We provide assurance services such as audit and review which are typically required by funding agencies, stakeholders or by a financial institution.
Our firm provide CFO and controllership services that provides excellent business and organizational advisory services to management. We also assist management with their financial and administrative work and requirements in situations where there is vacancies in management positions.
We provide organizations a thorough review of their business processes, systems and controls with the goal of identifying weaknesses in current practices and ultimately improving an organization's effectiveness and efficiency in using its resources.
Effectively managing your business' finances is critical to your long term success. Good budgeting and financial forecasting skills can help you control your business' financial health.
We provide special assurance and accountants report that fits the need of users. This may include agreed upon-procedures or comfort letters
The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by an auditor whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework such as International Financial Reporting Standards ("IFRS"), Accounting Standards for Private Enterprises ("ASPE"), Accounting Standards for Not-for-Profit Organizations ("ASNPO"), Accounting Standards for Pension Plans ("ASPP") and Public Sector Accounting Standards ("PSA").
Review engagements are designed for entities that do not require an audit opinion to meet their needs but want more assurance that is provided with a compilation engagement. Many owner-managed entities do not need an audit engagement but do require some limited assurance on the annual financial statements for presentation to the bank or as required by Corporate Affairs.
A compilation or notice to reader engagement consists of receiving information from you as our client and as your accountants, we will arrange and process it to form financial statements. The objective is to ensure that the information provided to us is arithmetically correct and that to the best of our knowledge, it is not false and misleading.
Taxes are ever changing and tax returns in Canada are dynamic on a year by year basis. Many people find it challenging on how to calculate tax correctly or ask themselves how much will I pay. Whether it is filing an individual tax return or a corporate tax return, mistakes can easily be made and incorrect returns filed. Incorrect returns face the risk of being audited and reassessed, and CRA will not hesitate to impose heavy penalties and interest on amounts owing. It can take hours going through records and paperwork to correct any mistakes. This will result to an even greater stress and burden to you as a taxpayer. The risk of being audited can also be expensive and time-consuming. There is also an even greater risk in missing-out on opportunities to claim more credits and refunds.
At Estrada & Tan, we are your own income tax calculator and we are committed to providing expert knowledge and advise in the preparation of your individual or corporate tax returns based on current tax rules and regulations. Our tax professionals are dedicated to helping our clients meet their needs and resolve their tax issues in a timely manner.
February and March are usually the time when most individuals look for a personal tax accountant. Estrada & Tan can assist you in completing and filing your personal income tax return. We will ensure that your personal tax return is filed on time and finding you tax credits (i.e. various child tax credits) available to you.
The filing deadline for an employed taxpayer is on April 30. If you owe any taxes in the previous calendar year, payments should be made on April 30. If you are self-employed individual, the filing deadline to submit your personal income tax return is on June 15. While if there any taxes owing in the previous calendar year, payments should be made well before the June 15 filing deadline, which should be on April 30.
Corporate Tax Return:
The field of corporate income taxation is changing rapidly and it is important to have knowledgeable professionals on your side to assist you in complying with new tax rules and regulations.
As your corporate tax accountant, we will ensure you will file your return no later than six months after the end your corporation's tax year. Even though the filing deadline of the return is six months after year-end, any corporate tax owing are generally due two months after the end of the tax year. Additional conditions in accordance with the Income Tax Act should be met in order to be eligible for the three months payment deadline.
Payroll and GST:
CRA remittance requirements for both payroll and GST could sometimes get complicated and tedious due to the fact that there are numerous tax rules and regulations that needs to be complied with.
As your tax accountant, we can assist you in the accurate computation and filing of your payroll remittances and GST return. These will result in lesser CRA audits due filing and remittance errors. We will be there to assist you with CRA queries and follow-ups including the filing of your T4 summaries.
Trust Tax Return:
The due date for filing T3 return depends on the trust's tax year-end. You have to file the T3 return, the related T3 slips, NR4 slips, and T3 and NR4 summaries no later than 90 days after the trust's tax year-end. Payment should also be made on any balance owing no later than 90 days after the trust's tax year-end.
As you accountant, we will make sure that all tax rules and regulations unique to a trust return are all met. This includes maximizing your tax return while being compliant with Canada Revenue Agency's requirements.
