Successful business owners and professionals know the value of their time, and realize the benefit of retaining profits. We can help you plan and implement optimal tax strategies that are properly documented and reflected in your accounting. This integrated approach ensures that even aggressive strategies have a reduced chance of audit, and post-audit adjustments with an overall reduction in professional fees.

The Shane DiNapoli Chartered Accounting firm is headquartered in Calgary, Alberta.

The Firm was started in 2000, and moved to the Kensington Area in 2008. Over the last 17 years the Firm has steadily grown and continues to serve new and long-term clients alike. Services encompass a global approach, managing corporate, personal and estate tax planning scenarios. In order to maintain the quality that clients have come to expect, new clients are typically accepted on a referral basis only.

Some of our clients include:

Doctors, lawyers, physiotherapists, naturopaths, engineers, architects, restaurants, catering, oil & gas, construction, aviation, and not-for-profit organizations.

Accounting Services

Review of Financial Statements

To meet the requirements of creditors, shareholders, government agencies, bonding companies and others, we can prepare review engagement financial statements. This provides negative assurance for a set of financial statements (as opposed to a more expensive audit).

Corporate and Personal Taxation

Corporate tax planning takes into account various forms of taxation including; income tax, GST, payroll and capital taxes. We will prepare your tax return and deal with the Canada Revenue Agency as necessary with your consent, on your behalf.

Strategic Planning

This is a vital management exercise that clarifies corporate priorities, resolves outstanding issues and helps puts your business on the road to better performance.

Corporate Re-organizations & Tax Planning

We can advise on corporate re-organizations & tax planning in situations such as; withdrawal of a shareholder, mergers and estate freezes. Which can not only save significant money now, but reduce future taxes payable upon death, dissolution or sale.

 

Tax Information

Personal Tax Information

General Information

General Information:

  1. All correspondence with CRA (ie: Notice of Assessment for the prior year, and tax installments paid)
  2. All T Slips received (T3, T4, T5, T5018, T4A, T4AOAS, T4AP, UCCB etc.)
  3. RRSP contribution slips
  4. Official donation slips (must have the charitable registration number)
  5. Any other official receipts such as:
    1. Spousal support paid including: proof of payment, and signed letter by spouse stating income received.
    2. Investment fees.
    3. Student loan interest.
    4. Transit passes (copies of the original, or the receipts).
    5. Tuition and education receipts (T2202A, or valid receipt from educational institution).
    6. Union dues and professional insurance/fees.
  6. Information regarding additions to the family (name, date of birth, SIN), and any changes in marital status.

Investments

Should you meet the “Investments” criteria below, please also include the following:

  1. Summary produced by financial institution
  2. If you sold investments during the course of the year, include:
    1. The amount initially paid for the investment, plus the cost incurred to purchase the investment, including commission costs.
    2. The proceeds received upon the sale of the investment, less any commission or other selling costs.
  3. Fees/carrying costs paid to earn investment income.
  4. Please see above regarding T1135 (foreign investment reporting)

Rental Property

Should you meet the “Rental Property ” criteria below, please also include the following:

Rental property revenue and related expenses (feel free to provide a spreadsheet of gross rents and expenses captured below):

  1. Percentage of ownership of the property
  2. Gross rents for the year
  3. Advertising
  4. Insurance
  5. Interest – Mortgage/Line of Credit
  6. Office expenses
  7. Management fees: – ie: condo fees
  8. Legal or accounting fees
  9. Maintenance and repairs
  10. Property taxes
  11. Travel
  12. Utilities

Children

Should you meet the “Children” criteria below, please also include the following:

  1. Childcare receipts to include:
    1. Name of the child/children.
    2. Name of organization providing care, if caregiver is one person, provide their SIN number.
    3. Amount paid for the services received.
  2. Child Fitness/Arts receipts which must include the following (maximum of $1000/child/year for fitness, and $500/child/year for Arts):
    1. Time period must be for either eight (8) consecutive weeks, or five (5) full days.
    2. Child/children’s name(s).
    3. Name of organization.
    4. Description of activity.
    5. Amount paid for the activity.

