Peter D Russell is a CPA and is manager of the Corporate and Business section of the firm. Peter is skilled in presenting income tax and reporting solutions to small business corporations and to self-employed businesses. He is well-experienced in financial/tax matters, in diversified fields of activity such as “IT”, sales, construction, and equipment businesses. Peter's is also designated as a US CPA (ILL), and, as well, received his undergraduate degree in Business Management from Ryerson School of Business. Peter articled with Orenstein & Partners, receiving the CA designation in 2001, and the CPA designations in 2013. Peter specializes in small business compilations and personal income taxes.
Peter confidently accepts the challenge to support you in your strategies aimed at business success, whether the objective is to assist by quantify your business success or to factually report your accomplishments in the form of tax reporting to Revenue Canada, (the tax department). The steps which evolve generally include the following:
- Understanding your business;
- Documenting and making calculations of your sales and outlays and reviewing these with you;
- Assisting you in making decisions relative to business, with a view to the “Tax Effect” of your plans;
- Preparing Income tax reports which can be described as follows:-
-Corporate income tax reporting (T2);
-Personal Tax Reporting (T1, supported by T4, and/or T5);
-Responding on your behalf, or with you to CRA, in case of “audit”.
Many possible factors may affect you as taxpayers and business owners. Peter Russell is adept in communicating with you to enhance your understanding of your reporting obligations. Often, Peter is engaged to catch up tax reporting, and to act with you, and for you, to CRA.
With years of experience, Peter will clearly explain to you the “Tricks and Traps” in moving forward when a tax filing that is late, incorrect or risky. If you are late in filing with CRA, or particularly if late in payment of taxes, you may incur penalties as well as interest. CRA may also request you to provide additional information (a type of audit), or possibly, CRA may request to meet you to discuss your tax affairs. CRA normally requests such a meeting at the offices of Charles Russell, CPA, and are intended as fact-finding as well as planning for catching up filings. Peter provides the buffer between the taxpayer and CRA, and serves to promote your interests in a meaningful way.
Peter welcomes your requests for information about his services, and without obligation. He can be reached through the business office number, 905-270-1581, his direct line, 905-270-1141, his cell, 647-982-9293, or by email at firstname.lastname@example.org.
Please feel free to inquire about a service if you do not see it listed below.
Chartered Accountant Mississauga
Our firm acts as accountant through services including the following:
*Financial statement preparation including compilations
*Bookkeeping and general ledger(Monthly/Quarterly/Annual)
*Accounting system setup for new businesses
*Audits and review engagements
Where we are engaged in audit or review engagements, we conform to mandatory CICA reporting, assurance guidelines, and standards. CICA is the national guiding body for chartered accountants! We are trained in IFRS, ASPE, Canadian and US GAAP accounting standards.
We say confidently, that we can help you, as we have helped many other small companies and businesses, by providing solutions for your headaches, whether big or small.
Within a twelve-month timeframe, we set the records straight in a professional organization, completing two years of tax returns, and amending two earlier years, satisfactorily resolving matters with CRA.
This type of challenge is a daily one in our office. Perhaps we are "fix-it! experts". New clients may have delinquent reportings, or have made serious errors in their reporting, for various reasons. We have the skills to put you or your business back on track.
We maintained, for over 10 years, the books and financial statements of a multi-company steel service centre business, involving complex intercompany accounts, We also advised with the goal of improving company records and giving guidance to resolve many challenging taxation issues.
We are accountants for several high-worth individuals and investment companies, each with many capital gain or loss transactions. Charles is proud of his work in this area, and also enjoys its challenge!
We have setup and prepared many different books of accounts, including conglomerates, foreign based companies, companies requiring multi divisional records, and companies with foreign exchange accounts, and many with complex investment accounts. We know how to create accurate and detailed information, and prepare supporting working papers.
Our qualified staff can assist you with the day-to-day tasks, including bookkeeping. We understand and take great care in the following areas: HST, PST, WSIB, employee tax withholding, Non-resident withholding, employee benefit plans and taxable benefits, as well as T4-T5's. While we do not prepare a significant volume of these "T-slips", however, those we do complete usually require much care and preparation. These include employees with taxable benefits for Company-owned automobiles, disability insurance and employee stock options, and several other like items.
In addition we are capable bookkeepers. We are frequently hired for the assignment of fixing inadequately-maintained books, and once completed we are happy to stay on in an oversight role when a new bookkeeper is hired.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. We call these compilation assignments and on completion we include a Notice to Reader to accompany to describe our work.
Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use.
A professional and objective business valuation is a necessary component of many transactions, such as purchase, sale or reorganization of a business, shareholder and partnership agreements, matrimonial settlements, or estate proceedings. Our experienced team will provide you with an objective and accurate valuation of your business assets and goodwill.
In this areas, we gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Buying/selling a business
*Business process improvement
*Financial & retirement planning
We recently completed a exit and succession strategy for the founders and children of a profitable family-owned business.
We are engaged in assessing on behalf of a spouse, in a marital dispute, fair share of assets and alimony, working in contact with the divorce lawyer. The assets include several holding and business operating corporations.
We are engaged in a protracted partner dispute dealing with split of profits and advances, and will testify in court as expert witness. Assignment involves dealing with partners lawyer, Company accountant and forensic auditors.
As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor structure an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
We have experience meeting with investment dealers, and understand the main thrust of many intricate and current fianancial investments!
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
Purchase and Sale of a Business
Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning. We have worked with Certified Business Valuator's when the transaction is substantial.
