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Stephen Lim, CPA, CA
Henry Yan, CPA, CA

The Ascent Team
Suite 105- 3380 Maquinna Drive
Vancouver, BC
V5S 4C6, Canada
info@ascentteam.com
Tel. 604.291-0366
Fax. 604.291.0367
 

The Ascent Partnership, Chartered Accountants

Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis.

The Ascent Partnership, Chartered Accountants provides a full range of cost effective accounting and tax related services including the following:

 

Financial Statement Preparation

We prepare accurate and timely financial statements that you can present to your financial institution, Canada Revenue Agency or third parties. The statements are prepared as follows:

  1. Notice to Reader– This type of work involves compiling your information in the proper format. We make all necessary adjustments but we do not investigate your transactions or ending balances. Many financial institutions do not accept this type of engagement because it does not give them enough assurance on the accuracy of the financial statements. Canada Revenue Agency does accept this form of financial statement preparation.

  2. Review Engagement – This type of work involves reviewing your financial information and making all necessary adjustments. In a Review Engagement, we ensure that the financials statements are presented in accordance with Generally Accepted Accounting Principles by using analytical procedures, enquiry, and discussions with management. This type of engagement provides more assurance to the outside users of the financial statements that the financial statements are not materially misstated.
  3. Audit Engagement – This type of work involves examining evidence supporting the amounts and disclosures in the financial statements. An audit is performed to obtain reasonable assurance that the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. This type of engagement provides the most assurance to outside users as to the financial statement accuracy. Audits are required for public companies, real estate trust accounts and lawyer’s trust accounts. They are often requested by shareholders who are removed from the daily operations of the Company. Most small and medium sized businesses do not require audited financial statements.

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Help

We can take away the worry and frustration of trying to file your own tax returns. Business owners are too busy and often do not have the technical ability to prepare tax returns. We will prepare the returns for you in a quick and efficient manner. We can also train you or your team to prepare your own returns. We will ensure that you pay the least amount of tax within the guidelines of the law when we prepare your tax returns.

  1. Corporate tax returns – This would automatically be prepared when we prepare your year end financial statements.
  2. Personal tax returns:
    a) We will ensure that your personal tax return is completed within two weeks of receiving the information. (In order to accomplish this, we require all information to be received before April 15.)
    b) We EFILE personal tax returns which ensures accuracy and provides quicker tax refunds so you have less hassles and receive your refunds faster.
    c) All returns are reviewed by professionals and double checked to ensure accuracy. This means you get the best possible advice, pay the smallest amount of tax and have the least amount of problems when you file your tax return. We will also make suggestions for ways to save you money in future years.
    d) Your Notice of Assessment is sent directly to us and is checked to ensure your return was processed correctly. We will follow up on any Canada Revenue Agency, (CRA), requests for information or errors they have processed at no extra charge to you. This removes the cumbersome burden of trying to deal with CRA on your own.
  3. GST, PST, WCB, Trust returns,T-5 summaries, T-3 summaries, T-4 summaries and Payroll remittances

We are able to take care of registering your company for all the required filings. We can fill out the forms for you or we can help you learn how to complete them yourself. This makes sure you file on time and that you know exactly where you stand each month. We take the stress and worry out of filing tax returns.

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Tax Representation

During our years of experience dealing with Canada Revenue Agency, we have achieved a level of competence that can ensure our clients are being properly represented before the various federal and provincial tax agencies.

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Monthly Bookkeeping

We can set up your Company’s computerized accounting using Simply Accounting or Quickbooks. We offer personal training in your premises or ours so that you can learn at your own pace until you feel comfortable with the data entry.
If bookkeeping is not your forte, we can do all the monthly data entry for you so that your time is freed up for more important things. This would take all the stress and worry out of month end.

We provide monthly comparative income statements and balance sheets to help you see quickly how your business is doing each month. These statements can be used to take to the bank for interim purposes.

When we prepare the monthly bookkeeping, the year end financial statement preparation is completed with less problems.

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Financial Forecasts and Projections

Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.

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Cash Flow and Budget Analysis

A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.

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Computer Accounting Training and Set-up

Thinking about converting your current accounting system to two of most popular accounting programs in Canada?
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult.

We are certified professional advisors for Quickbooks and Simply Accounting. Our team of specialist will work with you and your company for the transition.

From one on one training to full system conversions, we have different packages to suite your needs.

If you'd like to contact us about our Quickbooks and Simply Accounting support services- simply go to Contact Us and let us know.

 

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Business Succession Planning

Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.

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Estate Planning

Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.

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Buying and Selling a Business

Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.

Financing Proposals

Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.

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