Our overall goal is to help our clients manage their tax matters in an increasing complex tax environment.
Corporate Tax Services
We do more than the regular once-a-year meeting to discuss your year-end financial statements. Effective tax planning is a year-round activity and is one of the most important services that we provide to our clients.
By the time a tax return is due, there is very little anyone can do to reduce taxes significantly. By taking a proactive rather than a reactive approach, we work with you to understand your goals and objectives and then identify existing and potential tax strategies and savings.
Our goal is the same as yours—to minimize the impact taxes have on your business and thereby maximizing the value of your assets. We will guide you through the increasingly complex tax regulations so you can better manage your risk, avoid compliance issues and penalties, and make more confident and informed business decisions. We handle all dealings with the tax authorities on your behalf so you can concentrate on the things that make money for your business. We will help you to claim all tax credits for which you are eligible. In some instances, you can even get financing based on tax credits that are owed to you.
As your business grows or matures, the corporate structure in place may not be adequate to protect your assets for your retirement and your family or minimize tax. Our team of professionals have worked on many restructurings over the years and have dealt with many special circumstances. We can review your existing corporate structure and work with you to update your structure to ensure your assets are protected and to minimize taxes.
Our expertise in tax planning for the owner-managed business and our personalized service will help you avoid any potential tax issues, minimize the taxes you pay and protect your financial assets.
Estate & Trust Tax Services
Trusts are a powerful tool used for tax, estate and financial planning. The main advantages of a trust are that it provides flexibility, control and asset protection and is a tool to administer an estate on the death of an individual. For an overview of the services that we provide in this area, see Estate & Succession Planning
A Trust is considered a taxpayer under the Income Tax Act. It must file a T3 Trust Income Tax and Information Return (“T3 Return”).
A T3 Return can be more complicated than a personal income tax return as there are several additional information reporting requirements. There are also planning opportunities to consider to minimize taxes.
We can assist with the accounting, planning, and tax preparation for T3 returns through the following services:
- Preparing trust returns for estates and families
- Preparing trust slips (T3 summary and supplementaries)
- Allocating taxable income to beneficiaries
- Filing foreign property reporting forms and tax elections
- Corresponding with tax authorities
Personal Tax Services
Many business and personal taxes are intertwined and at Lott & Company, we offer the integration of both services. We provide personal tax services for the shareholders of our corporate clients, in addition to corporate tax services, to ensure their overall tax bill is minimized and effective tax planning strategies are in place.
Our personal tax clients also include self-employed professionals, executives with complex tax filing requirements and individuals who have special tax filing needs.
We work closely with our clients to understand their specific needs. As we prepare their personal tax returns, we ensure the available credits and tax incentives are maximized.
Canada Revenue Agency (CRA)
It certainly is unnerving when CRA sends out a simple request for more information or has determined it will do a full-scale audit. We have the experience and technical expertise to help our clients through the process regardless of the complexity.
When you are being audited, the professional and legal fees can be significant. For this reason, we offer an audit insurance product called Audit Shield to our clients to insure you against those unexpected professional fees.
Business owners or individuals buy a fee waiver service from us. The premium protects our clients, to a maximum, for the professional and legal fees to respond to an audit, enquiry, investigation or review by the CRA or a provincial tax authority.
Audit Shield covers the eligible costs of responding to audits of the following:
- Corporate tax filings
- Tax reviews and audits
- Personal tax filings
- Payroll audits
- GST/HST filings
- Employer compliance audits
- SR&ED filings
There is a misconception that you will only be investigated if you are not compliant. This is incorrect. The current volume of audit activity from the CRA is more than we have ever experienced. The volume will continue to increase as they continue to use powerful data-matching capabilities so even compliant and correctly prepared filings can be selected for scrutiny.
How does the service work?
When you are subject to an audit, enquiry, investigation or review on your tax returns we will waive the professional fees for responding (up to a maximum amount). The Audit Shield Fee Waiver Service provides full retroactive protection, so all previously submitted tax returns are protected automatically, provided that you receive notice of the audit, enquiry, investigation or review during the term of your Audit Shield Waiver Service.
An annual flat fee, which is tax deductible for businesses, is required to participate in this program.
If you would like to participate or have more questions, just give us a call at 905-947-4388. You can also at https://www.accountancyinsurance.ca/products-services