Compilations

With Notes to Financial Statements Compiled Financial Statements (previously also known as notice to reader engagements) are financial statements that are compiled on the basis of information provided by the management of the company. This form of financial statement is typically used when the main user of the financial statements is the government, as an attachment to the corporate income tax returns, or for use by the business owner(s). Fees start at $2,650 with non-profits receiving a 10-20% reduction in fees

Reviewed Financial Statements

A review engagement is conducted to provide limited assurance (negative assurance) that nothing has come to the attention of the accountant that causes them to believe that the financial statements are not fairly presented. This requires more work than a compilation and is, therefore, more expensive. This type of engagement is often required for a significant bank loan or inactive shareholders. A review differs slightly from an audit and provides less assurance than an audit as no audit procedures are performed. Instead, a series of analytical procedures and inquiries are performed. The procedures provide a better understanding of key relationships among certain numbers and financial situations which provides assurance about the plausibleness of the financial condition presented in the financial statements. Fees start at $5,250

Personal Income Tax Returns

From Basic to Complex Taxes are getting more complicated and filing on your own can mean missed credits and/or misinterpretation of the tax rules and how they are applied to your situation. Both can become costly mistakes. Long-Haggerty CPA Inc. has the expertise that will keep you informed and reduce your tax burden wherever possible. We specialize in both basic and complex tax situations. Here are a few examples of our experience: • Voluntary disclosures • Foreign investment and asset reporting • Foreign income reporting • Cross-border tax (CDN side only) • Investments • Deemed dispositions • Rental income earned in Canada by non-residents and elections under section 216 • Rental income reporting • Sole proprietorships • Tax planning • RRSP optimization When you face a complicated tax situation, it is in your interest to have a Chartered Professional Accountant review your case and see that you maximize any refunds and minimize any taxes. Errors or missed opportunities can end up costing you much more than it would cost to pay a professional to review your situation and make sure that your tax returns are done correctly. • Personal taxes range from $210 – $500. We base fees on time involved so ask us how you can save on fees! • Non-resident returns - we are currently not offering non-resident returns but are happy to refer you to a tax expert who does.

Corporate Income Tax Returns

From Basic to Complex As a small business owner, you rely heavily on your accountant for effective tax minimization strategies. Long-Haggerty Chartered Professional Accountant Inc. has experience working with small and medium sized businesses within diverse industries. We will work with you to develop a custom-tailored approach to your tax planning needs. Our team keeps up-to-date with legislative changes through advanced education, thus giving us the edge and you the opportunity to always plan ahead and strategize accordingly. Our corporate tax services include T2 corporation income tax return preparation, larger groups, connected corporations and integrated corporate and personal tax planning. • Compilation or review engagement – fees included (see Financial Statements for fees) • T2 Only Engagements from $2,100 • • NIL T2s from $1,900

Estate Income Tax Return

There are three types of deceased returns that might be filed after death. The legal representative (executor) has to file at least one return called the Final Return. However, it is possible to file multiple returns after death that includes Optional Returns and the Trust returns. You may use the optional returns to declare certain types of income that cannot be claimed on the final return. Also, by claiming certain amounts more than once, splitting them between returns, or claiming them against certain kinds of income, you may be able to reduce or eliminate the deceased’s tax payable as the personal income tax credits may be claimable on each return. Trust returns are required when assets remain in the estate of a deceased individual and not disbursed immediately upon death. • Date of death returns & rights and things returns start at $250 • Estate tax returns start at $500

Non-Profit/Charity Information Returns

Not-for-profit organizations have different reporting requirements than regular for-profit organizations. This can include restricted and non-restricted fund accounting, special information returns (T3010, T1144, and others) for CRA and even audited financials if government funding is significant. With the sector and the unique set of accounting standards for not-for-profit organizations (ASNPO). • Compilation or review engagement – fees included (see Financial Statements) • T3010 or TR2/T1044 Reporting only from $2,000 • • NIL Filings from $1,700

Trust Returns

Trust returns are not just for estates of deceased individuals. There are 2 main categories of Trusts: • a testamentary trust • an inter vivos trust Each trust has different tax rules. A testamentary trust is a trust or estate that is generally created on and as result of the death of the person. The terms of the trust are established by the will or by court order in relation to the deceased individual’s estate under provincial or territorial law. If the assets are not distributed to the beneficiaries according to the terms of the will, the testamentary trust may become an inter vivos trust. An Inter vivo Trust is a trust that is not a testamentary trust – and there are many categories of inter vivos trusts, but a few common ones are Alter ego Trusts, Spousal or Common-Law Partner Trust and Real Estate Investment Trust (REIT). For a full list and description of trusts, please visit the CRA: Types of trusts – Canada.ca Trust Returns start at $500. If financials are required, then compilation fees will apply.

