Many clients ask us about the most effective way to set up their business. Their primary question is whether they should incorporate. While the details can be very complex, we have tried to simplify it as much as possible.

Advantages and disadvantages of incorporating:

General

The biggest advantage of incorporating lies in the limited liability for the shareholders.

Under the law, a corporation is a legal person that is distinct from the shareholders who own it. This means that individual shareholders are not personally liable for the debts and obligations of the corporation. If a corporation fails, the shareholders will lose the amount of equity invested in their shares.

One disadvantage of a corporation is that income is taxed at two levels: first on income for the corporate entity, then at the shareholder level where shareholders are taxed on any dividends they receive.

Specific

1. The small business tax credit may lower your tax rate for the first $500,000. The breakeven on a professional or self-employment income is around $50,000 net income.
2. Business tax returns are more complex, so they cost more to prepare. This is factored into the comment above.
3. If you have major assets built into the business, such as medical equipment, you will require a section 85 roll-over again costing additional overhead.
4. While dividends are taxed twice, the tax on dividends is still less than the tax on salary dollars.
5. Finally, monitoring and reporting on corporations are more stringent than for an individual business set up as a proprietorship or partnership.

We have your best interest at hand and work for a lasting relationship with all our clients.

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

Just the Right Account Consulting Inc. assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you are retired and just want to enjoy life without the daily hassle, we can help.

• Full cycle payroll services
• HST, GST, PST, WCB and Payroll Source Deduction remittances
• Bookkeeping assistance and training
• Troubleshoot accounting related issues onsite
• Manual, Sage50 and QuickBooks bookkeeping setup and training
• Individual or Group
• On-Site Software Training tailored to individual needs
• Preparation of Government related compliance forms (eg: T4, T4A, T5 slips & Summary reports, ROE’s, HST/GST, PST, WCB) just to name a few

For peace of mind, we will:

• assist with cheque writing and cheque book balancing
• make sure money is received and deposited
• receive quick notice on inaccurate or fraudulent bank or credit card transactions

Just the Right Account Consulting Inc. offers two levels of bookkeeping services to our clients; Basic and Full.

Basic Bookkeeping

Totaling Revenue and Expenses:

• Just the Right Account Consulting Inc. will record your revenue and expenses from the receipts provided to us

Bank Statement Reconciliation

• Send your bank statements to Just the Right Account Consulting Inc. for reconciliation or we can set up to have them delivered directly to us

Year-End Financial Statements:

• Just the Right Account Consulting Inc. will provide year-end financial statements for income tax reporting.

Income tax filing:

• Just the Right Account Consulting Inc. will complete and file your income tax return based on the financial statements prepared

Full Bookkeeping Service:

Accounts Payable:

• Just the Right Account Consulting Inc. will manage your accounts payable to ensure your bills are paid in a timely manner while making the most profitable use of vendor terms

Accounts Receivable:

• Just the Right Account Consulting Inc. will invoice your customers and manage the collection of funds as required.
• Just the Right Account Consulting Inc. can receive your payments and deposit them directly into your bank account.

Payroll:

• Just the Right Account Consulting Inc. will manage your payroll and maintain your payroll records.
• Just the Right Account Consulting Inc. will calculate deductions, pay your employees, and remit your source deductions to the appropriate government agency, including WSIB

Vendor and Customer Files:

• Just the Right Account Consulting Inc. will maintain a record of your vendor and customer information for all your business contacts.

Bank Statement Reconciliation:

• Send your bank statements to Just the Right Account Consulting Inc. for reconciliation or have them sent directly to Just the Right Account Consulting Inc..

Year-End financial statements:

• Just the Right Account Consulting Inc. will provide year-end financial statements for income tax reporting.

Income Tax Filing:

• Just the Right Account Consulting Inc. will complete and file your income tax return based on the financial statements prepared.

Like small businesses, individuals need to focus their time, energy and resources in areas that benefit them the most. Your individual bookkeeping requirements can be customized to fit your personal needs. Contact us today by email or cal us at 647-572-3773 to start.

We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:

• Accounting software selection and implementation
• Business valuations
• Buying/selling a business
• Business process improvement
• Computer systems
• Financial & retirement planning
• Estate planning