Medical Expenses Paid Personally

Should you meet the “Medical Expenses Paid Personally” criteria below, please also include the following:

Medical Expenses Paid Personally (please include relevant receipts)

  1. Date of expenses paid must be within a twelve (12) month period end in in the current year of taxation.
  2. Details of amount paid by individual and amount reimbursed or paid by health plan (Statements from Blue Cross, Sun Life, etc.).
  3. Common expenses include: dental, physiotherapy, chiropractics, optical, prescription drugs, psychologist/psychiatrist, and naturopath.
  4. If you are unsure of whether the expense qualifies, please refer to the complete list of allowable medical expenses: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/330/llwbl-eng.html

Business or Professional Income

Should you meet the “Business or Professional Income” criteria below, please also include the following:

All pertinent business information (feel free to provide a spreadsheet of revenue and expenses captured below):

  1. Revenue invoiced
  2. Meals and entertainment
  3. Insurance
  4. Interest
  5. Business fees – licences etc.
  6. Office expenses
  7. Supplies
  8. Legal and Accounting fees
  9. Rent
  10. Maintenance and repairs
  11. Phone and internet expenses
  12. If you utilize your automobile for business or professional purposes:
    1. Make/model/year
    2. Purchase/lease price
    3. Repairs
    4. License fee
    5. Fuel
    6. Insurance
    7. KM’s driven for personal and business
  13. Asset additions purchased in the year (over $500)
  14. If you have a home office:
    1. Square footage of office in house and square footage of house
    2. Mortgage interest paid
    3. Heat and electricity bills
    4. House insurance
    5. Property taxes

Employment Expenses

Should you meet the “Employment Expenses” criteria below, please also include the following:

The following expenses apply if you have not received reimbursement from your employer:

  1. Travelling expenses other than entertainment expenses:
    1. Food
    2. Lodging
    3. Other travelling expenses (bag check etc.)
  2. Supplies:
    1. Stationery
    2. Telecommunications
  3. Other:
    1. Salaries paid to a substitute or assistant
    2. Office rent
  4. Expenses incurred to earn commission income only:
    1. Advertising and promotion
    2. Food
    3. Tickets and entrance fees
    4. Allowable motor vehicle expenses:
      • See Business/Professional Income section l.
    5. Other expenses:
      • Licences
      • Bonding premiums
      • Rental of office equipment
      • Training costs
      • Travel fare
    6. Interest expense and CCA paid on passenger vehicles.

Corporate Tax Information

What should I bring or send in?

  • Trial Balance, Balance Sheet, Income Statement, and General Ledger. If applicable; Aged Account Receivable, Accounts Payable Listings and the Bank Reconciliation for the year end.
  • All Canada Revenue Agency Correspondence received during the year.
  • Details of any changes in mailing address, share ownership, etc.
  • Any other official documents considered relevant to the year end. (When in doubt please enclose.)

Tax Benefits of Incorporation

  • Active business income retained in a corporation is subject to a 14.5 % tax rate on the first $500,000 of income earned annually (which may be the most significant tax benefit of incorporation, dependent upon the amount of profits retained in the company).
  • Incorporation allows for the introduction of inactive shareholders for income splitting purposes.
  • Incorporation allows for the use of corporate profits for business expenses that are not tax deductable, (includes 50% of meals & entertainment, golf dues and fees, life insurance, etc.).
  • Opportunity to access the $750,000 capital gains exemption on the sale of qualifying small business corporation shares.

Other Benefits of Incorporation

  • Limited liability of the shareholders.
  • Existence of the company survives death of a shareholder and/or changes in ownership.
  • Allows for multiple stakeholders; shareholders and creditors.

Contact

Phone:

(403) 262 6101

Fax:

(403) 262 6103

Address:

205 – 1228 Kensington Road NW
Calgary, AB T2N 3P7