Limited liability of the
shareholders.
Existence of the company
survives death of a
shareholder and/or changes
in ownership.
Allows for multiple
stakeholders; shareholders
and creditors.
Trial Balance, Balance Sheet,
Income
Statement, and General
Ledger. If applicable; Aged
Account Receivable, Accounts
Payable Listings and
the Bank Reconciliation for
the year end.
All Canada Revenue Agency
Correspondence received
during the year.
Details of any changes in
mailing address, share
ownership, etc.
Any other official documents
considered relevant to the
year end. (When in doubt
please enclose.)
CAs are in the business of
helping build trust — around
financial statements and now
issues like privacy — and
this is a natural evolution
of the services they provide
to clients.
Benefits to businesses are
that they can establish
trust with consumers, build
their brand, and
manage privacy-related
risks. Benefits to consumers
are that they have increased
confidence and trust in a
business that has had its
privacy
practices independently
audited.
An independent audit involves
testing the people,
processes, technology and
controls that ensure a
company is following its
stated privacy policies and
practices.
An independent audit report
provides assurance that a
company is doing what it
says. Independent means
performing the audit
objectively and without
conflicts of interest.
Chartered Accountants (CA)
are in the business of
providing assurance
services, the most well
recognized of which is the
financial statement
audit.
An audit report signed by a
CA is valued because CAs are
knowledgeable about
financial accounting and
assurance matters, and are
recognized for their
independence, integrity,
objectivity and
discretion.
Financial statement
assurance is only one of the
many kinds of assurance
services that CAs provide.
They also provide assurance
on subject matter such as
internal controls and
compliance with specified
criteria.
The business and
professional experience,
subject matter expertise
(privacy, security and
control) and professional
characteristics
(independence, integrity,
objectivity and discretion)
needed for such engagements
are the same key attributes
that enable a CA to
comprehensively and
objectively assess the risks
and controls associated with
systems reliability. In
addition, CAs are required
to follow comprehensive
ethics rules and
professional standards when
providing professional
services.
Active business income
retained in a corporation is
subject to a 14.5 % tax rate
on the first $500,000 of
income earned annually
(which may be the most
significant tax benefit of
incorporation, dependent
upon the amount of profits
retained in the
company).
Incorporation allows for the
introduction of inactive
shareholders for income
splitting purposes.
Incorporation allows for the
use of corporate profits for
business expenses that are
not tax deductable,
(includes 50% of meals
& entertainment, golf
dues and fees, life
insurance, etc.).
Opportunity to access the
$750,000 capital gains
exemption on the sale of
qualifying small business
corporation shares
A copy of the prior
year’s Notice of
Assessment.
T3, T4, and/or T5 slips,
RRSP
Contribution slips, Donation slips, Childcare receipts, Children’s
Fitnessreceipts, Medical receipts:
(if the amount exceeds 3% of
net income or $2000),
and Official
Tuition slips:(T2202A).
Summary of all Capital
Transactions for the year
(proceeds &
cost).
Business Revenue and Expenses summarized
by major categories:
(detailed receipts not
necessary). As well, any
asset additions and
dispositions during the year
(i.e. computer equipment
etc.).
Any other Official Tax
Receipts that may be
applicable, (when in doubt
please enclose).