Stop Paying Too Much On Your Annual Taxes.  Come to the Taxation experts at Taxwatch Inc.

Undoubtedly, the bread and butter of our operation during tax season is Personal Tax Preparation. We provide a professional service that includes in-office appointment and discussion (if requested), preparation of the return using Canadas Top Commercial T1 Software (Taxprep), and subsequent e-filing of the return once you have reviewed and authorized us to do so per T183 form.  If CRA reviews your return by correspondence, or has reassessed it differently from our filing, please contact us and we will address the matter, usually free of charge.  Please let us also know immediately if you receive important correspondence from CRA regarding your return that you do not understand.  Quite often, CRA may be incorrect in their assumptions, or they simply are just looking for proof of documents to be faxed to them to clear the matters up.  Our basic T1 Personal Tax Preparation starts at $ 125.00 plus HST, and goes up from there depending on complexity and scope of work.  If you have a rental operation, had Capital Gains, or operate a business as a sole proprietor or partnership, please callus and request a proper quote. 

Operating  your business as a corporation provides a great deal of flexibility, and with it many decisions that need to be made:  How do I take money out of the corporation? Do I put myself on the payroll or pay myself dividends?  Should I lease my vehicle vs financing?  Do I put my vehicle in the company name or pay myself a mileage fee?  The list goes on...

Taxwatch can help provide answers to all of these questions.   We provide a professional service that includes in-office appointment and discussion (if requested),preparation of unaudited financial statements (Balance Sheet and Profit and Loss), preparation of the T2 return using one of Canada's Top Commercial T2 Software (Cantax), and subsequent e-filing of the return once you have reviewed and authorized us to do so per T183(E) form.  We will structure and design a proper tax plan for you that considers not only the immediate tax consequences, but also factors in medium to long term tax strategic planning.

The basic corporate inactive tax return can be as low as $ 295.00 plus HST, whereas smaller active corporations usually start around $ 795.00 plus HST.  Most medium to larger fully active corporations pay around $ 1000.00 to $ 2500.00 plus HST depending on complexity and scope of work.

We have close working relationships with local CA firms.  If you require NTR (Notice to Reader)statements that require a Chartered Accountant Designation because your bank or other institution specifically requests this, we can usually have these done for an additional $ 750.00 plus HST.  95% of small to medium sized corporations do NOT require these NTR statements, and the unaudited financial statements that we provide are fully sufficient and compliant by CRA's standards. 

Dealing with CRA can be a real pain in the butt.  Especially when you receive a letter from CRA, or a request for more information, called a desk audit or desk review.  Sometimes CRA requires a full scale audit requiring an on-site visit and full access to all of your books and records for the last three years. Fortunately we have 27 years of experience in dealing with all of the above and get paid to remove this pain from you.  We always recommend that you contact us immediately when you receive a call or other correspondence from CRA to ensure that you have proper representation. Just like you wouldn't walk into the court of law without a lawyer in your corner, you should not be unrepresented when dealing with CRA. 

We can also assist you with many other business and taxrelated challenges, such as medium to long range tax planning, estate planning to minimize your tax liabilities, WSIB related matters, HST Return Preparation,T4 and T4 Summary preparation,  as well as all payroll related matters.  Please contact us is we can assist you in any of these. 

You may ask yourself:  Should I incorporate my business?  What are the Pros and Cons?  How should I set the corporation up?  Many of these questions are answered based on whether the Incorporation process addresses your objectives for tax savings, legal protection or marketability.  We can do a tax savings analysis for your business, determining the approximate annual tax savings that incorporating may provide for you based on your current operation and future projected profitability.  We can then do a cost-benefit analysis in order to make a sensible decision.  Though we are not lawyers and cannot give you legal advice, we have a good base understanding of the extent of legal protection that incorporating may provide for your business, as well as what it does not. Furthermore, sometimes incorporating your business is required by your suppliers, contractors, or customers.  It also improves your marketability to your customer as you will lose the "mom and pop" or "one man outfit" perception that quite frequently comes with being a sole proprietor.  At other times, incorporating your business may be sensible to ensure the ongoing concern of your business beyond your lifetime, or be sensible as an integral part of your estate planning.

Taxwatch Inc. can assist with the entire process, from consulting you on whether it is the right decision, to whether the Pros of incorporating outweigh the Cons and the costs involved - a delicate cost-benefit decision at times.  We provide the NUANS Name Search, draft and design as well as electronically file the Articles of Incorporation, and advise on how to set up the officer and director structure.  We provide the minute book and corporate seal, electronically file the Form 1 to the ministry, as well as set the new corporation up with an HST and Payroll Number, if necessary.  We do not provide the annual minute book entries.

Our costs for the entire process usual run around $ 995 plus HST.  This is significantly lower than the average $ 1500 fee a lawyer charges.

Why should you chose us to incorporate instead of your lawyer?  We have a full discussion with you on the Pros and Cons, estimating your potential income tax savings - this will provide a clear cost-benefit analysis for you. We also set up your HST and Payroll account, and our fees are significantly more competitive than most lawyers.

 

We provide quarterly and annual in-office bookkeeping services using Caseware.  Our bookkeeping is done for the purpose of producing Quarterly or annual financial statements and HST Returns, as well as to comply with your annual CRA filing requirements.   We do not provide weekly or monthly on-site bookkeeping services.  We do, however, have local bookkeepers that we can recommend that provide this service at a rate of approximately $ 35 - $45/hr using Quickbooks or other  popular accounting software.

