Keeping up with rapidly changing business regulations and tax legislation can be challenging to even the most seasoned business owners. By working with an experienced accounting firm, you can be assured that you will have the guidance and financial information to make the most informed decisions for your business while also remaining compliant with current regulations and legislation. By partnering with an experienced accounting firm, you can rest easy knowing that your accounting, business, and tax needs are in the hands of trusted professionals and focus your attention on growing your business.

Edelkoort Smethurst CPAs LLP is a fully licensed accounting firm, and our Chartered Professional Accountants have over 50 years of combined experience. We are fully registered in Public Practice with the Chartered Professional Accountants (CPA) of Ontario to provide corporate and personal taxation and financial statement compilation services as well as financial statement audits and review engagements. Obtaining full registration is a process that requires completion of a variety of courses of study, as well as ongoing practice inspections by CPA Ontario, thus ensuring we adhere to rigorous professional standards while remaining current with accounting and tax reporting frameworks.

Of course. Whether you’re an individual managing your personal taxes or a business owner managing corporate taxes, dealing with the Canada Revenue Agency (CRA) can feel intimidating and overwhelming. As experienced Chartered Professional Accounts, we can help you with tax returns, ensuring your financial information is accurate and compliant with current legislation as well as address any inquiries or audits on your behalf. As your representative with the CRA, we can address any and all concerns directly with the CRA, eliminating the possibility of any misunderstandings and freeing you from any potential headaches.   

Edelkoort Smethurst CPAs LLP is an innovative, tech-savvy accounting firm providing exceptional accounting and business assurance[GS1]  solutions.  We deliver a full range of comprehensive services to individuals and corporations on both Canadian and cross-border taxation issues. We are dedicated to providing high-quality services by taking the time to understand our clients and their businesses and devising solutions tailored to their unique needs. We can help with:

• Corporate Succession Planning
• Estate Planning
• Corporate and small business accounting services
• Assurance services, including audit and reviews
• Canadian tax planning and compliance
• Cross-border Tax Services
• Guidance on The Foreign Investment and Tax Act

Utilizing innovative accounting software, cloud accounting is an accounting system that uses the Internet. This allows users to access their accounts and financial information at any time and from anywhere, provided they have an Internet connection.   

While traditional accounting methods rely on accounting software tied to limiting desktop-based technology and cumbersome paper-filing systems, a cloud-based system streamlines processes, improving efficiency and reducing costs. There are a number of areas that are improved by using cloud accounting, including:

• Streamlined Workflows
• Accounts Synced to Financial Institutions
• Accessibility
• Real-Time Reporting
• Secure Financial Information

Absolutely. The trusted tax experts at Edelkoort Smethurst CPAs LLP take pride in delivering effective tax planning strategies to both individuals and business owners. Any person or entity earning income in Canada is required to regularly account for that income and pay taxes when necessary, and the best way to ensure that you and your organization are compliant with regulations and legislation is to work with a knowledgeable professional. We offer tax planning solutions that take advantage of allowable deductions, credits, and other tax-saving strategies.

We can. At Edelkoort Smethurst CPAs LLP, we provide guidance on cross-border tax obligations and assist individuals and businesses with all cross-border and U.S.-based tax filings. Our highly skilled CPAs can help you with personal income tax, buying or selling U.S. property, U.S. Foreign Corporate Tax, and more. We are also a certifying acceptance agent, meaning we are able to assist individuals with obtaining their U.S. Individual Tax Identification Number (ITIN). 

Whether you own rental properties in Canada or the U.S., our highly knowledgeable team can devise a tax strategy best suited to your needs. We have decades of experience in the rental property industry, and we know the rules and regulations, ensuring our clients are compliant while taking full advantage of all allowable deductions.

Estate planning is too often something business owners neglect, but if not addressed, can result in significant financial liabilities. Estate administration can be complicated and, depending on the structure of the estate, may involve complex tax considerations with ongoing trusts or businesses that need to be handled properly. We work with clients to make a comprehensive plan that works to maximize the distribution to beneficiaries while mitigating tax consequences wherever possible.

An executor of an estate faces a number of complicated challenges, especially when considering estate tax and terminal tax filings. The process can be cumbersome and overwhelming. Our expertise and years of experience in estate tax means we work with clients to oversee complex estates and provide guidance to estate trustees with respect to managing and minimizing the estate’s potential tax burdens. We will walk you through the process to ensure all tax filings are administered properly so that the estate is dissolved correctly, and the executor’s liability is resolved. We can help with:

• Work with estate lawyers on the passing of accounts
• Any tax filings associated with the estate, including T1 and T3 returns  
• Management of trust income and reporting
• Beneficiary distribution
• After-death income of the estate
• Tax compliance

As a fully licensed accounting firm, we are authorized to deliver audited and reviewed financial statements in accordance with Accounting Standards for Private Enterprises (ASPE) to a wide array of clients from a variety of industries. We also proudly support many not-for-profit and charitable organizations with audit engagements.

We are more than happy to connect with you to better understand your specific situation and assess whether our firm is a good fit for you and your business. We typically schedule a 15-minute call to facilitate an introduction, upon which we can discuss how best to move forward. Consultations from our perspective require a detailed analysis of your situation, which allows us to navigate through numerous and diverse topics to arrive at a recommendation. Consultations are available in hour long chargeable meetings.