Tax Planning and 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.

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Solutions that Make Sense

Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
Industry: Manufacturing and Installation
Arrangement of Finances
Industry: Transportation
Unusual Scenario
Industry: Estate Recovery
Shareholder Dispute Resolution
Industry: Real Estate & Property Investments
Sale of a Business
Industry: Retail

Scientific Research and Experimental Development (SR&ED) Tax Incentive Program

Industry: Manufacturing and Installation

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.

Arrangement of Finances

Industry: Transportation

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.

Unusual Scenario

Industry: Estate Recovery

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.

Shareholder Dispute Resolution

Industry: Real Estate & Property Investments

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.

Sale of a Business

Industry: Retail

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.

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