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Leanne M. Goddard, Chartered Professional Accountant

Accounting Firm, Accountant and Tax Preparation Services

Frequently Asked Questions

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Located in Cranbrook serving Cranbrook

Does my accountant need to be a professional?

In one word: Yes. Having a professional accountant is very important, especially if you are a small business owner. You will most likely end up saving money in the end if you pay a little more for a professional accountant. With their training and experience, they will surely find any possible errors that might otherwise cost you in overpaid taxes, penalties, and high-interest rates!

If my accountant has a designation, should I automatically trust them?

No. There are different types of "designations" out there. Be sure to seek out a Chartered Professional Accountant. Make sure you know what designation your accountant has and if they are the right one for you! Chartered Professional Accountants carry the highest-level certification available and the most experience. We are governed and monitored, required to follow specific standards and are also required to stay on top of our skills with required training and development every year. Leanne M. Goddard is a Chartered Professional Accountant with years of success serving the public. Rest assured knowing that, when you choose me as your CPA, you have a qualified accountant who puts your needs first.

When filing corporate taxes, which documents do I need for my accountant?

Filing corporate taxes often goes along with a compilation engagement to compile a set of financial information used to determine the data required to report for taxes. To save yourself time, the best thing you can do is set up an appointment with me and let me go over the documents you need. Filing corporate taxes can be a daunting process—let me help ease your stress to ensure you are reporting correctly! I often hear "that was not so bad"!

When my sole-proprietor taxes are prepared, which documents do I need for my accountant?

This is a great question and one that I often get! My best advice is to get in touch with me. I try to simplify this process for the client. I can give you a more detailed list of what you need to prepare. Contact me early though, my tax spots fill up quickly!

Which business costs can I claim as tax deductible expenses?

There are many business costs that you can claim as tax deduction and some that you cannot. The boundaries can sometimes be blurred on what qualifies as a deductible expense. Having a Chartered Professional Accountant will help you stay compliant and report only eligible expenses while maximizing those claims, reducing the risk for reassessment, review or audit down the road.

What tax records do I need to keep for my business?

I would advise you to keep all documents that shows income and expenses along with your tax returns for seven years. Along with the source documents, you should maintain or be able to provide your accounting data, details of transactions reported and various reports.

What is the most appropriate tax structure for my business?

There are three common business structures:

  • Sole proprietorships
  • Partnerships
  • Incorporated businesses

Each one is treated a bit differently for tax reporting, having Leanne M. Goddard, Chartered Professional Accountant work with you can help outline what your reporting obligations are!

Contact us now to schedule an appointment!

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