Areas of Practice
At Vector Accounting we will assist you to optimize your annual income tax return; be it for personal or business purposes. On the business end, we deal with sole proprietorship, partnership, small business and corporate accounts. Information returns for non-profit organizations (NPOs) are also completed. So, avoid getting stung at the end of the year and contact Vector Accounting Incorporated. Moreover, if you have fallen behind in your filing of income tax returns, we will get you caught up for as many years as CRA – the Canada Revenue Agency – allows.
A payroll is the total amount of money that a company pays to its employees; comprising of earnings, allowances and benefits. At Vector Accounting Incorporated a Certified Payroll Practitioner (C.P.P.), certified by the Canadian Payroll Association (C.P.A), ensures the accurate and timely calculation, deduction, and remittance of Canadian Pension Plan (C.P.P) contributions, Employment Insurance (E.I.) premiums, and income tax withholdings from remuneration paid by the employer in the workplace.
At Vector Accounting Incorporated General Bookkeeping services are offered; wherein, the day-to-day financial transactions of a business are recorded as journal entries in the General Journal. These journal entries are then posted to the appropriate accounts in the General Ledger. After all accounts are posted and balanced, the Trial Balance is derived; from which, the Financial Statements may be prepared by the accountant.
Year-end accounting adjustments and Financial Statement preparation: Once the bookkeeping has been completed for the period, be it annual, semi-annual, quarterly, or monthly, the necessary end of the period adjustments are made to the appropriate accounts in order to derive the periodic financial statements; including, the Balance Sheet, Income Statement, Statement of Retained Earnings, and the Cash Flow Statement. These statements serve to report the cost of the entity’s operating activities over the respective period (Income Statement), and reflect the entity’s financial position at the end of the respective period (Balance Sheet).
New Business Setup
Thinking of incorporating? Vector Accounting Incorporated can assist you to incorporate a new company; and, with the overall new business start-up process.
At Vector Accounting, we assist clients in registering for the Harmonized Sales Tax (HST) credit; assessing their eligibility for the tax credit on the 5% federal portion of Ontario’s 13% HST rate; and, completing their HST return.
The investment stratagem developed by the financial experts at Vector Accounting assists clientele to maximize their potential tax advantages and investment returns through the proficient utilization of various investment tools; including RRSP’s, TFSA’s, and tax planning.
Vector Accounting Incorporated is a company providing accounting services that was incorporated in March 2016. The various accounting services provided by the company include; general bookkeeping, year - end accounting, financial statement preparation, payroll, personal and business tax returns, non-profit organization information returns, tax planning, HST filing, RRSP's, TFSA's, and new business incorporation/set-up. The owner - Sohail Chaudhry - is a Certified Payroll Practitioner, certified by the Canadian Payroll Association in Ontario. The company is based in Mississauga, Ontario.