The problem
Concrete Shield, a flooring company in the Greater Toronto Area, was not maintaining its financial records on time. GST/HST filings were inconsistent, and certain prior-year filings prepared by its previous accountant required correction. The business also needed guidance on applying Canadian tax rules appropriately.
The work needed to address historical filing issues while establishing accurate, timely bookkeeping for current reporting and tax preparation.
The work
Breakwaters established timely bookkeeping processes and maintained accurate financial records. We prepared GST/HST returns, corrected prior-year filings, and provided ongoing tax guidance to help the company apply the relevant rules appropriately.
The engagement connected the correction work with current bookkeeping. Addressing past errors and keeping records up to date gave the business a more reliable foundation for its GST/HST obligations.
The outcome
Concrete Shield gained more accurate and timely financial records, corrected historical filings, and timely GST/HST compliance. The work also resulted in appropriate tax refunds and reduced the risk of CRA compliance issues.
Those outcomes reflect this client’s circumstances. They illustrate the value of combining bookkeeping with filing corrections and ongoing guidance; they do not establish a refund amount or promise the same result for another business.
Talk with us about catch-up bookkeeping and GST/HST support, or read our preparation guides.
