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<h1 class="h1-title">Accounting Services</h1>
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<p class="text-cont">Our accounting services can help you reduce financial losses, secure capital, and run your firm more effectively. In addition to our comprehensive bookkeeping services, we can help you file regular GST/HST filings, streamline your payroll procedure, and produce financial statements for banks and other outside parties.</p>
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<div class="title tit">Bookkeeping</div>
<p class="text-cont">Maintaining precise financial documentation is crucial for running a business, yet it’s a responsibility that few business owners anticipate with enthusiasm. Consequently, bookkeeping responsibilities are frequently overlooked, which ultimately diminishes profits and can lead to issues during tax season. Employing a skilled bookkeeper to gather and oversee financial information for you can help avoid these problems while allowing you additional time to concentrate on managing your business. Additional advantages of utilizing our bookkeeping services in Toronto comprise:</p>
<ul>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Always having immediate access to the financial data you need to manage your business effectively.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Lowering your overhead costs by identifying inefficiencies, like high bank fees.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Having a clear picture of your revenue and expenses.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> No longer losing track of unpaid bills and invoices.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Being fully prepared to file your taxes accurately, ensuring you receive the maximum possible refund and avoid audits.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Having extensive documentation to prove the financial viability of your business to lenders, creditors, and investors, thereby making it easier to secure funding.</li>
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<p class="text-cont">The usefulness of bookkeeping services cannot be overstated, as inadequate cash flow management is the primary cause of up to 82% of small business failures. One of the greatest strategies to guarantee ongoing expansion and financial success is to hire a bookkeeper as soon as you launch your company.</p>
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<h6 class="toggle-title active">Why Choose Prime Tax Accounting for Bookkeeping Services?</h6>
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<p class="text-cont mt-5"> By collaborating with Prime Tax Accounting , you can rest assured that your records are handled by a Chartered Professional Accountant. Besides possessing considerable bookkeeping expertise, CPAs are skilled financial strategists who can derive important insights from examining your business's records and data. They can assist you in making business choices, aid in spotting and forecasting industry trends, leverage smart tax strategies, and optimize your everyday activities to enhance cash flow. They possess the skills and technical knowledge needed to guarantee that your data remains secure and confidential at all times.</p>
<p class="text-cont mt-5"> At Prime Tax Accounting , we have collaborated with numerous businesses across a diverse range of industries. Due to our vast experience, we are able to customize our bookkeeping services to meet the needs of your unique business, whether your aim is to enhance your tax strategy, obtain financing, or conduct a thorough assessment of your business’s financial well-being.</p>
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<!-- <h4><b>Corporate Tax Return</b></h4>
<p class="text-cont">This tax season, take the worry and uncertainty out of filing your corporate taxes. Contact Prime Tax Accounting and let our experts ensure your tax return is accurate and optimized for the best possible refund.</p>
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<div class="title tit" >GST/HST Filing</div>
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In Canada, any business offering taxable goods or services is required to submit HST if it generates more than $30,000 in revenue and operates in a province that collects HST. HST, short for “Harmonized Sales Tax,” is a unified tax that incorporates both the provincial sales tax and the GST. It’s gathered from customers during the sale, then sent to the CRA within a designated period. Not registering for HST (if eligible) and not filing HST returns punctually can lead to severe financial and legal repercussions for your business, making it essential to comprehend and fulfill your HST responsibilities.</p>
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<h6 class="toggle-title active">What Goods Are Taxable in Canada?</h6>
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<p class="text-cont">In Canada, the majority of products and services are regarded as taxable. Nonetheless, there are specific exceptions referred to as zero-rated and exempt goods or services. In Ontario, this encompasses various essential grocery products, the majority of health, medical, and dental services, educational services, child care services, prescription drugs, and charitable services, among other items. Seek advice from a Chartered Professional Accountant to establish whether your business offers HST-exempt products, allowing you to modify your records appropriately.</p>
