Site icon DSOS Bookkeeping, accounting & personal taxation services

Contact Us

Contact Us

 

Email Us

admin@dsos-books.com

Call Us

(587) 754-2910

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11804 45 Street NW Edmonton AB T5W2T4

F.A.Q.

Frequently Asked Questions

What kind of clients do you work with?

We help small business owners who are incorporated. We specialize in bookkeeping and accounting for consultants, contractors, small business owners, tradespeople, health professionals and holding companies. We’re always available to answer your questions, big or small, and can recognize if there’s a tax advantage you’re missing out on.

Accounting vs bookkeeping?

While bookkeepers record the financial transactions of your business, accountants analyze the data and use it to generate reports and prepare financial reporting records, including tax returns, income statements and balance sheets.

Accounting involves creating the balance sheet, accruing for non-cash transactions and calculating the income taxes. At this stage, we make sure you get credit for all the deductions and write-offs you qualify for. We’ll also explain where all your cash went and how much equity you are building in the business, review your company’s financial results, plan for the future, and e-file all the tax returns, GST returns, T4 slips (wages), T5 slips (dividends) and T5018 slips.

What is the difference between a corporation and a proprietorship?

A corporation is a separate legal entity from yourself. If you’re incorporated, you would have ‘Articles of Incorporation,’ however registering for a business number or registering a trade name does not mean you are incorporated. If you incorporate your small business, you need to register for a business number and can also register a trade name. You do not need to incorporate to protect a trade name. 

A proprietorship means you are the business. You are able to operate a business, register for a business number and register a trade name, but still remain a proprietorship.

How do I find my CRA profile and account balances?

You can go to www.cra-arc.gc.ca/myaccount and sign in or register for an online profile. If it is your first time using this service, this may take a few weeks. The CRA “My Account” profile allows you to track your refund, view or change your return, view your RRSP limit, change your address and much more. Once you complete the registration process, a CRA security code will be mailed to you. Once you receive this security code, you can enter it during the “My Account” registration process and gain access to your profile online.

The CRA sent me a process review letter – what does this mean?

Each year, the CRA conducts several review activities that promote awareness of and compliance with our self-assessed Canadian tax system. It can happen a number of different ways, including by random selection or when unusual information appears. The government’s analytics and software continue to improve their ability to spot mistakes and unusual items, which means process reviews are increasing in frequency each year. A process review letter will request documentation or receipts to support a specific claim on your tax return. As your representative with CRA, we can respond to any letters and work together to gather and submit the necessary paperwork.

Your responsibilities

Accountants prepare your tax returns based on the information you provide, and your accountant does not know things about you unless you tell them. The accountant will have a director of the corporation sign a management representation letter prior to filing the corporate tax return. By signing this letter, the director agrees that there’s nothing in the financial statements that they know to be false or misleading. When reviewing a tax return with you, we answer any questions you have and explain the returns in as much detail as you need. If a mistake is made on our end, we resolve it without any inconvenience to you.

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