Financing the business and banking
Businesses can have complex financing needs. We can help you determine what your financing needs are and assist you with your proposals to financial institutions. We have helped clients with varying degrees of financial and re-financing needs, including businesses under heavy debt loads. By strategically assessing their operations, risks, and debt capabilities, we have helped them get the re-financing they needed to make a successful recovery.
Growth management and acquisitions
As your business grows, needs change and evolve. What works for a small business may not be the most effective for a mid-sized business. Whether you are looking for growth within your existing business or looking to purchase a competitor, we can advise you on the implications of having a bigger business. When looking to purchase a business, there are special considerations. A tax evaluation is needed to determine whether it is more beneficial to purchase assets or shares. We can look at the business in question to provide a review of tax filings and to help you determine an appropriate purchase price, and the best method to purchase the company while minimizing future tax implications.
As your business needs evolve and change, the structure and ownership requirements necessarily change. We have considerable expertise in this area and can help you go from A to B while minimizing or deferring corporate and personal taxes. We have undertaken many corporate tax reorganizations for our clients, including “estate freezes”, new business acquisitions, assistance on the sale of a business, the introduction of family trusts and holding corporations and the division of business assets on a break-up or dissolution of a business. Whatever the reason for reorganization, we will advise on the benefits and disadvantages of the different options available. We can develop a plan to implement the reorganization and work with legal counsel as it is executed.
Every business needs to have an effective remuneration strategy for its owners. We look at both the business and personal aspects to ensure that the remuneration strategies are effective at minimizing the combined corporate and personal taxes and maximizing the after-tax income of the shareholders. This includes an annual review to ensure that the strategies are effective for the current tax rates and circumstances. When extra income is desired, we consider various methods of withdrawing income in a tax-effective means. All our remuneration plans will take into account the shareholder’s personal tax position including RRSP eligibility and marginal tax rates.
Competition, profits, consulting and planning
Sometimes profits do not meet expectations. Changing markets, economies, and policies can have some unexpected consequences on a business. This requires a closer look at operations and management. We can help you determine what is needed to turn your company around. We will provide you with a variety of suggestions to implement that, taken together, will create a viable solution.
Tax legislation is constantly changing. Our tax team is always on top of this. On the compliance end, we can handle all of the administrative filing requirements for your business, including the T2 Corporate Tax Returns, Provincial corporate tax returns, T4s, T5s, GST filings and other commodity taxes, as well as the tax forms for ownership of foreign assets.
There are many factors involved in starting up a new business. Getting financial tax and structuring advice up-front is a must. We can sit down with you to determine in which areas you may require assistance, and then walk through them with you. This could include helping you create cash flow estimates that are in line with industry standards, speaking to financial institutions on financing arrangements, and determining realistic owner salaries during the start-up phase.
Timely and accurate monthly financial information is critical to the effective and efficient management of a business. We can assist a new or experienced business set-up up a computerized bookkeeping system tailored for their needs. Part of a good bookkeeping system is having knowledgeable users; to that end we can train your staff to use the software. Once in place, we encourage regular follow-up by reviewing your internal financial reports, whether on a monthly or quarterly basis. Getting your accounting right from the start will ensure that you have more time to focus on your business.
Dealing with tax disputes
The reality of business is that at times disputes may arise between you and tax authorities. We can work with you to determine the key issues involved in a tax dispute and provide solid, professional representation by way of speaking to tax agents, formalized written appeals, and assistance and support in tax court hearings. Our experience involves working with Canada Revenue Agency (CRA), GST, IRS, and Voluntary Disclosure matters.
Realty assessments and valuations
Realty and business taxes are one of the larger operating expenses of a business; either in owned premises or leased space. On behalf of our clients, we have appeared at The Board of Revision and The Municipal Board on Application for Revision wherein we successfully appealed the assessed value, and thereby reduced realty and business taxes otherwise payable. In many instances, these tax savings have been significant and have accrued annually to our clients.
Our valuation services are an integral component of realty and business assessment applications for revision. We also have experience in valuing the business component (e.g. goodwill) in assisting our clients in acquisitions or divestitures.
The not-for-profit (NPO) sector is a significant component of the economy, and our firm provides audit and advisory services to a number of not-for-profit entities. Our entire team is committed to the Winnipeg and rural Manitoba community to volunteer their personal time in a number of community organizations.
For instance, we have volunteered and provided support for church and school organizations, community fundraising events and we have been actively involved as Board members in the NPO and arts sectors including Winnipeg Crime Stoppers, Manitoba Theatre for Young People and Prairie Theatre Exchange.
This first-hand experience in the NPO sector has provided invaluable service to our clients in attest, fund raising, governance and operational issues faced by volunteers and not-for-profit agencies.