Corporate and Personal Tax Returns
Each year the laws and CRA positions applicable to Canadian income tax filings become more extensive and more complicated. Whether it’s filing for the current year, or catching up overdue returns, we can assist you with collecting and organizing necessary information and getting returns prepared and filed efficiently and accurately. We also provide assistance with less common compliance matters, such as foreign affiliate reporting and charity / not for profit reporting.
CRA Audits and Objections
Being selected by the CRA for an audit, or receiving an assessment that is not consistent with filer expectations, is stressful for most Canadians. The urgency is increased due to the applicable statutory deadlines in which to respond. Involving a chartered accountant, who can interpret CRA correspondence and understand the applicable filing positions and arguments, and make appropriate responses and take suitable next-steps, greatly reduces that tension. Connelly & Koshy has a reputation for tenaciousness and success in assisting clients in the resolution of any income tax, payroll or HST matters.
Corporate Restructuring and Tax Planning
The organization and ownership of a business is not static. Changes to the business or to an owner’s family (or business relationships/partnerships) can create a need to revise the corporate structure or undertake other tax planning strategies. Mistakes in this area can be irreversible and also incredibly expensive (in terms of income tax or legal/professional fees). Connelly & Koshy invests in maintaining the highest level of competence and currency in these matters. A few of the areas where our firm regularly assists clients include acquiring or disposing of a business, welcoming new partners, effecting an estate freeze, moving assets into or out of a corporation, or dividing up (or winding down) a corporation.
Family Trusts
There is a great deal of unappreciated complexity relating to trust relationships. While recent rule changes have reduced certain opportunities for the utilization of an inter-vivos family trust, their use continues to allow for achieving numerous desirable financial and relationship related outcomes. As well, significant changes to estates and testamentary trusts, as well as the application of tight new deadlines, also cause estate planning (or accepting a role as executor) to be fraught with potential muddles and mistakes. Connelly & Koshy regularly assists a large number of trust and estate clients to ensure that costly errors and family tensions are minimized.
SRED
Our team has decades of experience in filing Scientific Research & Experimental Development (“SR&ED”) claims for clients in a number of industries. We can guide you and your business through the rules around SR&ED, applicable CRA filings, available resources and assist in maximizing the claim. We will help you identify eligible expenditures and activities, in more complicated instances can refer you to specialized experts who assist in claim preparation, and will guide you through the CRA review process.
Non-residents
Our office focuses on Canadian income tax, including its many components applicable to non-residents. We regularly assist non-residents with the abundance of compliance requirements inherent in the ownership of Canadian real property (NR4 and NR6 reporting, Part I and Part XIII income tax filings, compliance certificates in respect of sales, HST obligations, etc.). As well, when clients decide to emigrate or immigrate, we help them navigate the various decisions to be made and to understand the tax consequences.
