Our recent engagement focused on a family-owned portfolio consisting of over 20 companies across various sectors, including construction, real estate, investment and high technology. These companies were initially established without proper consideration of the relationship between companies and shareholders, leading to unexpected tax consequences. Here is an overview of actions we took to address these challenges:
- Business reorganization: We executed comprehensive reorganization activities, including section 85 rollovers, amalgamations, estate freezing and trust establishment in collaboration with legal professionals.
- SRED assistance: We worked with the client’s external SRED consultant and prepared tax filing;
- Tax reporting compliance: We ensured compliance with T1134 and T106 reporting requirements.
- Corporate tax returns: We prepared corporate tax returns.
- Review Engagement: We prepared review engagement financial statements for one entity to meet bank requirements;
- Accountant report: We prepared an Accountant report for one entity to meet BCSFA requirements.
- Compilation report: We prepared compilation financial statements for multiple entities.
