Frequently Asked Questions Regarding Our accounting Services:

Why Glen Stanley-Turner Professional Corporation?

  • Convenience - audits, financial statements or bookkeeping - performed in one location
  • Accessibility and knowledgeable
  • Client oriented with high confidentiality

    • What is the difference between a CGA and somebody like Generic Accounting Services etc.

    The CGA, CA and CMA designations are only for accountants that have the right to call themselves professional accountants in Canada, according to the Canada Business Act.

    All three professional designations require extensive training and practical experience, which starts with a four year university degree. The professional requires additional training of approximately 2-3 years of academics and 2-3 years of practical experience, in business.

    You will find my firm is registered and listed on the CGA website. If a firm is not listed, they are not a registered CGA firm.

    Professional accounting firms are required to have the name of the individuals or partners in the name of the firm. If your accountant calls himself Joes Accounting Limited he is likely not a professional accountant as professionals are required to form either a proprietorship, partnership or professional corporation.

    All registered CGAs and CAs have full practice rights within Canada, this means we can perform audits, reviews, or compilations of financial statements.

    If you take your accounting to an unregistered organization, you have no assurance as to what training they have as none is required anyone can call themselves an accountant.

    What are some of the benefits I will receive from Glen Stanley-Turner Professional Corporation? Do you include audits?

  • Profit and Loss Statements are provided to help you monitor your business better, allow you to see trends developing, and help you plan for the future.
  • Using a CGA as a sounding board in all important financial decisions will help you make the right decisions and help you understand the new tax laws.
  • Peace of mind knowing your tax reports are correct and filed on time.
  • The more you make, the more the Canada Revenue Agency - CRA - wants to audit you. I will show you how to keep the most legally reducing the chance of an audit.
  • I will come to you each month, or get you to courier your data to me regularly.
  • My fees are fixed, so you know your accounting fees for the year

    • Are there specific benefits for a CGA to do my accounting versus a friend/co-worker/relative etc?

    We are held to high standards by a professional association.

  • At least 40 hrs of professional development per year ranging including audit preparation
  • Practice review by the CGA association to insure quality control
  • Every CGA has passed rigorous training and testing
  • Practical experience in a wide range of accounting and tax issues
  • A CGA required training in advanced tax planning and issues.
  • A CGA have training in business management
  • A CGA code of ethics guarantees the confidentiality of your information.
  • Registered to perform financial reviews and audits

    • Why should I perform monthly bookkeeping/accounting?

  • Gives you the regular and timely feedback you need to make management decisions
  • I emphasize service to small businesses so you will get back your data in a timely manner.
  • No surprises at tax time and at year end as I will be monitoring your tax compliance all year along
  • Tax returns filed on time and thus no penalties for late filing or audit.
  • You pay your bookkeeping and accounting fees in small installments, rather than one large one at year end.

    • Should I buy a vehicle within my company or personally?

    When you purchase your vehicle within your company it belongs to the company however there is a taxable benefit to you personally whenever it is used for personal use. You must, however, keep a log of vehicle use and any personal portion which must be included on your T4 at calendar year end.

    When you use your personal vehicle for company usage, you must keep a mileage log. The tax act allows a reasonable reimbursement of company expenses based on actual out of pocket expenses or on mileage and is a deductible expense for the company. Reimbursement cannot be based on a monthly rate. Mileage rates are included in the audit income tax regulations and vary from year to year.

    Should I incorporate?

    Two basic reasons to incorporate are tax savings or liability protection.

    The current Canadian controlled small business tax rate is about 16.5% including provincial tax(Alberta) while the minimum personal tax rate in Alberta is 25.5% and goes up to 39% so the corporate rate is significantly less. This allows you to reinvest the money into the development of your business. However the tax savings really only applies if your company is making money and not paying it all out to employees.

    Regarding liability protection, a corporation is considered a separate entity from the shareholders and directors. This gives them protection against legal action as they are separate from the company. There are exceptions to this if there is any evidence of fraud then there is little or no protection.

    Contact us if you have more questions regarding audits, general bookkeeping or other accounting questions.