice of Objection that emphasizes the most important points, citing the relevant income tax law and decided income tax cases as well as by explaining to you why an argument is strong or weak even if it at first seemed otherwise. Our Canadian tax litigation lawyers can also help by identifying the additional information or submissions that would most support your arguments, and making sure that something irrelevant or unhelpful is not submitted along with everything else.
The Appeals Officer can decide in one of three ways to the objections raised. The reassessment can be: (1) vacated, meaning that the Appeals Officer agrees with the taxpayer; (2) varied, meaning that the Appeals Officer accepts some of the taxpayer’s arguments and a new reassessment will be issued that reflects this; or (3) confirmed, meaning that the Appeals Officer rejects the taxpayer’s arguments.
If the taxpayer disagrees with the Appeals Officer’s interpretation of the facts, the taxpayer can appeal, as of right, to the Tax Court of Canada. This must be done within 90 days from the date of the reassessment, but can be extended through an application to the court for up to one additional year. However, an extension relating to a Notice of Appeal to the Tax Court of Canada is rarely granted. For a more detailed discussion of the stages involved in appealing to the Tax Court of Canada, refer to Part III of this series, which discusses disputing a tax assessment at the Tax Court of Canada.