Tax Planning & Preparation

Prasad & Company LLP stays up-to-date with the ever-changing tax regulations and is able to offer new tax opportunities and manage tax risks for clients. Prasad & Company LLP is proud to provide safe and reliable solutions for our clients’ tax problems. The firm is constantly looking to find solutions and develop strategies that will work for current and future tax systems.

Prasad & Company LLP offers expert advice on Canadian tax compliance, U.S. and international taxation, and Canadian tax planning. We represent clients during tax audits by working with taxation authorities, representing clients who are contesting unfair assessments by a taxation authority, and submitting voluntary disclosures.

Background:

A manufacturing client joined our firm while they were in the process of selling their business.

Strategy & Result:

During the initial consultation, we determined that the company had not applied for the SR&ED Investment Tax Credit in previous years and would likely qualify. We brought in a SR&ED consulting firm to assist in the engineering and scientific aspect of the claim. We prepared the amended tax returns. The SR&ED claim was successful and approximately $2 million cash was injected into the company. The resulting purchase price of the business was increased on a dollar-for-dollar basis.

Background:

Our client started their business in 1989 and has been very successful since its inception. However, the client was unhappy with its financing and business relationship with its bank.

Strategy & Result:

We provided alternative banking arrangements on a term key basis with minimal interference to the client's business.

Background:

Our client needed investment analysis information because the related recovery of funds from various levels of government can maximize revenue.

Strategy & Result:

We provided investment tools and analysis to the client's business and assisted them with enforcing legislative changes.

Background:

Mr. X and Mr. Y have been friends and partners in business and real estate investments. Mr. Y retired years ago, which left Mr. X responsible for business affairs.

Mr. Y continued to own shares in real estate investments with Mr. X. Mr. Y passed away suddenly, which left Mrs. Y to deal with estate matters. She did not want to continue owning his investments with Mr. X.

Strategy & Result:

We successfully divided assets held jointly by Mr. X & Mrs. Y, ensuring that personal objectives on both sides were achieved.

Background:

Our client started to plan a retail business concept in 2001. The retail store officially opened in 2002. After 18 months, the client decided it may be lucrative to sell the business.

Strategy & Result:

We assisted the client in a complete assessment of all of their business issues by preparing startup projections. We assisted in automation, financial management, and shareholder agreements. By developing operating budgets, performance evaluations techniques and models, we assisted our client in developing an appropriate strategy for a successful sale. Our in-depth involvement resulted in the sale of the business for approximately 17 times the original investment.

What are the benefits of effective tax planning?

  • Reduce tax liabilities: A well-structured tax strategy can reduce overall liabilities in income tax, capital gains tax, and wealth tax, amongst other tax savings, gained on investments, inheritances and pensions.
  • Reinvestment: Reducing tax liabilities directly impacts the bottom line, which can then be reinvested into the business and/or pursue other growth opportunities. For individuals, a lower tax liability can translate into new investment opportunities to build wealth.
  • Mitigate uncertainty: By helping entrepreneurs understand taxation structures and regulations, we take unnecessary stress out of the process to ensure that decisions are made based on accurate facts and data.

Our clients include small businesses, corporations and high-income earners. Offering deep subject matter expertise and seasoned knowledge of taxation law, we work with clients to implement tailored tax programs and facilitate corporate restructurings that improve tax efficiency and help companies realize more excellent value from their businesses while managing risk.

Our dedicated tax team has helped clients navigate complex tax landscapes within Canada and internationally and develop effective tax strategies and solutions that work for them and/or their business – both now and in the future.

Services we provide

  • Corporate tax planning: While most for-profit corporations are subjected to taxation, a proper tax strategy can often significantly reduce tax amounts owing. Prasad & Company LLP offers high-quality financial planning and tax services to help companies grow their equity sustainably. We also proactively keep clients updated on changing tax legislation to help them understand and plan for the impacts on your business.
  • Strategies for high-income earners: We assist high-income earners with tax planning strategies and tax-efficient financial planning to deliver savings that enhance long-term wealth growth. Our experts are adept at reviewing current tax strategies and historical returns to ensure that clients pay only the appropriate amount of tax they owe.
  • Tax planning for small businesses: Business tax planning is a continuous process that should be visited more than just at the end of each year. Through our extensive history of working with small business owners, we help clients capitalize on the various deductions, credits, and provisions that are legally available to them to reduce tax liabilities at year-end.
  • Offshore tax planning: As Canadian companies expand across global markets, the taxation laws and policies they are subjected to get increasingly complex. From providing advice on optimal jurisdictions to analyzing the effects of various international structures, Prasad & Company LLP helps clients develop seamless, cost-effective global tax planning strategies to support expansion.
  • Estate tax planning: Our team of accountants is trained in helping clients draft wills, name an executor that will carry out related duties, and establish trust accounts for beneficiaries to ensure that inheritances are appropriately transferred to family or trustees in the event of a death.
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