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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.
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.
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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.
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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.
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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.
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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.
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