At Barakat Financials, we understand that each business is unique. Whether you’re just starting out or have been running your small business or self-employed venture for years, we provide tailored accounting and tax solutions to ensure you stay organized, compliant, and prepared for long-term success. No business is too small, and no budget is too modest for us to handle with the care and precision it deserves.
Why Timely Filing Matters
In Canada, both federal and provincial tax obligations must be met on time, and it’s crucial for your business to file taxes promptly to avoid serious penalties. Late submissions can lead to hefty fines and interest, which are assessed by both the Canada Revenue Agency (CRA) and Revenu Québec. These penalties can quickly add up, causing significant setbacks for your business.
At Barakat Financials, we make it our priority to help you stay on top of deadlines. Filing your taxes on time is one of the simplest ways to avoid unnecessary penalties and keep your business finances in good standing. Our team ensures that all necessary forms are filed accurately and on time, reducing your risk of penalties.
Accurate bookkeeping is the backbone of any successful business. We provide reliable bookkeeping services that help you track your financial activities, from income and expenses to investments and liabilities.
Proper bookkeeping ensures that you stay on top of your finances, making it easier to manage your cash flow, make informed business decisions, and stay compliant with CRA and Revenu Québec tax regulations.
We offer comprehensive accounting services tailored specifically for small businesses. From daily transactions to monthly and quarterly reporting, our expert accountants can handle your books so you can focus on growing your business.
Our team ensures that your financial statements are accurate, tax-compliant, and ready for review at any time.
If you are self-employed, we understand the complexity of managing your taxes and financial records. We offer specialized accounting services for self-employed individuals, ensuring your taxes are filed correctly and that you are maximizing deductions available to you as an independent contractor.
We can guide you through the process of estimating your quarterly tax payments and managing your personal and business income separately to ensure compliance with CRA and provincial tax rules.
If your business is registered for Goods and Services Tax (GST) or Quebec Sales Tax (QST), we assist with the proper remittance of these taxes on time. Failing to remit GST/QST can lead to significant penalties, so our team ensures you are submitting accurate returns to both the federal and provincial authorities.
We also offer assistance with claiming input tax credits (ITC) to reduce your tax burden.
Accurate financial statements are essential for understanding your business’s financial health and for tax reporting. We prepare professional Profit & Loss statements, Balance Sheets, and Cash Flow Statements, giving you the insight you need to manage your business effectively.
Our reports are prepared in full compliance with CRA and Revenu Québec guidelines, ensuring that they reflect your financial position accurately.
Whether you're starting a new business or need to obtain a tax number for your current operation, we assist with registering for GST/QST, corporate tax numbers, and any other necessary identification numbers. This is an essential step in your business setup to ensure you are able to collect taxes and remit them correctly.
Corporations are required to file tax returns with both the CRA and Revenu Québec. Our team is equipped to handle all aspects of corporate tax filing, ensuring that your returns are accurate, filed on time, and reflect all allowable deductions.
We stay up to date with changes in tax laws and regulations at both the federal and provincial levels, ensuring that your corporate tax filings are always compliant.
Business planning is crucial for long-term growth and sustainability. We provide small business consulting services that help you develop strategic business plans, including financial forecasting, budgeting, and tax strategy development.
Our expert advisors can work with you to develop a roadmap for success, helping you navigate challenges, optimize your financial resources, and improve profitability.
Running payroll for employees can be a time-consuming task that requires a deep understanding of both federal and provincial tax laws. Our payroll services ensure that your employees are paid on time, and that all statutory deductions (such as Canada Pension Plan (CPP), Employment Insurance (EI), and provincial income taxes) are correctly withheld and remitted.
We also assist with the preparation of T4 and Relevé 1 slips for year-end filing, ensuring that your business stays compliant with CRA and Revenu Québec requirements.
We offer setup and training for small business accounting software to streamline your financial management processes. Whether you’re using QuickBooks, Sage, or any other software, we can help you implement the system that best fits your business needs.
Our team will guide you through the software setup, ensuring it is configured correctly for tax compliance, and train you on how to use it effectively to manage your finances efficiently.
Our team consists of highly trained and certified experts, dedicated to providing industry-leading service and support with excellence.
Reputable firm with years of unwavering trust from satisfied customers and partners.
Committed to innovating solutions that empower customers and enrich their experiences.
Envisioning a future where our services redefine the standards of excellence globally.
Being prepared to file your taxes on time is crucial for your business’s success. If you’re ready to get started or need help ensuring that you’re on track, contact us today to schedule an appointment. Our team is here to assist with all aspects of your business’s accounting and tax filing needs, so you can stay focused on growing your business.
For more information or to book an appointment, email at info@barakatfinancials.com or call us at 514-316-3-317. Don’t wait until the last minute—reach out to us early to ensure your taxes are filed on time and in full compliance with CRA and Revenu Québec requirements.
Stay organized, stay compliant, and keep your business on the path to success with Barakat Financials!