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<h6 class="toggle-title">How Often Do You Need to File HST?</h6>
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<p class="text-cont">The majority of companies must submit an HST return every three months. Nonetheless, major companies generating more than $6 million in yearly revenue must submit filings monthly, whereas some small enterprises may be required to file just once annually.</p>
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<h6 class="toggle-title">Why Should You Hire a CPA to File Your HST Returns?</h6>
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<p class="text-cont">Submitting HST as a business is a complex task, and it needs to be completed precisely and promptly to avoid incurring penalties. Similarly, submitting HST necessitates careful record management, since you need to monitor all your sales, the total HST collected, and your HST-related expenses. Engaging a Chartered Professional Accountant from Prime Tax Accounting to handle your HST returns alleviates the stress and challenges of dealing with your tax responsibilities, while guaranteeing that your HST returns are accurate and filed punctually.</p>
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<div class="title tit" >Payroll Services</div>
<p class="text-cont">Handling payroll responsibilities is a difficult and intricate task for employers. It requires adhering to deadlines and payment schedules, completing various forms, calculating benefits and pensions for employees, withholding tax at the appropriate rate, among other tasks. For companies with a large workforce (or high employee turnover rates), carrying out these processes correctly and efficiently is nearly unfeasible without an accountant's support.</p>
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<h6 class="toggle-title active">How Can Our Payroll Services Improve Payroll Management?</h6>
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<p class="text-cont">We keep track of your records, including government remittances, employee benefits, pensions, and taxes, using the most up-to-date technology and our vast bookkeeping knowledge.</p>
<p class="text-cont">We can assist you in comprehending the various factors that affect employee payroll calculations, such as the payment cycle, sick and paternity leave, vacation compensation, etc.</p>
<p class="text-cont">Our payroll services can be tailored to your company's particular requirements. Additionally, they can be modified to take into account modifications like adding new staff members and offering bonuses to existing ones.</p>
<p class="text-cont">In order to avoid unnecessary fines and penalties, we will make sure your company complies fully with Ontario legislation.</p>
<p class="text-cont">Your paycheck will be modified to reflect the shifting rates of CPP and EI contributions.</p>
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<p class="text-cont">Regardless of whether you choose a bi-weekly, semi-monthly, or monthly payroll schedule, our specialists will assist you during the entire process and help you cut costs while fulfilling your legal and tax responsibilities. Reach out to Prime Tax Accounting today to discover how we can simplify your payroll process.</p>
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<div class="title tit" >WSIB Filing</div>
<p class="text-cont">Compensation for work-related diseases and injuries at Ontario's provincially regulated workplaces is provided by the Workplace Safety and Insurance Board (WSIB). In the event of an accident or injury, the WSIB shields companies from accountability while guaranteeing workers' financial stability.
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<h6 class="toggle-title active">How A Chartered Professional Accountant Can Help You File WSIB?</h6>
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<p class="text-cont">The amount of compensation that an employee receives from the WSIB is determined by a number of criteria, such as the rate established by the local WSIB office and the individual's income. The professionals at Prime Tax Accounting can accurately and swiftly prepare and submit WSIB claims for your company, guaranteeing that you stay out of trouble with the law and stay out of trouble.</p>
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<!-- <p class="text-cont">Whether you prefer to implement a bi-weekly, semi-monthly, or monthly payroll schedule, our experts will guide you throughout the process and help you save money while meeting your legal and tax obligations. Contact Prime Tax Accounting today to learn more about how we can streamline your payroll system.</p> -->
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<div class="title tit" >Financial Statements</div>
<p class="text-cont">Financial statements play a vital role in effective business management. Quarterly financial statements not only provide a precise view of your business operations and finances, but they also reveal which areas of your business are yielding the highest ROI and which ones may need enhancement. This data can assist you in making wiser business choices and staying competitive. If you intend to seek a bank loan, liquidate company stock, or sell your business, financial statements are necessary for these transactions to move forward.
