Then we review specifics such as corporate structures, family characteristics and investment strategies.
Our tax planning objective is to minimize a client’s overall corporate and personal tax burden. Our compliance objective is to ensure that all levels of government are satisfied with corporate and personal tax submissions, documentation and payments.
Strategic Tax Review
A strategic tax review may reveal important sources of potential tax savings. This review starts with the corporate structure and may include areas that pertain to specific industries, such as Scientific Research and Experimental Development refund claims. A variety of possible strategies may result from a forward-looking, multi-year approach.
Compliance
Compliance refers to the preparation and filing of corporate and personal tax returns. Our compliance services include US tax returns for individuals. We can also liaise with all levels of government on behalf of clients and assist with government audits. In some cases we provide forensic accounting services related to tax audits and insurance claims.
Scientific Research and Experimental Development (SRED)
The preparation of Scientific Research and Experimental Development (SRED) tax refund claims has five critical components: the technical description; cost accounting; forms preparation and submission; ongoing project documentation; and support for technical and financial audits.
Our experienced and well-qualified personnel focus on ensuring that the broadest application of the rules is used in capturing those expenses that are eligible for the SRED program.
Personal Tax Return Files you can download
The Personal Tax Return Checklist printed on our Personal Tax Return organizer can be downloaded here.
You can also download blank schedules to include in the organizer for employment expenses and rental, business and professional revenue and expenses.
If we are preparing a U.S. personal tax return for you please complete the checklist on the Personal Tax Return organizer (available above) and the U.S. schedules that can be downloaded here.
An Excel version of McLarty & Co’s Kilometer Tracker is also available. Clients who claim vehicle expenses on their personal tax returns should keep track of their business kilometers. We recommend that all claims for vehicle expenses be supported by this type of record keeping because the Canada Revenue Agency regularly challenges auto expenses or increases the taxable benefits for vehicle use.