Grow Your Business. We’ll take care of your books.

You know that your business will grow bigger and faster if you put more time managing your business. So, if accounting is not your forte, give the work to us, so you can concentrate on things that matters most for your business.

Restaurant owner needs monthly financial reports

When a client opened his first restaurant, she wanted to be sure that her books of accounts done properly, and the payroll and HST payments be on time. We made arrangements to have her company’s records sent to our office as soon the papers they are ready, and we turnaround to provide her with the monthly financial reports by before the end of the month.

Real time accounting for a private school

With many students enrolled in different courses, the school needed an up-to-date system to keep track of the school’s income and tuition receivables. It has to collect any outstanding tuition before the school term ends, otherwise it will have to write off the uncollected tuition. We installed a Quickbooks Online system for the school, so its staff can input the transactions daily at their office, and be able to review each student’s financial records when they need to do it. In the meantime, we are able to monitor the financial results in our office.

Keeping our client’s records longer than is required

A business client has a marriage breakdown and his lawyer requested for copies of the financial statements of his business – both for the year of his marital separation and the year when he married his former spouse. We were advised that the documents were needed by a business valuator. We were able to provide all the requested reports (even though the marriage was more than 15 years ago), as we keep copies of our clients’ records longer than what is required.

On a more frequent basis, we provide our clients the previous years’ tax information that they need for many purposes – such as when they apply for mortgages or personal loans.

Multi-year update for a supplies wholesaler

The owner of a supplies distribution company was referred by another client. The company has not filed its corporate tax returns for 6 years. We were able to finish the work within the extended deadline imposed by CRA.

[Note: The recommendations that we have given to our clients, as mentioned above, were applicable to their circumstances at that time . Please contact our office for evaluation of  your specific tax or financial situation.]

We always advise our clients to keep all their financial records, submit reports before deadlines and pay their tax bills on time. Even then, sometimes the government comes knocking at their door – to request for more documents, to review what they have submitted, or to collect what is due.

On many occasions, our clients or friends refer somebody who needs assistance in dealing with the government.

Appealing a tax audit

An international freight forwarded was referred to us by a friend. The company was audited for its HST, and was assessed to pay over $100,000. The previous tax preparer advised the business owner to pay the amount right away “to avoid further penalties and interest”.

When we reviewed his tax situation, we determined that the company was not required to collect HST. It was also allowed to claim a refund for the HST that paid on its purchases and expenses. As a result of the tax appeal that we submitted, the company’s alleged HST was reversed. Instead, it got back about $160,000 in HST refund for the three years that was audited.

Claiming a tax refund

A real estate investor was assessed for HST on the purchase of her investment property. She bought the townhouse with the initial purpose of having her parents live there. However, when her parents decided to stay with her, and she decided to rent the new property so she will have the money to pay for the mortgage, utilities and property taxes.

She contacted our office when she was required to pay back approximately $28,000 in HST rebate that she got when bought the townhouse. We applied for an HST rebate under a different government program, and she got back almost the same amout.

Helping arrange a payment plan and reduce a tax liability

Once in a while, we get a referral for someone who had been quite aggressive in claiming for tax deductions get audited and required to pay an amount that they cannot afford to pay right away. This was the case of a self-employed consultant who was enticed to “invest” in a business operation that created significant annual losses – and initially received huge tax refunds.

When we reviewed his case, we determined that the assessments were reasonable, as his “business losses” were, in our opinion, not allowable. We were able to convince the tax authorities to reduce his penalties and given him a reasonable payment plan.

Defending a lifestyle audit

A businessman was referred to us by his financial advisor. Although his business was not earning much, he was able to purchase four properties within a five year period. The auditor asked him to explain where the money for the downpayments are coming from – and he suspected the taxpayer was involved in property flipping or any other activities which should be taxable.

With the assistance of his financial advisor, we gathered and documented all financial transactions of the businessman (including a lucky winning streak in the casino) and convinced the auditor to terminate the audit.

[Note: The recommendations that we have given to our clients, as mentioned above, were applicable to their circumstances at that time . Please contact our office for evaluation of  your specific tax or financial situation.]

We always strive to make it convenient for our clients to work with us on their accounting and tax situations. We understand that some clients are not available to drop by our office during our regular working hours, and some needs urgent assistance once in a while.

Making it easier for our clients to provide their documents

One client, an engineering consultant, most often works overtime and in the various construction areas. We have arranged for him to scan and e-mail his documents and worksheets, and we discuss this tax situation by e-mail or phone calls.

When he does come to the office to discuss important tax issues, we met him after our usual hours to accommodate his schedule.

Urgent request accommodated

It was a Saturday morning when a client sent us an e-mail requesting for a copy of her family’s tax returns for the past three years. Their offer to buy a house has been accepted and she needs to complete her mortgage application that weekend. Since she cannot locate her own copies, she thought that maybe we can help her.

She was fortunate that one of our staff saw her e-mail and, from a remote location, was able to send her the tax returns she urgently needed.

Smart phones and iPads are a big help

A client in southwest Ontario does not have a fax machine. He downloaded a scanning app on this smart phone, which he uses to scan the documents and send to our our office via e-mail. When he is ready to pay, we send him a electronic invoice to enable him to pay online.

Some clients take a picture of the documents and e-mails it to our office.

Document portal is here

We are always looking for new methods to improve our client’s experience. Now, you can upload your documents in our secure document portal. Please contact our office so we can set up your access to the facility.

Howdy, Alberta!

A client based in Alberta sends us his families tax documents by mail. Sometimes, he would scan a document and attach it to his e-mail. Sometimes, he would send a fax to our toll free fax number 1-866-791-3322. We discuss his tax situation by phone, and we send the tax authorization forms by e-mail. Whatever method works is fine with us.

Well, our founder and chief tax consultant has been talking about tax, accounting and compliance reporting for about 30 years now. Since he started working with a chartered accounting firm in 1986, he has been focused on providing his clients with the tax solutions that they need.

Veritax opened for business in 1988, and has since provided professional tax and accounting services to thousands of businesses, professionals and families in the Greater Toronto Area and suburbs, in southwestern Ontario, and in other provinces in Canada.

Even as our firm grew over the years, we kept our personal touch. So, when we meet at our conference room or at your dinner table, we know that we are talking to people who have become our friends and acquaintances, or who will be in the future. We care.

We would be able to give the right advice only when our clients provide us with a more complete view of their tax situation. We have been fortunate that over the past quarter century, our clients have given Veritax their full trust and utmost confidence – this enabled us to come up with what we think are the best solutions to their tax and compliance issues.

We know that we are not perfect, so we always strive to excel. We constantly look for ways to improve our knowledge, our work processes, and our level of service.

What are we waiting for?

We presume that you have checked our website to see how we can assist you with a tax report that has to be submitted, or a tax issue that needs to be resolved.

So, let’s talk tax! Please give us a call at (416) 476-9300 or send us an e-mail to info@veritax.ca, so we can start the ball rolling.