Personal Income Tax Returns

Hourly/Monthly/Quarterly/Annual Rates We help develop and main your company’s overall financial processes by helping create your chart of accounts that is specific to your business. Using accounting software and specific accounts, we will track your expenses (payables) and income (receivables) to keep all your business financial transactions documented and up to date. We provide reporting for each period so you can stay on track of the business and know where your profitability sits. We can also use this information to stay on top of any tax planning and get ahead of the issues rather than trying to fix them after the fact when it is often too late. When you use us for your regular bookkeeping, you save on our year end fees! * Hourly rate – $105/hour (we are more than a non-designated bookkeeper but lower than most other CPA firms) * Set monthly rates from $350/month – our rates are guaranteed and can be all inclusive! Meaning we can include your year end fees, consulting, and all CRA Reporting into your monthly fee, so you have no surprise billings and no larger one-time payments each year! * Set quarterly/annual rates – contact us

Payroll & Related Reporting

Monthly/Quarterly/Annual Rates We offer assistance with payroll including regular payroll reporting on bi-weekly, semi-monthly and monthly pay structure and the remittance to the CRA on regular or accelerated requirements. Payroll can be included in the monthly bookkeeping fees OR do your own bookkeeping and have us do your payroll at the following rates: • Payroll – $150/pay period up to 5 employees + $30/employee over 5 • PD7A Payroll Report – $150/report OR included with bookkeeping set fees • Employer Health Tax (EHT) – $350/report • WCB Reporting – $250/report • T4 Reporting – see below section

GST & PST Filing

We can help with all your government reporting needs for consumer taxes applicable to your business. Whether you are a new business and not sure if you need to register for GST or PST or if it may be beneficial to early register, we can help. We help provide analysis on any pros and cons to early registration OR if you are required to register and fill out the required forms. Once registered, we can prepare and file the returns for you. This can be done as part of your set monthly bookkeeping rate OR you may opt to prepare your own bookkeeping and just have us prepare the GST & PST returns and file them. For the latter option, our fees are $200/filing.

T4s, T4As, & T5s

T4s, T4As & T5s are required to be reporting on or before February 28 of the year following the payroll. These are always based on a calendar year, regardless of your company year end. T4 slips and summaries are used to report the payroll amounts to the CRA and for individuals to claim the income they have earned from employment. T5 slips and summaries are used to report dividends paid from your company to the shareholders. These can be included in the monthly bookkeeping fees OR an all-inclusive year end fee OR can be done separately for $275/return + $30/slip (per employee, contractor or shareholder)

Tax Examinations

Real estate trust examinations are annual requirements for Real Estate Brokerages and are combined with either Reviewed Financial Statements or Compiled (prev. NTR) Financial Statements depending on certain criteria. The exams include the Accountant’s Report, Brokerage Report, Exceptions (if any) and set procedures to examine the books and records for real estate transactions to ensure full compliance of reporting requirements with the Real Estate Council of British Columbia. Trust examination fees start at $1950 PLUS the compilation or review engagement fee.

Consulting

$200/HR - $450/HR Consulting is usually tax planning, consulting on incorporation vs sole proprietorship, consulting on purchase offers/selling of a business, due diligence procedures, valuation calculations, business set up, board of directors set up, internal controls, etc. benefit depends on the topic. We bill a minimum of 1/2 hour.

Contract Work

$250/HR CPA firms often need help due to lack of staffing or staffing at appropriate levels. I help fill in gaps where needed. Similarly, the industry may be temporarily short of a controller or CFO and need temporary help.

Training

$350/HR OR Set Daily Rate Training clients on bookkeeping or bookkeeping programs, training students or a professional group on a specific topic (for example, training students on tax return preparation). We also offer full day training sessions for you and your team! These are all inclusive days that include materials, training and even all the snacks and lunch to keep your minds focused. Rates vary depending on needs.

Tax Planning

(Personal, Corporate, Estate) Proper tax planning may provide you, your company and/or your loved ones significant tax savings. Rates fall under consulting fees of $200 – $450/hour depending on complexity.

Estate Planning

Proper estate planning can save you a LOT of money in taxes and probate fees, not to mention, the time lag and headaches your loved ones will be dealing with in an already difficult time. Rates fall under consulting on the more complex side and range from $350-$450 per hour. Note if you have a very large or complex estate we may refer to another expert.

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Why hiring a CPA matters when it comes to your business.

There are lots of ‘accountants’ and tax preparers, but they are not necessarily a CPA. CPAs go through rigorous education and training (7 years – 3 of which are done working full time and in school full time PLUS continuous annual Professional Development requirements) and are regulated by a governing body. This allows protection for the client as there is a body that is overseeing what we do and they have very strict compliance regulations.

The truth is that “Anyone can call themselves an accountant but they are not allowed to call themselves a Professional Accountant.” CPA’s adhere to the high standards of the Chartered Professional Accounting Association of BC. CPA’s must have a license to practice public accounting in their province and are monitored regularly by the CPA Association.

For more information www.bccpa.ca

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