True North Accounting is proud to provide small business accounting services in Calgary and Okotoks. While our job is to keep your books straight and file your taxes on time, we believe we can do more than that. We want to set you up for success and help you build a solid foundation for your business.
Learn more about who we are, who we work with, and the services we offer.
We specialize in incorporated small businesses — and we know the ups and downs of running a small business because we are one.
Our team of CPAs, bookkeepers and all-around wonderful humans are up-to-date on the latest tax laws and here to make your life easier. We use the latest technology and a streamlined process to save you time and money.
We want to get to know you (really!). We work with every client to understand their unique needs — do you need help with corporate accounting, bookkeeping, personal taxes or all of the above? We tailor our services to provide custom support and tools.
We use the latest technology to reduce manual data entry and minimize human error. Technology allows us to automate tasks, especially when it comes to meeting all the deadlines our clients have to worry about.
When you sign on with us, we’ll start with an onboarding session so that we can learn about your business, and you can learn about us. We explain the process we use to get your books current, and taxes filed smoothly and on time. Our annual check-up questionnaire ensures we’re up to speed on what’s going on with you. You have unlimited access to our accountants, so feel free to lean on us anytime with questions.
We become your representative with the CRA. When they call, they call us. If they send you a letter (you know those brown envelopes), you can hand it over to us. You never have to deal with the CRA again.
You pay one annual fee. No surprises. Period. We’ll work together to figure out what package is the best for you and your business so that you understand our process and know exactly what you are getting.
WHO WE WORK WITH
True North works with incorporated small and micro-businesses in Calgary and Okotoks.
We understand the unique challenges small business entrepreneurs face when it comes to accounting and bookkeeping. Our customized calendar and document checklist, automated payments and reminder notifications keep your financial life organized and worry-free.
Here’s a list of industries we specialize in:
Consultants: Management, IT, HR, engineering and environmental
Oil and Gas Contractors: Environmental and remediation, drilling consultants, project managers, safety consultants, truckers
Trades: Electricians, welders, plumbers, mechanics, millwrights, carpenters and more
Health professionals: Doctors, psychologists, physiotherapists, naturopaths, dieticians, chiropractors
Freelancers: Designers, writers, developers, photographers, marketing professionals
Lawyers, Realtors, Brokerages, Salespeople
We want to raise the bar in our own industry and give you the tools you need to get ahead. Our services are designed to take the worry of bookkeeping and accounting off your shoulders, and ultimately save you time and money.
Our Chartered Professional Accountants will present and explain the financials to you each year and give you plenty of time to ask questions and ensure things are done right. We'll look forward to the year ahead and provide some planning tips and advice to help minimize your tax bill next year.
When using our accounting services, you'll receive the following:
Financial statements and corporate tax return: Financial statements include the balance sheet and income statement and are the basis of the tax return.
Performance review: Some clients require an up-to-date financial picture of their business throughout the year. For example, we can provide cash flow statements and key performance indicator (KPI) dashboards every quarter.
Tax planning: Be smart about your financial life. Be proactive and have an informed discussion about the big financial decisions you need to make throughout your life.
Bookkeeping involves recording every single transaction your business does throughout the year, including sales, deposits, credit card charges, debit charges and INTERAC e-Transfers. All of this information is organized into a General Ledger (GL). The one-page summary of the General Ledger is called the Trial Balance. Bookkeeping is the preparation of these two reports, GL and Trial Balance.
You’ll be surprised by how affordable it is to have us take care of your bookkeeping. New technology makes bookkeeping more efficient and accurate.We’ll ensure no transaction is missed and every write-off is considered.
Most small businesses in Alberta are required to charge Goods and Services Tax (GST) of 5% on everything they sell. The government requires you to collect GST from your clients and remit it to them. But make no mistake, at no point is that GST your money. These guys get mad when deadlines get missed and will audit you promptly if they think you’re spending the government’s money on your business.
We guarantee all the work we do as part of the True Value Package, so you can sleep better at night knowing your GST has been handled by the pros.
The money in your company’s bank account does not belong to you. There are very strict rules around when money can be withdrawn by the owners of a company.
Corporations can pay their owners a couple of different ways. Dividends are when you are paid as an owner (or shareholder) of your corporation and you get a piece of the profit. Wages (or salary) are when you are paid as an employee of the company. Wages and dividends both have upsides and downsides and the best choice for you depends on several factors.
Decide whether you should pay yourself by dividends or wages.
Make your payroll remittances for CPP and income tax if you choose wages.
File all of your T slips on time.
T5018 slips need to be filed by businesses in construction who hire sub-contractors. Call us if you want more info on this.
Tax planning is simply the practice of thinking long term in order to minimize your taxes. We can lay out your options and give you advice on all the big tax decisions. Here are the top five:
Write-offs: Business expenses and deductions, home office, vehicle, food, booze and hockey games, etc.
Business investment and financing,
Retirement savings: In the corporation or out, RRSPs or TFSAs.
Low t: avoid all penalties and interest
SMALL BUSINESS RESOURCES
This guide outlines:
Sole proprietor vs incorporation
Steps to planning and starting your business
How to get paid
Bookkeeping basics and bookkeeping vs accounting
CRA business accounts
Types of taxes and basic tax planning
Financial organization tools
If you like what you hear, give us a shout.
We’d love to hear about your business and talk about how we can help make your financial life easier and less stressful.
Like what you hear?
Are you on the hunt for a more proactive small business accountant? That’s us.