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<p class="text-cont">There are four main types of financial statements:</p>
<ul>
<li>1. Balance sheets. An snapshot of your company's equity, liabilities, and assets is given by balance sheets, which also show you how much debt you have compared to sales.</li>
<li>2. Statements of income. Income statements show how much money your business has made and spent over the course of several quarters or years.</li>
<li>3. Statements of cash flow. Cash flow statements show how your business generated income and spent money over predetermined time periods. They also compare your actual spending to your budgeted amount. Cash flow statements allow you to budget appropriately by giving you a realistic picture of what and how much your business is spending.</li>
<li>4. Statements of equity for shareholders. The capital stock that your company's shareholders own, comprising paid-in capital (such as common stock, preferred stock, and paid-in retained profits) and retained earnings, is described in the shareholders' equity statements.</li>
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<h6 class="toggle-title active">Why Hire a Chartered Professional Accountant to Prepare Financial Statements?</h6>
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<p class="text-cont">Accuracy is crucial while preparing financial statements. Giving false information can cause investors and lenders to doubt your honesty, which will ultimately make it harder for you to get finance. Having a qualified Chartered Professional Accountant draft your financial accounts is crucial for this reason alone. Employing a certified public accountant will also guarantee that the data in your statements is presented by an impartial third party in an understandable and expert manner. Prime Tax Accounting can provide you with the accurate, comprehensive reports you need to satisfy lenders, adhere to legal requirements, and monitor the expansion of your company, regardless of the kind of financial statements you require.</p>
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<h4><b>Learn More About Our Business Services</b></h4>
<p class="text-cont">
As a trusted business accounting firm in Toronto, Prime Tax Accounting has collaborated with numerous businesses, encompassing sole proprietorships, partnerships, and major corporations, across nearly all industries. Our business-focused experience enables us to efficiently advise, strategize, and prepare documentation for companies of various types and scales, in addition to offering a variety of tax planning, filing, and registration solutions. Reach out to us today to discover how we can assist in expanding your business and boosting your profits.</p>
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<div class="title tit" >CRA Audit Services</div>
<p class="text-cont">Typically, following accounting best practices and accurately filing your taxes can help keep your business from being audited by the CRA. Occasionally, though, elements outside of your influence – like significant income variances or arbitrary choices by the CRA – may lead to a tax audit. If this occurs to you, remain calm; with assistance from a Chartered Professional Accountant, you can prevail in your tax dispute and reach a reasonable agreement with the CRA.
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<h4><b>Why You Should Hire a Chartered Professional Accountant for CRA Audit Services</b></h4>
<p class="text-cont">Typically, taxpayers should refrain from representing themselves in a CRA audit. The audit process is demanding, labor-intensive, and takes a lot of time, which can greatly disrupt the operation of your business. Similarly, since many business owners lack in-depth knowledge of Canadian tax regulations, they might commit mistakes that extend the audit process or negatively impact their situation. Conversely, when you engage a CPA, you gain the benefit of a knowledgeable tax professional representing your interests. Here’s how Prime Tax Accounting can assist you in handling a CRA audit:
</p>
<ul>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> We can save you time and provide fair representation by negotiating with the CRA on your behalf.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> We can reduce any penalties you may be facing and resolve the audit by applying our extensive understanding of Canadian tax law.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> We can organize your financial records and create financial statements to bolster your argument by using our bookkeeping expertise. In audit instances, having the right paperwork is crucial to getting a good result.</li>
<li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> We can swiftly identify and fix any mistakes you made when filing your taxes, which will expedite the audit.</li>
<!-- <li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Being fully prepared to file your taxes accurately, ensuring you receive the maximum possible refund and avoid audits.</li> -->
<!-- <li><i class="fa-solid fa-square-caret-right" style="color:#0070b5;"></i> Having extensive documentation to prove the financial viability of your business to lenders, creditors, and investors, thereby making it easier to secure funding.</li> -->
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<p class="text-cont">You can take a break from the audit process and concentrate on what you do best—managing your company—when you work with a certified public accountant. Knowing that your case is being handled by a skilled expert who is looking out for your best interests can also give you peace of mind.</p>
<p class="text-cont">For prompt assistance, get in touch with our tax professionals if the CRA has requested further information from you or if you are now the subject of an audit. We have the expertise and experience required to arrange your financial documents and portray your company in a positive light to the CRA, having worked with countless corporations, partnerships, and sole proprietorships across a range of industries.</p>
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<h4><b>Learn More About Our Business Services</b></h4>
<p class="text-cont">Prime Tax Accounting has collaborated with numerous businesses, such as sole proprietorships, partnerships, and major corporations, across nearly every sector. Our business-focused experience enables us to efficiently advise, strategize, and compile statements for companies of various kinds and sizes, while also offering an array of tax planning, filing, and registration services. Reach out to us today to discover how we can assist in expanding your business and boosting your profits.</p>
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<h2 style="text-align:center;color:#0070b5;">Disclaimer</h2>
<p class="text-cont">This website's content should not be interpreted as expert financial advice; rather, it is meant for general informational purposes only. It is advised that you speak with a certified professional accountant to discuss your unique financial demands and circumstances, as every person's financial circumstances are different. We disclaim all duty and responsibility for any mistakes or omissions in this website's material.</p>
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