Services

Incorporation

Why incorporate? As a small business owner, registering your company as a corporation brings you several key benefits:

• Limited Liability: When your business becomes its own legal entity, it holds all liability for debts, obligations, and lawsuits, minimizing your personal risk. Each individual shareholder of the corporation is only responsible for the amount they have invested. In the event that a disgruntled customer or employee files suit against your corporation, they can only seek damages against the funds held by the corporation itself, not your personal finances.
• Tax Benefits: As a corporation, you’ll pay fewer income taxes, and will earn the right to reduce current taxable income based on previous losses.
• Acquisition of Capital: Incorporating your business will make it easier to access funding from investors and lenders, as you’ll be seen as a more credible, stable entity.
• Longevity: Unlike a sole proprietorship, a corporation is its own individual entity, which will persist even if its shareholders and officers resign or retire. Moving ownership from one entity to another is as simple as transferring shares.

At Dragon Corporate Solutions, we're well-versed in the requirements to complete your incorporation. We'll take care of all of the necessary filings to ensure that your business is properly recognized by the essential government agencies. Our professional services are always prompt, reliable, and thorough.

Full Cycle Bookkeeping Services

As a small business owner, providing your customers with a premier product or service is your driving motivation. But as much as you'd like to spend every moment of the workday focused on that goal, the reality is that owning and operating a company requires a tremendous amount of recordkeeping and administrative tasks. From taxes to payroll to GST returns and remittances, it's easy to find yourself swimming in paperwork.

Ease the bookkeeping burden by leveraging our comprehensive financial services. At Dragon Corporate Solutions, we specialize in assisting small and medium-sized businesses with all aspects of corporate finances. When we take care of all your bookkeeping needs, you'll be free to focus on building your company's reputation, profits, and credibility.

Our staff of financial experts provides a wide range of bookkeeping services, including:

• Data entry
• Bank reconciliations
• Payroll functions
• GST/HST remittances
• Corporate tax returns
• Financial statements

Whether you prefer to retain a hands-on role for certain tasks or you'd rather outsource all financial functions, we can provide you with a custom package to meet your unique needs. We'll cover all of your bases so you can concentrate on your business with complete peace of mind.

Payroll

When launching your own business, much of its success is contingent on the quality of the people you hire. Delegating certain operational functions is essential to achieving maximum growth and profitability. Once you've built a team of employees that meet your qualifications, you'll need to keep them happy and compensated with a regular, reliable payroll process.

Whether you have five employees or fifty, managing payroll functions is a time-consuming, detail-oriented task for any small business owner. If you're spending hours of precious work time setting up direct deposits, answering questions about paychecks, or changing RRSP contribution amounts, it's time to seek a more efficient solution.

At Dragon Corporate Solutions, we're well-versed in the intricacies of the payroll cycle. We manage all functions of compensation, from direct deposits to cheque printing to tax filing. All records will be kept strictly confidential to ensure the privacy of your staff. In addition to making sure your employees get paid on time, we handle full-service year-end processing on behalf of your business, sending in all of the required governmental forms and issuing sealed tax forms to your staff. We also provide you with comprehensive payroll reporting, including payroll registers, executive summaries, remittance summaries, and payroll journal entries.

When Dragon takes over your payroll tasks, you can rest assured that all aspects of the process will be handled with meticulous accuracy, saving you costly errors and minimizing employee frustration.

Tax Planning

As a small business owner, it may be tempting to save money by handling your own tax planning and filing, but the reality is that this can end up costing you significantly more in the long run. Canadian entrepreneurs must take into account unique tax considerations and regulations. By enlisting the services of an experienced tax professional that is familiar with the complexities of Canada's tax laws, you can help to maximize profits, protect your assets, and make sure you’re in compliance with government regulations.

Dragon Corporate Solutions has the expertise and foresight to identify all potential tax implications that could affect your business. Our comprehensive services cover all aspects of tax planning:

• Corporate Tax Management: We'll pinpoint all of your eligible deductions to minimize the amount of taxes you’ll be required to pay, and will also review all of your major corporate transactions to determine how they might affect your overall tax situation.
• Compensation: Our tax and finance experts will help you identify the appropriate salary and bonus structure to allocate for yourself in order to enjoy maximum tax advantages.
• Corporate Restructuring: In certain cases, changing the structure of your business can maximize your tax benefits. We'll provide our recommendations for the changes that will prove most advantageous to your company.

Don't leave your financial compliance to chance—remove the guesswork, maximize your savings, and devote more time to your business when you enlist the services of our qualified tax professionals.

We also offer personal tax planning services to ensure that, as an employee, you're having the correct amount of taxes withheld and are receiving the maximum tax benefits.

