How We Guided a Scarborough Business in Building a Strategic Tax Plan
A Scarborough-based business approached Gondaliya CPA seeking expert guidance to develop a comprehensive tax strategy. The company wanted to minimize tax liability, maximize eligible deductions and credits, and ensure CRA compliance while planning for future growth.
About the Client
Business Type: Incorporated business / professional services
Location: Scarborough, Ontario, Canada
Previous Setup: Minimal proactive tax planning, reactive approach to corporate taxes
Key Challenges:
High corporate tax liability due to lack of strategic planning
Difficulty identifying eligible deductions and credits
Complex CRA compliance for multiple revenue streams
Need for a long-term tax strategy to support growth
Client Objectives
Minimize overall corporate tax liability
Identify all eligible tax credits and deductions
Implement a long-term tax strategy for sustainable growth
Ensure proper CRA compliance to avoid penalties or reassessments
What We Did
1. Comprehensive Tax Review
We analyzed financial statements, expenses, and revenue streams to identify tax optimization opportunities.
2. Tax Strategy Development
Our team developed a customized tax strategy that included eligible deductions, credits, and income-splitting strategies, tailored to the company’s goals.
3. CRA Compliance Guidance
We ensured all proposed strategies aligned with CRA regulations, reducing audit risk and ensuring accurate reporting.
4. Ongoing Advisory & Implementation Support
We provided guidance on quarterly planning, cash flow management, and record-keeping to implement the strategy effectively.
Results
Corporate tax liability reduced through strategic planning
Eligible deductions and credits fully utilized
CRA compliance maintained, minimizing audit risk
Business gained clarity on long-term financial and tax planning
Streamlined tax processes for future efficiency
Summary:
Scarborough businesses rely on Gondaliya CPA to build strategic tax plans, optimize deductions, claim eligible credits, and ensure CRA compliance, supporting sustainable growth.