OMNI will prepare "Notice to Reader" financial statements for internal or external readers and provide year-end adjusting journal entries based on your internal accountant or bookkeeper's ledger. We can also help you reconcile your records prior to the compilation of financial statements.
In preparing these statements, you may need to consider whether to declare dividends (T5) or pay a salary (T4). As a way of taking money out of your corporation, both of these options have different tax and reporting implications. OMNI will evaluate your specific circumstances an keep your life's goals in mind as we determine which option will minimize your tax liabilities.
Whether you have a box of receipts or a detailed ledger, OMNI can help set up and maintain your chart of accounts.
Other daily functions like income and expense record keeping and month-end bank and credit card reconciliations can be supported by OMNI. We will also prepare continuity schedules for tracking of equipment or loan amortization amounts.
Finally, we can help calculate your required payroll withholdings and remittances and will ensure your information returns are filed with the Canada Revenue Agency ("CRA") on time.
Are you afraid of missing out on tax credits or tax planning opportunities?
OMNI will provide tax planning and minimization strategies where available. We will prepare and file your annual T1 income tax return or review past tax returns to ensure that you have claimed all the deductions and credits that you are entitled to. If you have investments, OMNI will reconcile your investment capital gains and losses and utilize available capital losses from prior years, if applicable, including those on the sale of capital property.
Get in touch with OMNI for a self-employment income or rental income worksheet to help track your revenues and expenses.
OMNI can also help navigate the principal residence exemption or change in use rules when property is changed to/from a rental from/to a principal residence. We will ensure that the appropriate elections and files are made within their deadlines.
CORPORATE AND BUSINESS TAXATION
Compliance with federal and provincial tax laws is a necessary process for every business.
OMNI can help lessen your burden by preparing and filing your excise tax returns (GST), corporate T2 income tax returns, and payroll (T4) and dividend (T5) information returns. For those partnerships that are required to file a partnership information return (T5013), OMNI can reconcile your capital accounts and prepare your return.
SCIENTIFIC RESEARCH AND EXPERIMENTAL DEVELOPMENT (SR&ED)
OMNI has specialized experience to manage your entire SR&ED claim process. We will maximize your tax credits and help you claim all that you are entitled to.
We can also help integrate your SR&ED claim into the T2 corporate income tax return. The flow of expenditures and tax credits affect the calculation of taxable income in a specific manner. We can ensure that these two complex parts are properly combined on your tax return.
Please refer to the SR&ED page for more information about the SR&ED program.
AUDIT SUPPORT AND BUSINESS CONSULTING
OMNI offers additional support services for business.
Are external auditors asking for detailed financial statements or disclosures? OMNI will summarize and prepare working papers for your external auditors, as well as prepare and update financial statement disclosures. OMNI can also prepare the Management Discussion and Analysis addendum to audited financial statements.
Do you need support in dealing with the CRA? OMNI can act as your representative to reduce your back-and-forth with the Agency.
Have you accidentally omitted a tax return filing or do you need a second chance to change a tax return? OMNI can help you apply for relief from prosecution and penalties from the CRA under the Voluntary Disclosures Program.
Finally, as a small business specialist, OMNI can guide you on starting your own business. Sole proprietorship, partnership, or corporation? What is a business number and do I need one? When are payroll remittances due and how do I calculate these? OMNI can answer all of these questions, and more.
Get in touch with us today and see how our accounting expertise can help save you time, effort, and money.