Industries
Trusted by Calgary Businesses Since 2009
When CORP360 was established in 2009, it had one goal in mind: that every business, no matter how small, can benefit from reliable and personalized advice in financial, accounting and taxation matters. Since that time, our firm has helped hundreds of clients make sense of their finances, while providing ongoing support, direction, and sound business advice.
Construction & Home Building
Businesses in the construction industry often struggle with the seasonality of contracts as well as the short-term nature of hired workers. Consequently, many owners focus their attention on managing projects and construction crews, while continuously postponing bookkeeping and tax filing obligations. The partners at CORP360 will not only bring your business up to date in all areas of CRA compliance but will help you minimize the impact of late filing penalties. CORP360 keeps your business current, giving you the peace of mind needed to run a successful enterprise.
Engineering
Whether engineering firms have projects in the petrochemical, power, renewable energy, utility or transportation sector, engineering and construction contractors trust their businesses to Corp360. Our professionals assess your unique operational and tax needs. We can demonstrate financial stability to lenders and bonding companies. When the time comes, we help owners develop exit strategies and craft viable succession plans.
Holdings & Investments
Income derived from investing is treated differently than regular business operations. The distinction between the two is that income from investments is considered to be “passive” and is taxed at a higher rate. In addition, passive income is ineligible for Small Business Deductions. Examples of passive income include: rent collected from real estate, interest income, royalties, and investment income including dividends. With these higher tax rates, the Canada Revenue Agency aims to discourage investors from setting up corporations as a tax shelter, where taxes can be deferred. Instead, they have created an incentive to flow money through the corporation to the investors themselves. The Refundable Dividend Tax On Hand (RDTOH) and the Capital Dividend Account (CDA) are two tax credits that can be taken advantage of when doing so.
Publishing
In publishing, the cost of production and marketing are areas that, if overlooked, will lead to margins that offer little flexibility. Authors can also find themselves in a difficult situation simply because books are not priced appropriately. Costs need to be carefully evaluated before contracting with publishers and retail distributors, with prices set and negotiated ahead of time. We understand how costs can quickly accumulate before any sales are made, and will work with authors to produce a work plan that will ensure the feasibility of their project.
Real Estate
Entrepreneurs who invest into real estate need to be aware of specific tax rules related to building, holding and renting property. Many are caught off guard when liable for large GST remittances or income taxes. To succeed in this business, real estate investors need to plan far ahead, taking into consideration the tax nuances of owning property. At CORP360, our advisors are ready to help clarify any difficult situation that owners find themselves in.
Technical & Specialized Consulting
Whether you are a professional development coach or an IT consultant, you will have tax and compliance questions that are specific to your field of expertise. Does my corporation qualify for the small business deduction? How do I stay compliant if it does? Our tax knowledge is as diverse as the fields of business our existing clients are in. They come to us with their own unique problems, and we provide them with a unique set of solutions.
Hospitality
A functioning accounting system is the cornerstone of any successful restaurant. Food and beverage inventories need to be properly documented, costed, and updated on an ongoing basis and kept at optimal levels to minimize operating expenses. Labour expenses are another major cost that impacts the bottom line. When the combined labour and food & beverage expenses exceed a certain threshold of your total sales, a red flag should be raised and the operations of the restaurants should be reviewed. At CORP360, our experts understand how these red flags arise and are prepared to help owners get at the root of the problem, bringing the business back to profitability.
Transportation & Logistics
In the logistics business, there are challenges that owner-operators are often not aware of. Many struggle because of a lack of planning in a business with confusing tax regulations. Others simply don’t have the resources to keep accurate records. For many drivers, it comes down to having a qualified accountant to give proper support and direction, so they can focus on making their next delivery on time.
In addition to the daunting task finding reliable equipment and drivers, owners who decide to expand their fleet are faced with financial risk. The bottom line will determine whether the additional investment will add value to the business. The partners at CORP360 have the budgeting and planning tools to help you make that decision so you don’t have to do it alone.