Services

What we do

Accounting Services

KL Accounting is here to meet all your accounting needs. We will tailor accounting services to meet your requirements. Some clients require annual reporting while other clients require monthly reporting. We will make sure you get the best plan tailored for your situation.

We offer a variety of services. Some of them include new business registration, payroll services, compilation, bookkeeping, CRA audit, commissioner of oaths and many more. Please reach out to us to learn more about how we can help you with your accounting needs.

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Tax Services

Individual Tax Services

Our most popular service, and it makes sense because everyone needs to file taxes. Tax season can be a stressful time for many families, but it does not need to be. At KL Accounting, we take away all the pain that taxes bring on us, and we have you leaving our office with the satisfaction of knowing you are maximizing your return. Putting more money in your pocket is what we do best.

Corporate Tax Services

Businesses do not have the time to learn the nuances of corporation tax law. This is where we step in. We will take a step by step approach to fully understand your business landscape and give professional advice on how you can maximize your tax return. This puts more money in your business to get you to the next level.
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Corporate Tax Returns

Corporate Tax Return (T2/AT1/CO17)​

Preparation of the federal corporate income tax return (T2) as well as provincial returns (where applicable) including all supporting schedules. All returns are transmitted to CRA by EFILE.

Completion of T2 Corporate Tax Return and appropriate tax handling of:

  • Calculation of income for tax purposes
  • Small-Business Deduction
  • Taxation for Investment Income and Personal Services Businesses (PSB)
  • Loss continuity, including carry forward and carry back of losses
  • Capital Cost Allowance (CCA) 
  • Dividends
  • Reporting of related companies
  • Provincial Corporate Tax Returns (Alberta AT1)
  • Preparation of the federal corporate income tax return (T2) as well as provincial returns (where applicable) including all supporting schedules. All returns are transmitted to CRA by EFILE.

Sales Tax Returns (GST/HST/PST/QST)

Completion and electronic filing of sales tax returns (monthly, quarterly, annually) for both federal taxes (GST/HST) as well as applicable provincial sales taxes (PST/QST).
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Bookkeeping Services

  • Final closing entries and adjustments (accruals, dividends, salaries, depreciation, personally paid business expenses, tax provision, etc.)
  • Assessment of required dividends/salaries to clear shareholder loan
  • Review of third-party prepared trial balance

Day-to-Day Accounting Services

Recording of all financial transactions for all business structures (sole proprietorships, partnerships, joint ventures, and corporations), including the following:

  • Sales and expenses
  • Payroll & Benefit costs
  • Inventory tracking
  • Capital assets & depreciation
  • Accrued liabilities
  • Sales tax liabilities
  • Inter-company and related-party transactions
  • Dividends & Owner Drawings

All transactions are recorded in compliance with Canadian GAAP for Private Enterprises.

Bank Reconciliations

We work to reconcile your bank accounts in a way that meets your needs and demands. We help you keep all your files up to date and make your reporting process accessible.

Accounts Payable​

Need help staying on top of your bills? Services are available to help set up and process payables across a combination of platforms:

  • Commercial banking (RBC Express)
  • Intuit Payments
  • Integration with bookkeeping services
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Comprehensive Payroll Solutions for Small Business

Looking for an outsourced payroll solution for your Canadian small business? Our experienced payroll team will assist in the processing of your payroll and will handle all your payroll requirements.

From the most basic tasks to more advanced requirements, our comprehensive payroll services can meet your needs. Here are some of the ways we can support you:

  • Calculation of payroll withholding taxes (CPP, EI, Provincial & Federal Income Tax) in accordance with current regulations
  • Timely Remittance Deduction Source
  • Hire and termination of an employee (ROE)
  • Generation of employee payslips, compliant with Canadian payroll requirements
  • Year-End T4 and T4 Summary
  • Payroll Processing (Weekly, Bi-Weekly, Monthly)
  • Payroll Reporting
  • Employee Leave and Timesheet Management
  • Employee Benefits Administration
  • Payment of government remittances and employees through direct deposit

Payroll services are available for any province in Canada.

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Financial & Strategic Planning

Support with business development and long-term financial sustainability through:

  • Development of operating and capital budgets and forecasts
  • Costing of various business scenarios and strategic plans
  • Analysis of business costs and overheads to identify opportunities to improve profitability
  • Consulting regarding financial and treasury processes to identify possible efficiencies and cost reductions
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Business Plan

KL Accounting & Tax Associates, works with you to create business plans that help you identify your business goals and provide step-by-step plans to reach those goals. Our business plan writers have extensive experience in creating meaningful documents for startups and established companies and support you with relevant market research and solid financial plans. Every business plan service we offer is reviewed and verified by an experienced accountant. The business plan should stimulate confidence in your business and provide a written plan for the future growth of your business.

 

Our business plan includes:

  • Business Profile
  • Financial Business Plan
  • Vision, Mission and Goals
  • Market Research
  • Operational Strategy
  • Services and/or Products
  • Marketing Plan
  • Cashflow forecasting
  • Financial Strategy
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Accounting Software Support

Support services are available for Quickbooks Desktop (Pro, Premier and Enterprise), Sage Simply Accounting, as well as several other cloud-based accounting systems in the following areas:

  • Sales processing, invoicing, and A/R
  • Purchasing, expense accounting, and A/P
  • Inventory management & product costing
  • Sales tax configuration and maintenance
  • Payroll setup
  • Bank and credit card reconciliations
  • Budgeting
  • Job costing and profitability analysis
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Notice to Reader | Financial Statements

  • Suitable for most loan or financing applications
  • Serve as official financial records for board of directors and shareholders
  • Notice to Reader financial statements (notes to the financials not included)
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