SAR Professional Corporation

Frequently Asked Questions

Frequently Asked Questions for Seamless Financial Understanding in Canada.

What is the procedure for sales or proposals?

Initially, we arrange a discussion to understand your business, the hurdles you encounter, and your requirements. Subsequently, we conduct another meeting to devise a strategy and explore various tailored options. Finally, a concluding session covers our suggested resolutions, the project's extent, and the associated costs. 

What factors determine the pricing?

The cost is variable and customized for each client, as individual goals and needs differ. Our commitment is to craft solutions aligned with your budget and specific requirements. Transparency is integral to our approach, hence we offer upfront fixed-fee pricing, ensuring no unexpected invoices—an assurance we stand by. 

What role does a CPA play for real estate investors and business owners?

CPAs bring foundational business expertise crucial for tasks like entity formation, accurate tax filings, strategic tax planning, and maintaining organized books and records. Their role is indispensable in ensuring the sound financial management of any business. 

Will I have one main point of contact?

Absolutely, you will be assigned a dedicated team member who will serve as your primary point of contact for any inquiries or assistance you require. 

Do you offer tax consultation services?

Absolutely! Our Tax Strategy Consultations are highly sought after by both new and experienced investors aiming to address any gaps in their strategies. 

Does the price cover support services?

Absolutely, without question! We offer comprehensive support for all the services you engage with us for. 

What kind of support is available?

Our diverse team offers expertise in various accounting and taxation domains. Whether you encounter challenges with personal or business tax filing, business consulting, incorporating a business, or Tax consequences for non-residents, QuickBooks Online (QBO), accounting or bookkeeping, CRA-related matters, or payroll, the team is equipped to assist you comprehensively. 

What's the importance of bookkeeping alongside tax filing?

Bookkeeping encompasses essential records, like outstanding customer payments, vendor dues, and potential expense reductions. Accurate, updated bookkeeping empowers businesses with better financial tools, enhancing their profitability compared to those without it. Moreover, precise bookkeeping safeguards valuable deductions, facilitates lending or refinancing endeavors, and streamlines tax preparation. 

Is there flexibility in canceling the services?

Certainly, you have the option to cancel at any time, provided you give a 30-day notice period. 

What happens to my data if I cancel the service?

In the event of cancellation, all data pertaining to your business, including accounting files, will be securely transferred to you. You will retain ownership and control over this information. 

How can I get in touch with you?

We provide support through various channels, including video calls, screen-sharing sessions, email communication, in-person visits, and phone calls. 

What does it signify when I receive a Process Review Letter from the CRA?

The CRA routinely conducts various review activities annually to ensure adherence to Canada's self-assessed tax system. These reviews may occur randomly or when anomalies are detected in the provided information. Advancements in government analytics and software have heightened their ability to identify errors or unusual elements, resulting in an increase in the frequency of process reviews each year. Upon receiving a process review letter, the CRA requests documentation or receipts to validate a specific claim on your tax return. As your representative with the CRA, we collaborate to address these letters and collect and submit the required paperwork. 

Is it possible to handle this process independently?

Yes, technically it is possible, but having an expert on your team significantly streamlines the process. Our CPAs possess extensive knowledge of dynamic tax laws, especially those concerning the equipment and resources essential for your business operations. Engaging our services means you won't need to invest your valuable time in sifting through numerous receipts or navigating interactions with the CRA. We ensure timely tax filings and offer a streamlined process that simplifies the life of a small business owner. 

What type of clients does your firm typically serve?

Our focus lies in assisting incorporated small business owners, and sole proprietorships, offering specialized bookkeeping and accounting services tailored for consultants, contractors, and business entrepreneurs. Our commitment extends to providing prompt responses to all your inquiries, regardless of their scale, and identifying potential tax advantages you might be overlooking. 

What is the difference Between Accounting and Bookkeeping?

Bookkeepers handle financial transaction recordings, while accountants analyze this data to generate reports, prepare financial records like tax returns, income statements, and balance sheets. 

In accounting, the focus includes crafting balance sheets, accounting for non-cash transactions, and computing income taxes. This stage ensures the utilization of eligible deductions and write-offs. It also involves elucidating cash allocations, gauging business equity growth, reviewing financial outcomes, strategizing for the future, and electronically filing tax returns and GST returns. 

I already have an accountant so why do I need a bookkeeper?

A bookkeeper plays a crucial role alongside an accountant, focusing on day-to-day financial transactions and ensuring accurate recording and organization of these records. While an accountant analyzes data for tax preparation, financial reporting, and strategic planning, a bookkeeper maintains the consistency and accuracy of the financial records. They streamline processes, maintain detailed records, and offer real-time insights into the business's financial health. Collaborating with both an accountant and a bookkeeper ensures a comprehensive financial management approach, with each contributing specialized expertise to support the business's success. 

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