Corporate Year Ends

No two businesses are alike—and the same goes for year-end returns. As an entrepreneur, you face some unique challenges, requirements, and opportunities that should be considered when filing. To determine if you can benefit from the services of a tax professional to prepare and file your year-end returns, ask yourself the following questions:

• Is your business incorporated, or are you considering incorporation in the future?
• Would you like to reduce the amount of taxes you pay currently?
• Are you looking for ways to expand your business offerings and grow your clientele?
• Have you previously considered hiring a tax professional, but were deterred by high service fees?

If you answered "Yes" to any of these, you can benefit from the tax filing services offered by Dragon Corporate Solutions. In addition to preparing and filing your corporate tax returns, we'll also provide you with all financial statements, GST returns, GIFI statements, and general tax consulting.

Our tax professionals are well-versed in Canada's complex tax laws and current industry standards. We're committed to providing you with superior levels of service, delivered discreetly and confidentially at a budget-friendly value. You have enough to worry about—cross one more thing off your list by letting us handle all of your corporate tax needs.

Personal Tax Preparation

Although personal tax returns aren't quite as complex as corporate returns, they're still subject to Canada laws and regulations. While it can be tempting to save on up-front costs by filing online or filling out the forms yourself, you may be sacrificing hundreds of dollars in tax benefits to which you’re entitled.

If you have children, own a home, are self-employed, or are eligible for any special allowances or deductions, it may be in your best interests to work with a qualified tax professional to prepare and file your return.

At Dragon Corporate Solutions, we offer comprehensive personal tax preparation services, providing each of our clients with the following:

• Online Filing: We'll use EFILE to electronically file your return, so you'll receive your tax refund in a matter of days, not weeks.
• Maximum Returns: We’ll pinpoint all of the deductions to which you're entitled, often reducing the amount of taxes you'll have to pay and increasing your refund.
• Accuracy: Our accountants prepare your taxes with care and precision, eliminating the risk of errors.
• Compliance: We'll ensure that your return is filed in full compliance of Canadian rules and regulations.
• Service: Our courteous, knowledgeable tax professionals guide you through the entire process, and are always on hand to assist with your questions before, during, and after filing.

GST Returns

Small Canadian-based businesses that generate more than $30,000 in annual revenue are required to pay the GST (Goods and Services Tax), which imposes a 5% tax on all Canadian goods and services sold by small business owners. If your business meets the minimum revenue requirements, you must register for the GST with the Canada Revenue Agency. Even if your revenue level is below the required minimum, voluntary registration can provide you with several key benefits, including eligibility to receive Input Tax Credits that reimburse you for a portion of the GST you paid in the past year.

With the hundreds of operational details commanding your attention every day, collecting and remitting your business’ GST in the allotted time frame can be a big challenge. Registering is just the start of the process—you'll also need to track the amount of Goods and Services Tax you collect, how much you pay out, and the categories of the transactions, all of which requires a good deal of time and diligence.

By partnering with Dragon Corporate Solutions, you'll no longer need to grapple to stay on top of the Goods and Services Taxes you pay and receive. Our GST experts will make sure you remain in full compliance with governmental regulations, and that you receive the maximum tax credits to which you're entitled.

T-4, T-5 and T5018 forms

To ensure that your end-of-year return is filed properly, you'll need to complete all of the required forms and distribute them in a timely manner to all employees and contractors. At Dragon Corporate Solutions, we have a comprehensive knowledge of all essential forms that must be completed by small business owners, including the following:

• T4 form: This report tells the employee the total amount of taxable income they received over the past year, as well as all taxes that were withheld.
• T5 form: This reports all interest, dividend, and capital gains dividend payments received during the last year.
• T5018 form: This reports all contractor payments that were dispersed to freelancers, consultants, and other non-employee providers during the past year.

Completing these forms for all of your employees and contractors can be an extremely time-consuming process. We'll relieve you of the burden by preparing them for you. You can rest assured that your forms will be prepared and distributed with meticulous accuracy, and will comply with the latest Canadian tax laws and regulations.

Maintenance of Minute Book

Keeping accurate, up-to-date records is a government-mandated requirement for any small business. All incorporated Canadian companies are legally required to maintain their corporate records in written form for business planning, dispute resolution, and other purposes. This meticulous record-keeping can be tedious and labor-intensive, infringing upon the time that could be spent serving your customers and growing your business.

How to cut through all of the red tape? Turn to Dragon Corporate Solutions. We’ll take care of recording all of your articles of incorporation, business plans, marketing strategies, minutes of shareholder meetings, and all other related documents. We also provide a minute book maintenance service, where we'll teach you to effectively organize and maintain your corporate minute book on a daily basis.

At Dragon Corporate Solutions, we're committed to simplifying and streamlining your record-keeping. When we maintain your corporate minute book, you can rest assured that all data will be recorded with the utmost accuracy, and all details are kept completely confidential.