Tax – Preparation & Planning
Tax Preparation
Tax preparation generally comes first.
Our Tax Preparers
Our staff prepares tax returns using the latest professional tax software available for personal (T1), corporate (T2) and trust (T3) returns. We match the complexity of each return with the experience level of the preparer assigned. We also make sure that each return is reviewed by an experienced individual (e.g. a Senior Manager or Partner) before being sent to the client for final review and signature.
We review client tax information provided to us (through our Client Organizer PDFs, submitted slips, spreadsheet templates and online Drop Box) and we compare/reconcile it to information electronically downloaded from the CRA. Discrepancies are noted for followup.
Our Tax Reviewers
Our tax reviewers are sensitive to those returns which may involve a higher risk of audit, and we try to ensure that our client’s claims are well supported/documented and we communicate to our client whether a claim or filing position may be overly aggressive. We always scrutinize the 2/5-year trends within each draft return as it is useful, clarifying information. We understand recent tax legislation changes, special elections and other rules or CRA interpretations that may apply.
Tax Audits
Another important aspect to our tax preparation is responding to CRA “desk audits” (with our client’s direction) after their tax returns have been filed. This can be done on either a Pre-Assessment or Post-Assessment basis and typically involves preparing/e-filing a suitable cover letter plus copies of supporting evidence. In addition to these “send us your backup” type audits, CRA may alternatively conduct an in-person audit. Here’s a link to the CRA’s webpage “What you should know about audits.”
Other Filings
We prepare multi-provincial T1s, related GST/HST returns, and also Quebec provincial and U.S. tax returns as required for individual clients. Sometimes our clients also request our help with special filings such as Notices of Objection, Voluntary Disclosure Program (VDP), RRSP T1-OVP, Fairness Requests and late-filed elections.
Tax Planning
Tax planning usually follows.
Some tax planning may be done “on the fly” during tax return preparation. Other tax planning may be done later so that the implications and tax impacts are properly assessed while we are not facing a filing deadline. We may use our Tax Planner Return tools for this purpose. Understanding the potential impact of an integrated tax plan on combined personal, corporate and trust tax is very important. This is even more critical when U.S. cross-border tax is involved.
Good Communication
We seek open lines of communication with our clients so we can jointly identify and formulate appropriate tax planning strategies well in advance of filing.
The Bottom Line
KT Partners LLP is ready to meet your tax preparation and planning needs.
