Did you know that, as a Canadian taxpayer, you are entitled to pay the least amount of income tax allowed under the provisions of the Canadian Income Tax Act? Minimizing your personal and corporate income tax is our mandate at Hogenhout and Associates. Minimizing your personal and corporate income tax is what we can do for you. The world of taxation is constantly changing; new political directions lead to new budgets. New budgets lead to new legislation. New legislation leads to new tax rules. New tax rules lead to new opportunities. Needless to say these tax rules must be thoroughly understood in order to create a tax-efficient environment for your "tax survival". At Hogenhout and Associates we stay on top of current tax rules as well as new tax rules. We understand how these tax laws can work for you and how they can work against you. Let us put our expertise to work for you.

It is important to understand that Canadians are living longer than ever and to ensure that you don't run out of money before you run out of retirement, you're going to have to take steps to reduce your tax bill each year. Minimizing your taxes means putting more disposable income in your pockets. More disposable income means more money available for you. Again, let us put our expertise to work for you.

Select a service Business Acquisitions and Disposals Business (Re)Structuring Financial Statements Personal Income Tax Returns Corporate Income Tax Returns

Business Acquisitions and Disposals

There are three ways to attain self-employment. You can start your own business, buy a new franchise or buy an existing business. Each way of attaining self-employment has different issues to consider. For example, buying an existing business involves the consideration of the following; Do you simply buy the assets of the business? Do you simply buy the voting common shares of the business? How much should you pay for goodwill? What are the income tax implications of buying the business? These and many more questions must be analyzed carefully before your decision is made. Over the years we have worked with many clients to manage their business acquisitions. Our experience provides us with the necessary expertise to help you make a smart purchase.

We can also help with the eventual sale of your company. Once you have operated your business for a number of years, you may wish to sell and reap the financial benefits. To ensure a smooth transaction, and to maximize your profits, the disposition of a business requires professional assistance. Our experience provides you with the insight and expertise you need.

 

Business (Re)Structuring

Businesses can be structured, or restructured, in many different ways. One way is to set up a "proprietorship"; this method is easy to start, has low start-up costs, has less government regulation and allows the business owner to be in direct control of the business. Unfortunately it also exposes the business owner to unlimited personal liability. Another common structure is to incorporate your own company. This creates a separate legal entity and basically separates the business owner from the legal entity. Another benefit is that the business owner has protection from most liabilities incurred by the company. Unfortunately this type of business structure is more costly to start-up as well as maintain on an ongoing basis. It is important that a business owner understands both the pros and cons associated with the different business structures in order to create the proper business structure.

The downward trend in personal and corporate income taxes has effected many investors' choice of business structures as well as the structures for their investment portfolios. Many now hold their investment portfolios in an investment holding company. By directing funds through an investment holding company, they may enjoy income tax savings and income tax deferral. However, these structures are not ideal for every business owner. Prior to establishing an investment holding company, or any other type of limited company, we balance the potential benefits against the corresponding administrative, legal and accounting costs to ensure that the benefits outweigh the costs.

As a service to our clientele, we can incorporate your operating companies, as well as your investment holding companies, in-house. This ensures that your corporate structure is optimized as it relates to our tax planning on your behalf.

Financial Statements

Every registered business in Canada must prepare financial statements to be included with their personal and/or corporate income tax returns. Certain business require financial statements to be prepared on a monthly, quarterly, semi-annual basis but as a minimum, financial statements must be prepared on an annual basis.

The preparation of financial statements demands specialized skills. Our qualified staff draws from years of public accounting experience with various public accounting firms. We are proud to say that members of our staff have been trained by public accounting firms such as Deloitte, Haskins and Sells, Chartered Accountants, Touche Ross, Chartered Accountants, Arthur Anderson, Chartered Accountants, Price Waterhouse, Chartered Accountants and Deloitte Touche, Chartered Accountants. It is this experience that separates us from our competition.

It is imperative that you receive and report accurate financial information about your business activities. Whether your financial statements are required for Canada Revenue Agency (formerly Revenue Canada), the Ministry of Revenue, for your bank or for your bonding company, our qualified staff will prepare those statements in a timely and accurate manner.

Personal Income Tax Returns*

Today, professional preparation of your personal income tax returns is a necessity. Ongoing modifications to federal and provincial legislation ensure annual changes affecting your personal income tax. As the need for governments to obtain additional revenues from our income tax system increases, the more you require professional assistance to protect yourself from needless taxation. Our staff is trained and updated to consider every eligible income tax deduction. We owe it to our clients to ensure they are paying the least possible amount of income tax.

We take pride in offering quality service and accurate personal income tax returns. All returns are checked to see that every eligible deduction and credit has been claimed. And we don't abandon our commitment to our clients after tax season. As a continuing service, we will act as your representative with Revenue Canada throughout the year. Should you have any questions about your personal income tax returns, or if you need to review your current financial situation for potential future tax savings, we are available throughout the year.

Corporate Income Tax Returns*

Today, professional preparation of your corporate income tax returns is a necessity. Ongoing modifications to federal and provincial legislation ensure annual changes affecting your corporate income tax. As the need for governments to obtain additional revenues from our income tax system increases, the more you require professional assistance to protect yourself from needless taxation. Our staff is trained and updated to consider every eligible income tax deduction. We owe it to our clients to ensure they are paying the least possible amount of income tax.

We take pride in offering quality service and accurate corporate income tax returns. All returns are checked to see that every eligible deduction and credit has been claimed. And we don't abandon our commitment to our clients after your corporate year-end. As a continuing service, we will act as your representative with Revenue Canada throughout the year. Should you have any questions about your corporate income tax returns, or if you need to review your current financial situation for potential future tax savings, we are available throughout the year.

* Dundee Wealth Management, its subsidiaries, or its affiliates, including, Dundee Private Investors Inc. does not provide any income tax preparation service and does not supervise or review income tax returns.