Limited liability of the
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,
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
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
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
upon the amount of profits
retained in the
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
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).