When it comes to preparing your Canadian small business tax returns, you'll save time by our personal on-site visit to your home or place of business to collect your tax data.
This ensures that nothing is missed and your tax return is tailored to your personal and business tax strategy and is maximized for the current and future years; especially with CRA's emphasis on increased audits and data collection.
You'll also benefit from ATOM, our proprietary tax preparation system that analyzes dozens of scenarios to ensure that your Canadian income tax return is tailored to your personal and business situation and keeps more money in your pocket.
As part of the EFILE Association of Canada, our data systems are on the leading edge of technology delivering year-round 24/7 tax optimizations for our members.
Federal and Provincial,
Personal and Corporate Income Tax Returns
FBC’s unique, proprietary tax computer system – TaxGuard™ – processes the data from your records using software and systems created by FBC. The FBC tax engine is unmatched in its ability to store and interpret both current and historical tax-related data.
As a small business, you may have a corporation. The preparation of salary vs. dividend tax analysis and optimizing between yours and your spouse's personal T1 tax return as well as a corporate T2 tax return is a highly complex algorithm; one that we've developed painstakingly over several decades!
ATOM and TaxGuard™ analyzes thousands of variables and presents several viable options for preparation of your personal and corporate income tax returns. We choose the best option for your circumstances and prepare your final tax return on that basis.
On-site Data Collection
Following your financial year-end, we come to your home or place of business to collect all of the data necessary to complete your income tax returns, as well as financial statements and year-end GST/HST returns. We also provide assistance with payroll matters and entitlement programs during this appointment.
Source and Application of Funds Report
FBC is the only tax services company that completes a Source and Application of Funds report to support its data collection. This report – done at the end of the T1 personal data collection process – lists all personal and business cash receipts (source), as well as where every dollar went (application).
Our representative tracks down any missing data so the results are in balance before the appointment is finalized. This ensures we don’t miss any items, including tax-saving opportunities, when completing your income tax return.
Good record keeping is critical in managing your business for tax planning as well as for the preparation of an accurate, complete income tax return as well as to ensure you are protected in your dealings with CRA and audit situations.
As a Member with FBC you have access to a wide range of bookkeeping accounting systems from traditional paper-based record keeping to an online, cloud-based system to a complete hands-off bookkeeping service with additional options for completing your payroll, remittance returns and GST/HST filings.
AgriInvest and AgriStability Program Applications
FBC has specialized knowledge and expertise regarding the AgriInvest and AgriStability programs. We’ll help you understand the pros and cons of these risk management programs for agriculture and also collect the extensive data required to complete your annual application for support.
Year-end GST/HST Returns
During the appointment to collect your tax return documents we can provide the numbers so you can file your year-end GST/HST return and we reconcile the year’s activities to match your income tax return. We also monitor mandatory and optional GST/HST elections. We'll represent you in the event of a GST/HST audit by CRA.
Provincial Sales Tax Assistance
As part of your tax appointment, FBC will assist you in meeting your provincial sales tax obligations.
Financial Statement Package
At your tax return appointment we also collect data so we can prepare financial statements to help you manage your business and enhance your dealings with lending institutions and other third parties.
You can choose the financial statement format most suitable for your business.
Social Entitlement Programs
As part of your income tax return appointment, FBC will assist you, if needed, with the preparation of forms for any of the following government programs:
- Guaranteed Income Supplement (GIS)
- Old Age Security (OAS)
- Canada Pension Plan (CPP)
- Manitoba 55 Plus
- Manitoba Child Benefit
Final and Estate Tax Returns
During the difficult times when a family is coping with the death of an FBC Member, we provide the following services:
Final T1 tax returns
FBC completes the final income tax return for the deceased Member which:
- Ensures you pay the least amount of personal and trust income tax
- Provides support for the beneficiaries and executors/administrators
- Coordinates estate settlement with your lawyer
- Ensures your wishes from a tax perspective are addressed
Estate tax returns (T3)
FBC completes the estate tax return and provides support for both the beneficiaries and executors/administrators of the estate.