Acting CFO to small corporations
Charles is happy to discuss acting in a part-time CFO role, or financial coaching for your company. In fact, at present, Charles does this for two companies, organizations which are U.S. subsidiaries. A former company was a high-end retailer. Charles is particularly comfortable in this role, having 15 years of hands-on experience in the retail, department store, freight, distribution and real estate businesses, where he held senior roles in financial management, planning, and business strategy.
Response to CRA audit. Failure to file, serious omissions etc.
We have negotiated with CRA on several serious income tax situations, normally as agents after-the-fact, to remedy previous filing shortcomings, including failure to file, improper filing, and careless filing cases. We have corresponded with CRA on behalf of many other clients on issues of varying complexity and difficulty. We work with income tax lawyers, where necessary.
In one recent case tried in criminal court, as the defendant's accountant, Charles assisted the defence lawyer vs Crown in interpreting substantial amounts of material. Charles also testified as a material and authorative witness. We take great pride in being part of the winning team. The judge's decision and reasons add some significant weight to the case law on the subject of wilful neglect.
Recently, we successfully worked with an income tax lawyer under the CRA Voluntary Disclosure Program to bring on side a taxpayer who had failed to file income tax returns and substantial taxes due, for six sucessive years. Our experience has been enhanced in 2009 and 2010 by 3 additional, diverse assignments, wherein substantial penalties and interest were likely and underway.
We resolved a tax liability for the prior year of a corporation, from the inadvertant omission of substantial income, and taxes due to impropriety of the financial officer.
We work with non-filers who are struggling with CRA forced assessments and bring their accounts and filings up to date.
We engaged an income tax lawyer with a view to a CRA Voluntary Disclosure Program to bring on-side a taxpayer corporation in the arena of T106 reporting of Foreign Activity, contemporaneous documentation, consideration of pricing arrangements, oversight, non-resident withholding issues,
If you have serious concerns about your income tax filings (or lack therof) in these areas, please consider a voluntary disclosure as soon as possible. We are able to help you with matters of this nature.
Refer to our Internet Links page, where we have included a Canada Revenue Agency internet link describing the nature of some very serious cases recently prosecuted and convicted. Our experience in this area has enlighted our clientele.
Taxation of trusts - Administration of Trusts
We prepare trust income tax returns (T3's) and have worked with several substantial estates as well as "Hanson" type individual trusts. We have experience in establishing residency of Testamentary Trusts, and with non-resident assets of such an Estate.
We understand tax reporting obligations of payments to non-resident beneficaries of a Canadian trust, including charitable organizations.
Charles has been the executor of a sizeable Estate and is interested in pursuing this specialized role again. The firm uses software to prepare Estate Accounts on behalf of the Executor.
In the taxation area of testamentary trusts, we work with property appraisers, investment advisors as well as the executors/trustees to assemble the deceased's final trust return. In particular, we have done complex calculations of cottage property capital gains, principal residence issues, deemed dispositions of stocks, deemed proceeds of RIFs, RSPs, beneficiary elections, capital dividends, share buyout agreements, spousal rollovers, Estate loss carry-back to deceased return and many related matters.
Charles has participated in negotiated settlements of matrimonial disputes and partnership breakdown.
We encounter a wide array of financial and tax issues, and as a result, we have gained valuable experience over the years in some specialized areas, of which several are listed below.
*Mergers & acquisitions
*Business start-up or expansion
*Cash flow forecasting
*Employee benefit plans
*Accounting System upgrade and implementation
We completed a one-year assignment to upgrade the accounting computer systems and procedures in a $10,000,000+ retail chain with eight branches.
Tax Mississauga | Income Tax Mississauga
Federal and Provincial Sales Tax (GST, HST, PST and QST)
Many of our clients are responsible for collecting and submitting sales taxes in many different jurisdictions. We can assist your company in the compilation of information and preparation of sales tax returns, and in controlling your sales-tax-related costs. We also have experience in Canada wityhholding tax to non-residents.
We manage the HST reporting for a major US Company, and have consulted on HST implications for Internet Commerce and Foreign individuals conducting business in Canada. We do not understate the importance of correct, timely filing of HST.
We spend a great deal of time keeping current on the income tax law, and considering planning opportunities.
Working with several tax specialists, we are knowledgeable in the following areas:
*Tax planning for individuals and corporations
*Return preparation for
- Estates and trusts
- Not-for-profit organizations
*Provincial and federal commodity tax planning and compliance
*Tax considerations in matrimonial settlements
*Tax effects of buying/selling a business
*Tax effective retirement and estate planning
We recently completed a minority share buyout by the principal shareholder on a tax-advantaged basis.
We are so happy (go figure) performing capital gains calculations, and we do work with many investment dealers during the course of the year.
We have been accountant-on-record for several cross-border employee moves and engage US tax specialists where required. In high-worth client moves, we have proven the merit of our knowledge and organizational skills, which combined with using US tax specialists', produce cost-effective results.
We have been been instrumental in transfer-pricing agreements between US parent and Canadian subsidaries.
U.S. and International Taxation
A record number of Canadian businesses and individuals have cross-border interests. We can ably assist you in understanding the tax rules that may affect those interests, and in planning accordingly. We have experience with tax treaties with UK, US, Germany, Malta and similar matters in non-treaty countries such as Hong Kong.
Peter Russell is a US CPA and Charles Russell has taken numerous courses on US personal and corporate taxes, and the affects to non-residents ir US persons of working in Canada.