Wealth Management Estate Planning for Business Owners

For business owners it’s never too soon to start their tax and estate planning process. It’s important that some of this planning be done at the point of starting or buying the business. In reality though, that’s not always how things happen.

From time-to-time I’ve come across high net worth business owners that are trying to make sense of their overall business tax structure, wealth management, and estate planning. If your company or group of companies were setup wrong, don’t worry. There are ways to fix it now without triggering the taxes.

The first part of the process is to understand the entire personal and corporate picture. To do so, we need to review all the corporate and personal:

  • Past 3 years of tax returns
  • History of CRA account balances
    • Personal Cumulative Net Investment Loss
    • Personal Capital Gains Exemption
    • Corporate Refundable Dividend Tax on Hand
    • Corporate Capital Dividend Account
  • Financial statements
    • Formal business valuations if available
  • Future expectations for business profitability
    • Potential upsides and downside risks to future business valuations
  • Corporate minute books with central securities registers
  • Retirement objectives
    • Investment account details
    • Liability details
    • Potential retirement liabilities
    • CPP statement of contributions and pending retirement benefits
    • Retirement date – if any
  • Legacy objectives
  • Deferred/future tax liabilities at death
  • Estate transfer concerns

After having a better understanding of the current situation, we can make recommendations for tax shelter opportunities, long-term tax strategies, and corporate reorganization recommendations.

If you do require a reorganization, you can avoid paying taxes through an estate asset freeze and Section 85 rollover. This step would also require you to file form T2057 with your corporate tax return.

Please contact our office to request a free 1 hour introductory consultation on your corporate wealth management estate planning.

Post Tax Season Thank You & Update

The team at Complete Accounting Solutions would like to thank our dedicated clients for another successful tax year. It’s been a while since we issued an update so we’d like to take the opportunity to also announce we won the 2018 Consumer Choice Award, which marks the third consecutive win for our firm. We were also listed again as one of the top three accounting firms by ThreeBestRated.ca .

2018 CCA Award Complete Accounting Solutions Team

Three Best Rated Award


Updated Statement on Court of Appeal Ruling



Solomon Nordine

Business Phone: 855-541-4703




                                                                            UPDATED Dec 16, 2017


 PBABC Update on the March 2nd, 2017 Court of Appeal Ruling on the BC CPA Act and SCC Application for Leave to Appeal

Organization of Chartered Professional Accountants’ of British Columbia v. Nordine


Vancouver, BC: On May 5, 2017 the Public Business Accountants’ Society of British Columbia (PBABC) successfully received an important clarification of the Appeals Court order allowing members to use the designation “PBA” signifying “Public Business Accountant”.  While CPABC contested the clarification of the order, the Court Registrar sided with PBABC counsel and granted the request to narrow the restriction to the following:

  1. The designation “Professional Business Accountant”, or
  2. The initials “PBA” signifying “Professional Business Accountant”;

On August 28, 2017, PBABC’s application for leave to appeal to the Supreme Court of Canada was dismissed without costs.

PBABC has formally rebranded and has instructed its members in BC and the Yukon to use the accounting designation Public Business Accountant – PBA.

The PBABC protects the public by regulating PBA members through education, exam, entrance, ethics, experience, continuing professional education, errors and omissions insurance, and practice review requirements. In a competitive free market the public should have the right to choose what type of designated accountant they believe is the right fit for their career or business.

“We are pleased that the Registrar clarified the order to allow us to use the “PBA” designation. We will still seek a solution with the Ministry of Advanced Education that further protects the public, and hopefully, at the same time appeases CPABC.” says Solomon Nordine, President of the PBABC.

The PBABC will continue to defend its right to practise public accountancy for businesses across BC and the Yukon.

How to Find a Bookkeeper

A lot of new business owners have no experience in accounting or bookkeeping. This lack of understanding often leads to some very common mistakes.

The first mistake is to just ignore the bookkeeping and accounting for several years until you eventually find time and/or money to deal with it. In these circumstances owners are prompted to get compliant after the CRA sends demand letters ordering them to file outstanding returns. From my experience working with clients, at least 10% of small businesses file their first returns late. This can lead to unnecessary penalties and interest, which can often times be more costly than the actual bookkeeping.

Another mistake small business owners often make is that they engage a bookkeeper without knowing their bookkeeping needs. Bookkeeping can performed on a continuous basis (daily) or periodically whenever a report is required and the costs range greatly for dealing with the same amount of data. Continuous bookkeeping is the most expensive option. For some companies, having daily up-to-date records is necessary to keep an accurate portrait of the company’s financial position. Bookkeeping cost savings increase the more infrequent it becomes (monthly vs quarterly vs annual). When appropriate, annual bookkeeping is the most cost effective and efficient way, especially when done through a streamlined software system, such as CaseWare. QuickBooks and Sage are normally used for ongoing bookkeeping files and are not as efficient for data entry.

Some small businesses have several employees, receivables collection activity, payables, and relatively numerous transactions that make the bookkeeping and frequent bank reconciliations necessary. Without up-to-date books and records, owners wouldn’t know their profitability, and more importantly, their available cash flow. For businesses in this category they would want to have their bookkeeping performed on either a continuous basis, or a frequent periodic basis (weekly, semi-monthly, monthly).

For small businesses that don’t have employees and their transactions don’t necessitate constant bank reconciliations, such as realtors, period bookkeeping is the best match. If they are reporting annually for GST they can leave their bookkeeping to the end of the year. If they are reporting quarterly for GST then they should look into switching to annual filing. If your annual sales are less than $1.5 million, you can opt for annual filing (note – quarterly installments still apply). Opting for quarterly GST filing when it is not required increases your bookkeeping costs with no real benefit.

Lastly, it’s important to remember that bookkeeping solutions can be flexible. For example, if someone is required to file monthly for PST, they might be better off using continuous bookkeeping just for their sales. The bulk of the cost savings of annual bookkeeping can still be achieved when recording the expenses. There are numerous businesses that benefit by using a hybrid bookkeeping system.

Call us today if you would like to discuss your bookkeeping options with a Public Business Accountant. We can help you develop the right bookkeeping solution to meet your needs.

2017 Consumer Choice Award Winner

Complete Accounting Solutions is proud to announce it is the winner of the 2017 Consumer Choice Award in the category of Accountants – Small – Medium Business – South Mainland for the Greater Vancouver Area. This marks the second year in a row we have won this award. To mark this occasion we had an awesome custom cake made by Box of Dreams Custom Cakes & Cupcakes in Langley.

We are Public Business Accountants (PBA), ranked the best accounting firm in Surrey by threebestrated.ca, members of the Surrey Board of Trade 2014-2017, and maintain an A+ BBB rating.




Complete Accounting Solutions is the Best Rated Accounting Firm in Surrey

Best Rated Accounting Firm in Surrey

Complete Accounting Solutions – Public Business Accountants (PBA), is 1st in the Three Best Rated list for Best Accounting Firms in Surrey.

“Best Accounting Firms in Surrey, BC

Handpicked Top 3 Accounting Firms in Surrey, BC. We check customer reviews, history, complaints, ratings, satisfaction, trust, cost and their general excellence. You deserve only the best in life!”

Complete Accounting Solutions is honored to receive this recognition and would like to thank all our dedicated clients for making it possible.

Our client reviews can be found at http://www.completeaccounting.ca/results/reviews/.