User-friendly and effective bookkeeping and tax services
Foundation Tax Services is a Canadian owned and operated business that utilizes professionally designated accountants to prepare your taxes so that you only pay what is owed, and not a penny more.
We provide full bookkeeping services. The client provides us with raw data, invoices, receipts, bank statements etc.
We use this data to provide the client with Income Statements, Cash flow statements and Balance Sheets
We also use the data to file the clients GST/HST returns on a quarterly basis
We also prepare the clients corporate tax return (notice to reader statements) for year-end tax filing purposes
If we see a way for the client to structure their company more effectively, we provide them with our input and advice.
If the clients business is unincorporated, we prepare the client and spousal personal tax returns (included in the price)
We provide pre-printed address labels that can be affixed to any sized envelope for easy data submission
The client gathers and sends in receipts, invoices, payments and paperwork each month.
No other forms of paperwork are required. We sort through everything and arrange as necessary.
The Client receives quarterly Income and Cash Flow statements so they know the financial health of your business and we accrue a taxes payable line.
We file GST and HST quarterly to ensure refunds are received as soon as possible.
We prepare the annual corporate tax returns for incorporated businesses. In the event the clients business is unincorporated, we prepare the clients personal tax return and that of the clients’ spouse.
1. Reduced Stress
Drivers spend up to 13 hours behind the wheel daily – they have a lot of time to think about unfiled HST payments, unfiled taxes, unpaid bills, and unknown income and profitability of the business
Often the spouses are doing the bookkeeping. So when the driver does come home, the family is affected by cash flow issues, fear of unpaid taxes, and fear of not knowing how much money they have
This also affects the clients’ ability to plan effectively and to make good decisions around investments in new equipment for the business, or new things for the family.
FTS takes care of these issues by providing accurate and timely accounting for the client. This result in less stress, more informed decision making, and a stronger bottom line, as the client is able to make decisions that will drive income.
Increased leisure time with the family
Increased productivity time on the road
2. Business Insight
Business Structuring Advice. We monitor the clients books and after a few months provide, included in the price, advice on structuring the business to minimize their tax burden
We’re current on all CRA changes that could affect the owner-operator driver, it’s what we do, so all deductions will be realized
Quarterly income statement and cash flow statement. The client will have all bookkeeping up to date – quarterly statements will give them a snapshot into the profitability of their business, and the cash flow requirements.
Annual balance Sheet will give the client a snapshot of the equity and debt of their business
The client will have a running estimate of taxes they will have to pay at year end.
More informed decision making by the client
Better decisions on new trucks, new equipment, profitability of contracts, vehicle wear and tear
Ability to take advantage of all tax deductions, increasing the clients’ bottom line
3. Tax Preparation
The client will have all HST/GST filings done automatically
The client will have corporate taxes prepared annually
If the client is not incorporated, we will prepare the client and spousal personal tax returns
Reduced risk of missed deadlines, no penalties or fees paid to CRA.
4. Lower Costs / Higher Profits
Rates of as low as 150/ month( for single truck operators) are lower than comparable bookkeeping and tax preparation rates of more than $3000 per year
Less money spent on comparable services
Predictable costs for bookkeeping and tax preparation
Insignificant cash flow costs to their business
5. Ease of use
We accept payments by CC or automatic payment from account
We accept raw data – no sorting
We provide self addressed labels
We provide an easy Check list to ensure the client remembers all receipts
We look after everything else
More free time for the owner operator and their spouse
Take Control of Your Business.
Get Started Today
Salvatore Insurance Brokers provides excellent insurance support and value added services to our clients. We do recommend the services of Foundation Tax to our clients. We recognize that their service provide maximum benefits by removing the worries associated with bookkeeping and tax services, ensuring they maximize their deductions, and maximize their time on the road