Sean is a tradesman who has been in business very successfully for over 5 years.
Like a lot of small business owners, Sean started doing his own bookkeeping with the added help of his wife.
Due to unknown startup costs in the beginning, he did not think he could cover the cost of a Bookkeeper and his wife was able to track things rather effectively in the beginning.
Unfortunately, personal tax and HST filings started to get behind. Soon Canada Revenue Agency (CRA) was knocking on his door.
Sean would receive phone calls and letters demanding large amounts of money in excess of $70k+ due to assessed estimates and penalties of non-filing. Sean did not know what these amounts were for, he could not understand the letters and the phone calls provided no clear explanations.
Sean confided in a colleague who recommended he call Jennifer at Keeping the Books Inc.
His friend had a similar situation in the past.
Once meeting and hiring Jennifer, she stepped in as a tax liaison to communicate with CRA on Sean’s behalf.
She found out exactly what was due to be filed and produced a quick timeline for CRA to expect true and proper filing.
With her expertise, bookkeeping was cleaned up, unknown and key self-employed tax credits for Sean were then applied and taxes filed.
Sean went from owing over $70k+ in taxes down to approx $5000.
That amount was further managed by creating a monthly repayment plan approved by the CRA.
Sean now has a clear picture of his finances. With Jennifer’s help, he has a tax savings plan in place monitored quarterly with bookkeeping to ensure he stays on top of his taxes.
The additional support allows him to know his financial position, and plan accordingly for growth and budgeting.
Since clearing up, Sean managed to secure bank financing which has allowed him to hire a crew of 5 employees and additional work vehicles.
“I sleep a lot better now, and I’m not afraid to answer my phone. Hiring a tax professional was a must for my business survival. Jenn put me at ease every step of the way. Thank you.”
We at Keeping the Books Inc. know small business because we are small business.