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Accounting for owner-managed corporations

If your business is incorporated and you’re still the one running it, this is the page for you.
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The problem

Your financials arrive too late to use

Year-end lands months after the year ended. By then every decision it might have informed is already made.

Your shareholder loan account is a slow-moving problem

Money moves between you and the corporation all year. Left unreconciled, it creates a balance that has to be cleared within a specific window or it becomes taxable income to you personally.

Compliance gets done, advice doesn't

The return gets filed and the statements get produced. Nobody ever sits down and asks what the numbers are telling you. That’s the part that actually changes outcomes.

What I do

  • Monthly or quarterly bookkeeping, with reporting you get while it's still current
  • Corporate year-end, T2, and financial statements
  • GST/HST returns and remittance planning
  • Shareholder loan tracking and clearing, before the deadline becomes a problem
  • Owner compensation planning
  • Payroll and slip preparation
  • CRA correspondence support on returns I prepared
  • A year-end planning conversation before the year ends, which is the only time it's useful

What's different

I do CFO work for larger clients, and that thinking comes with me to smaller files. Even on a straightforward corporation, you should know your gross margin trend and where your cash is going, not just what your net income was.

I’m also direct about scope. Complex reorganizations, family trusts, and estate planning are specialist work, and I’ll tell you when you’ve reached that point rather than doing an adequate job of something that needs an expert.

Questions

How much of my time does this take?
Onboarding takes a couple of hours of yours. After that, mostly sending documents and one real conversation a year, more if you want it.
Good. I’ll work with them. If the coding needs to change I’ll set that up rather than start over.
That’s more common than you’d think and it’s fixable. Catch-up work is scoped separately so you know what you’re dealing with before committing.
Fine, anywhere in Canada except Quebec. Rates and some filings vary by province and I’ll apply yours.

Mark Garcia, CPA · Kitchener-Waterloo, Ontario · Serving clients across Canada · CRA authorized representative