Our rates usually range around $ 250.00 plus HST/quarter,but can vary up or down depending on the size of your operation, length of your bank statements and numbers of transactions, and general complexity of the accounting of your operation.  We can give you a proper customized quote once we have gotten a good understanding of your business operation and can estimate time necessary to complete. 

 We represent a number of private lenders that facilitate capital for the purpose of loans secured by Real Estate  Assets .  These are some of our common terms and conditions: - First and second positions available, no third positions              
- Residential and Commercial, Farm and Development Land
- Preferred area within 1 hour of Waterloo Region
- Up to 85% LTV (Loan-To-Value) on acceptable applicant, on acceptable properties
- Common rates are 9%  - 11% on first's and 12%-15% on second's, considering the recent BOC interest rate hikes during 2022 - your rate may vary based on risk assessment
- Lender base fee of approximately $ 1,000 plus approximately 1 - 2 % of capital funded; your broker fees are in addition at your brokers         discretion
- Interest only payments with minimum term 3 months and up
- Lender base consists of local private lenders with 20 year professional relationships; these lenders are conservative, value integrity and   ethics as well as full transparency  

Question 1          Why should I use your firm instead of a Chartered Accountant?

Chartered Accountants, though fully designated and accredited by the CICA (Canadian Institute of Chartered Accountants), quite often have a scope of work they perform that only applies in small part to the needs of the conventional small business or individual; as a matter of fact, some CAs do not even get involved in tax preparation.  Not unlike Lawyers, Chartered Accountants quite often have large overhead and 7 or more years of post-secondary education costs and time to recover, so their fees usually start at around $ 200/hour and up. 
At Taxwatch Inc., we can count on over 27 years of experience in the field, with specialization in personal and corporate tax preparation, CRA correspondence, audit assistance, WSIB, Payroll, or HST matters  - whatever applies to You, the individual or small business client its -  all we do!  This allowed us to become experts in the specialized field of accounting called "Taxation", without feeling the necessity of pursuing the path of obtaining any formal designation.  We operate with low overhead costs and no unnecessary admin staff, as such our rates are much more competitive than those of professionals with formal Accounting designations.

Question 2          Do I need to schedule a tax preparation appointment well in advance?

In many cases, Taxwatch Inc is happy to take appointments for corporate and individual tax preparation services as well as tax planning sessions on short notice, but it's important to remember how busy tax season can be.  In the weeks leading up to the deadline, it's best to book ahead a week or so by calling us at 519-725-4277 or sending us an email.

Question 3          How much are your personal and corporate tax preparation fees?

Like most things, it depends. Our personal and corporate tax preparationservices will be customized to fit your company and the price will be dependent on the complexity of the filing and the time invested. Some factors can include your corporate structure and number of employees, as well as the state of your books and records.  As a guideline, the basic bare bones personal tax preparation starts at $ 125 plus HST and goes up with complexity.  The basic corporate inactive tax return can be as low as $295 plus HST, whereas smaller part-time active corporations usually start around $ 695 plus HST.  Most medium to larger full-time active corporations pay around $ 1000 to $ 2500 plus HST.
Any time-based fees for other services are billed out at $ 90 - $120/hour plus HST depending on complexity of work involved, as well as the demand for our time, which changes throughout the year based on on - and - off tax season.

Question 4          Which documents will I need to provide for a personal or business tax preparation? 

As with the cost, itdepends.   Usually we require your last three years personal or corporate tax returns, along with your Notice of Assessments from CRA.  This will give us a good understanding of the history of your past tax reporting, as well as how your business operates and has been reported over the last few years.  Also, if you have any correspondence or letters from CRA, please bring them along. If you are registered for HST, we will also need the return for the said year.
Having said all that, the easiest answer is to just give us a call - we'll be happy to have an initial discussion free of charge to identify which documents are relevant, and how we can address your needs.

Question 5          How can I save more money on my taxes?

By far the most frequentquestion we receive, Taxwatch Inc has an easy answer :  Keeping good records and proper tax planning.  In preparing a multi-year tax strategy with our advisors, you'll be able to take advantages that are simply not available if you wait until the last moment each year to file your taxes.  

Coming soon...

These Long Term Clients have graciously offered to make themselves available to provide references for our services:

David Eby, Vice President                                     Xact Machining Inc., Waterloo, ON                         (519) 590-1019
 
Derek Lacey, Mortgage Agent                             TMACC, Cambridge, ON                                            (519) 624-9550
 
Dan Simpson, Sales Rep                                        REMAX Real Estate Centre, Cambridge, ON       (519) 574-1290 

These are some testimonials from other Long Term Clients: 

It has been my pleasure to work with Michael from Taxwatch Inc. for over 20 years.  He has handled both my personal and business tax reporting in a professional, knowledgeable and ethical manner throughout that time.  Michael also handles all my immediate family members tax reporting.                                                                                                              John Mitchell, State Farm Insurance Agent, Cambridge, ON

We have had Michael at Taxwatch Inc. doing our family's personal taxes , as well as our Corporate taxes, for over 15 years. He has always been honest and professional  with us. We would highly recommend Taxwatch Inc. to anyone. Thanks Michael for all your hard work over the years.                                                                                               Terry Etmanskie,  President Tercan Equipment Sales and Services Ltd., Kitchener, ON

 

 As a professional Real Estate Broker with RE/MAX, Michael from Taxwatch Inc. has been preparing my tax returns for a number of years.  He was referred to me by a friend.  In turn I have recommended him to members of my family and some of my clients also. I have been pleased with the service we received.  I find Michael to be very professional and dedicated in his work.  Thanks Michael
                                                                                                                                                  Bert Martin, Broker RE/MAX Solid Gold Realty (II) Ltd., Elmira, ON