The problem
VTOK Technology Corporation, an IT consulting company operating in Ontario, needed help establishing and maintaining proper bookkeeping records. The business also required year-end accounting and preparation of its corporate T2 return.
Alongside those requirements, it needed practical guidance on eligible business and home-office expenses, dividend planning, and financial management. The bookkeeping and advisory work needed to support the company’s tax obligations and profitability.
The work
Breakwaters established and maintained bookkeeping records, completed the year-end accounting process, and prepared the corporate T2 return. We also prepared the required T5 dividend return.
Our advisory work covered eligible business and home-office expenses, dividend planning, and effective financial management. The advice connected the company’s accounting records with the tax provisions relevant to its circumstances, helping the business make appropriate use of available provisions.
The outcome
VTOK gained accurate, up-to-date books and accurate T2 and T5 filings. The engagement supported appropriate treatment of eligible business expenses and tax provisions, improved tax efficiency, and reduced the risk of CRA compliance issues.
The case illustrates how bookkeeping, year-end accounting, and advisory support can work together for an IT consulting business. Expense eligibility and dividend decisions depend on the company’s circumstances and require individual review.
Discuss bookkeeping, corporate tax, and advisory support, or explore our preparation guides.
