Overview
Accounting, Tax and Financial Advisory Services
We provide accounting, tax filing and advisory services, estate planning, risk management, financial statement preparation, income tax return preparation, cash flow analysis, tax planning, preparation of Business Plans and Offering Memorandums for capital raising. Our independent status allows us to serve you without compromise.
Bay Street Accounting and Tax Services is a professional services firm that prides itself on unparalleled service. The firm is a Chartered Professional Accountant practice and is registered with CPA Ontario. We are committed to providing unbiased advice and prudent strategies for entrepreneurs, starts-up companies, small and medium sized businesses. The firm’s objective is to provide high quality professional services to businesses and individuals at a reasonable price.
At Bay Street Accounting and Tax Services, we are committed to providing close personal attention and treating our clients with the utmost courtesy and respect. We provide realistic, honest financial advice that achieves results.
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FAQs
1. What is the difference between a Chartered Professional Accountant (CPA) and an accountant that is not a CPA?
A Chartered Professional Accountant (CPA) has completed a rigorous program of specialized courses, has passed the CPA final examination and has years of relevant work experience. CPAs are regulated by a regulatory organization that is mandated by the Provincial government. The CPA may be a generalist or may focus in specialized areas, such as financial statement audit, corporate and personal taxation. A non designated accountant typically handles bookkeeping, routine filings and may not be held to the same high standards.
Bay Street Accounting and Tax Services does not provide Assurance Services, such as Financial Statement Audits and Reviews. The firm performs Financial Statement Compilations.
2. Does Bay Street Accounting and Tax Services provide accounting and tax services only in Toronto, or does it offer services to a wider base of clients?
The firm is based in Toronto and represent clients across Canada and Internationally, providing services to clients with Canadian tax reporting requirements (not including Quebec). We assist individuals who are immigrating to Canada, in addition to individuals who are leaving the country. We also provide Canada-USA cross border tax services to a select group of clients.
3. What are useful questions to ask an accountant before retaining him or her?
4. Do you work remotely or have a physical office?
We primarily work remotely, as the current business environment requires we keep our overhead costs as low as possible. This permits us to offer reasonable prices to our clients and keep our fees lower than clients pay at other firms of equal stature. The firm has an office at Bay and Bloor Streets, in Toronto, for in-person meetings that may be booked with advance notice. We regret we do not accept walk-in clients.
5. Do you offer free initial consultations?
The firm offers free initial consultations, in order to become familiar and to understand your requirements. These consultations do not include detailed specific, actionable advice.
6. Is an initial deposit or a retainer required? When are fees payable?
An initial retainer may be required, however this is generally not the case with routine income tax work. Fees are due and payable at the time tax returns are completed and presented to the client.
7. What is a Financial Statement Compilation?
For corporations which do not require an audit, the most cost effective financial statement to have a Chartered Professional Accountant prepare is frequently an unaudited financial statement, which carries the accountant’s “Notice to Reader”, pursuant to a Compilation Engagement. The accountant prepares the financial statements based on information provided by management. Many banks and other users will accept Notice to Reader financial statements for their purposes.