We can be reached at:
905 895-7328
 Chartered Accountant
Tax Returns & Filings

Preparation of Tax Returns and Regulatory Filings
We prepare and file tax returns for Canadian and U.S. individuals (both resident and non-resident) as well as for Canadian and U.S. corporations:

  • Canadian and U.S. corporations
  • Canadian and U.S. individuals
  • Estates and trusts
  • Partnership and joint ventures
  • Charities and not-for-profit organizations

Personal tax forms
Basic tax preparation services require the mechanical compilation of information using the correct CCRA forms; calculations include maximizing deductions and credits within the prescribed limitations. Basic tax services focus on accurate and timely filing of the tax return, properly documenting the amounts reported, and identifying obvious opportunities for reducing tax liability or improving administration of one's tax affairs.

A complex tax return is any return that reports information not provided in finished form by third parties. This includes self-employment (business, commission, professionals, farming & fishing), rental properties, employment expenses, capital gains & losses, and foreign income taxes.

Corporate tax planning
The goal of corporate tax planning is to structure a business to minimize its income tax now and in the future. In order to ensure this, we help clients' corporate tax files, ruling requests, and advise on how to minimize taxes through tax deferral, improved tax accounting and other methods of structuring their business affairs to ensure the best possible tax advantages. Some strategies may include corporate reorganization, whether for corporate tax planning, creditor-proofing or other organizational purposes. We also help with the transfern of assets on a tax-deferred basis from one corporation to another. We can also help clients restructure corporate share capital for either income tax or estate-planning purposes.

We offer a variety additional business tax services including negotiating with CRA in cases of tax disputes and appeals, U.S. and international tax services, ensuring compliance with complex taxation rules, helping to determine when incorporation is appropriate, advising on the GST and consultancy services to law firms and professionals.

There exist numerous exemptions and credits you may be eligible for that may apply to you personally or to your business. We will work to assist you to reduce your tax dollars.

Estate Planning
Estate planning involves a lot more than just preparing a will. In fact, wills aren't necessarily essential to an effective estate plan. Each case is different and requires a thorough review of the individual's assets as a starting point. Occasionally the objectives of an estate plan can be achieved by simply changing ownership or designating a beneficiary.

In preparing your estate plan we will review your assets, beneficiaries and will, and then communicate with your lawyer, or will refer to one of our own legal contacts should a lawyer be required. Our estate planning services include:

  • Estate planning, including "estate freezes", to ensure that the impact of taxation on asset transfers is minimized
  • Family budgeting and planning in order to help meet future financial goals
  • Co-ordinating with other professionals to ensure that your specific needs are met
  • Resolving estate beneficiary disputes
  • Financial and tax planning
  • Business succession planning
  • Wills and power of attorney
  • Trusts and living wills

Estate planning can be a difficult process emotionally, but it is an important matter and there are many personal factors to consider. We may not look forward to making these types of decisions, but it is extremely important to have a solid plan in place. Estate planning is about planning for others - your family, your business partners, other special people in your life, and your favourite charities.

If individuals do not have a comprehensive estate plan, they risk a considerable reduction of estate assets by income taxes, probate fees and other related costs. A large income tax assessment could result in the liquidation of assets by an estate that is not intended under the will. Having a plan in place will provide peace of mind.

Trusts
We can assist with a number of different types of trusts: Estates, Family trusts, Immigrant trusts, Non-resident trusts, Testamentary trusts and Inter-vivos trusts Our services include:

  • Preparation of T3 tax returns, T3 Summary and T3 Supplementaries
  • Dealing with Canada Revenue Agency (CRA) (e.g. Audits, correspondence, questions, etc..)
  • Reviewing correspondence from CRA and advising on appropriate reply
  • Tax planning
  • Estate planning
  • Coordination with lawyers to establish trust
  • Reporting foreign assets
  • Assisting non-resident trusts file Canadian tax return(s), as required

Charities and Non-Profit Organizations
Stephen Shessel CA can help with not-for-profit taxation. We can complete your audit in a timely manner and prepare all required forms. We'll help you interpret the numbers, often in the context of benchmark data for your sector and utilize our experience to effectively address any concerns you may have.

Not-for-profit clients often turn to us for realistic solutions to ever-present funding challenges. We do so through six highly specialized practice areas: tax, accounting and assurance, business advisory, litigation support, insolvency and debt restructuring, and government consulting. These services allow us to draw upon specialized, not-for-profit expertise within our firm to deliver well-rounded advice, experience, and value to you.