JDM ACCOUNTING SERVICES
BUSINESS
JDM Services offer full Accounting Cycle work which includes but not limited to the following: Setting up a company in accounting software Accounts Payable, Receivable Bank, Deposits Bank, Credit Card transaction, Reconciliations, GST/HST, WCB, Payroll processing, remittance, Year-End Financial Statements, T2 Income Tax Returns for corporations and many more.
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We use the following Tools:
Microsoft Dynamics GP, Excel, QuickBooks, Simply Accounting, NewViews, CanTax, Profile, Visual tax Etc.
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We work with a different type of business:
Agriculture, Automotive, Clubs & Sports, Hotels and Motels, Incorporated Professionals, Insurance, Manufacturing, Not for Profit, Publishing, Retailing, Restaurant, Taxi, Textiles, Trucking, Travel, and Tourism, Wholesalers and many more.
PERSONAL
Individuals :
Who has residency ties, Newcomers to Canada (immigrants), Leaving Canada (emigrants) , Government employees outside Canada, Non-resident seniors, Deemed residents, Temporarily Outside Canada, International Students In Canada, Non-Resident of Canada, Vacationing outside of Canada, and seasonal Agricultural Workers
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Businesses :
Who are carrying business in Canada, Non-resident and Film advisory services.
TRUSTS
A trust is either a testamentary trust or an inter vivo trust. You need to know the type of trust, since different tax rules apply to different trusts.
NPO'S &
SOCIETIES
One of the major compliance problems which we have found over the years when dealing with non-profit organizations is their failure to file income tax returns. The reason is lack of knowledge about the requirements, this situation is worse in those organizations which "do it themselves" without professional guidance.
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Canada Revenue Agency (CRA) publications also deal with NPOs:
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IT-83, Non-profit Organizations - Taxation of Income from Property
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IT-409, Winding-Up of a Non-Profit Organization
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Income Tax Guide to the Non-Profit Organization (NPO) Information Return (T4117)
Taxpayers can make disclosures to correct inaccurate or incomplete information, or to disclose information not previously reported. For example, taxpayers may not have met their tax obligations if they claimed ineligible expenses, failed to remit source deductions or the GST/HST, or did not file an information return.
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Relief Provided under the VPD:
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Penalty Relief
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Interest Relief
A valid disclosure must meet four conditions. These conditions require:
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That the disclosure be voluntary
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That the disclosure be complete
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That the disclosure involve the application or potential application of a penalty.
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That the disclosure generally include information that is more than one year overdue.
BOOKKEEPING
Bookkeeping refers to the daily recording of a company’s financial transactions and it is integral to the success of any business. Proper bookkeeping enables your company to stay abreast of valuable information that empowers important operational, investment, and financial decisions.
External bodies like investors and financial institutions rely on your company’s books to make decisions. Hence, the need to hire professionals to handle your bookkeeping.
TAX CONSULTING
This involves providing clients with the support and advice they need to make business decision. Tax consulting is an invaluable service provided by tax consultants who are experts in tax laws. They leverage their extensive industry-specific experience to reduce tax liability and drive value in their business operations.
PAYROLL
MANAGEMENT
This refers to the management of the financial records of your employees’ (freelancers and contractor).It can be daunting for start-up owners mostly because of regulations on what you can track. In addition, you are expected to maintain all the records related to payroll taxes for a number of years after the tax is either paid or due, regardless of the number of your staff.
FINANCIAL
STATEMENT
A financial statement is a written record that expresses the business fiscal performance. It presents the financial health of your company at a glance and is often audited for tax purposes, investments, financing and to ensure accuracy.
A financial statement aids the analysis and evaluation of your company’s performance and helps shape predictions on its earning potential and stock. Financial statements comprise of income statements, cash flow statements and the company’s balance sheet records.