Let Estrada & Tan get rid of the headache of filing your tax returns by either letting us act as your corporate tax accountant or by allowing us to provide corporate tax services in Vancouver, Whitehorse and neighbouring cities in BC and YT. Our accountants of educated and experienced professionals will ensure you file your tax returns that will result in the least amount taxes payable. Please contact us:
You can also call us at 604-369-1868/778-952-8255 for Vancouver or 867-334-8634 for Whitehorse to book an appointment today.
Estrada & Tan also provides tailored bookkeeping services in Vancouver, Whitehorse and its neighbouring cities in British Columbia and the Yukon. Bookkeeping is essential for running successful small business that many business owners do not particularly enjoy because it can be tedious and cumbersome. Fortunately, small business bookkeeping services that we offer are available to perform your day-to-day bookkeeping, leaving you and your staff with more time to concentrate on you core business.
Small business bookkeeping is important in many ways. First and foremost, proper books are important so that businesses can prepare more accurate financial statements for their tax accountants, investors, and other interested business parties. Small business financial statements are an important indicator of how healthy a business is and whether it is profitable. These financial statements also used for generating information required to complete your annual tax return.
As your bookkeeper, we work to also give you valuable advice on how to establish best practices in bookkeeping. Where possible, it is often a good idea to separate functions and duties (i.e. recording, authorization, custody of assets) so that someone is always double-checking the other person's work. By doing so, you are minimizing any risks of misstatement whether due to fraud or error.
We share a purpose and commitment to excellence in delivering quality small business services for owners and managers that need assistance with their bookkeeping. We can help you strategically develop a plan so that you are running your business as effective and efficiently as possible.
For a complete information on our bookkeeping services please look us up at www.bookworks.online.
Yukon Umbrella Final Agreement
The Umbrella Final Agreement was reached in 1988 and finalized in 1990. It is the overall "umbrella" agreement of the Yukon Land Claims package and provides for the general agreement made by most settled Yukon First Nations in a number of areas. The Umbrella Final Agreement contains several main topics from which all remaining topics flow. These include land (Chapter 9), compensation monies (Chapter 19), self-government (Chapter 24), and the establishment of boards and committees and tribunals to ensure the joint management of a number of specific areas.
While the Umbrella Final Agreement provides a framework within which each of the 14 Yukon First Nations will conclude a final claim settlement agreement, all provisions are a part of each First Nation Final Agreement. The Final Agreements contain all of the text of the Umbrella Final Agreement with the additional of specific provisions which apply to the individual First Nation.
The First Nation Final Agreements comprise the actual legal agreements made by the three parties, the Federal Government, the Government of the Yukon, and the individual First Nation. The Final Agreements designate settlement lands and deal with matters of economy, wildlife, land and resource management, and other matters such as heritage.
As each First Nation reaches their Final Agreement, they also reach a Self-Government Agreement. This agreement emerges from Chapter 24 of the Umbrella Final Agreement and lays out the powers, authorities and responsibilities of the individual First Nation government. Under this agreement, the First Nation has the power to make and enact laws in respect of their lands and citizens, to tax, to provide for municipal planning, and to manage or co-mange lands and resources. Each First Nation will have a constitution in place which contains the membership code, establish governing bodies and provides for their powers, and protects the rights and freedoms of the citizens.
The First Nations Financial Transparency Act creates the following new requirements for each First Nation that is a band as defined in subsection 2(1) of the Indian Act (unless it is a party to a comprehensive self-government agreement given effect by an Act of Parliament):
At Estrada & Tan we have extensive experience working with First Nation governments to complete and comply with their reporting requirements. These reporting requirements could be quite different to a "settled" First Nation government from a First Nation government not exempted under the First Nations Financial Transparency Act .
We have deep understanding as to the agreements, laws and regulations governing its activities. Our thorough understanding of the unique intricacies in which a First Nation government operates makes us a valuable asset to their organization. We have made numerous advise and recommendations in the improvement of processes and controls with the goal of further improving the programs and services to their members and citizens.
A non-profit organization is a legal entity separate from its members and directors formed for purposes other than generating profit to be distributed to its members, directors or officers. While, a non-profit corporation can earn a profit, the profit must be used to further the goals of the organization rather than to pay dividends to its membership. A non-profit corporation can be a church or church association, school, charity, medical provider, activity clubs, volunteer services organization, professional association, research institute, museum, or in some cases a sports association.