EXPERTISE

Our expertise lies in our full suite
of services and specialized industries …
and we have a little something
for your “big idea” too.

SERVICES

With the increased complexity in Canadian tax laws, a professional qualified accountant is necessary to assist in planning and complying with personal and business tax requirements. Our designated Tax Compliance & Planning team will provide you with the latest information and education on developments and possible tax provisions that need to be factored into your returns.

If you are like most taxpayers, you want to file your annual tax return properly to avoid the hassles of dealing with the Canada Revenue Agency (CRA). However, if you have fallen behind on your tax filings, you might be worried about how best to get on track with your tax obligations and how to deal with the CRA. In either case, you probably also want to ensure you are benefiting from all mechanisms that can legitimately reduce what you owe in taxes.

Over and above the standard personal tax realities, our team is ready to guide you on all other personal considerations, among them:

  • optimum pension income splitting
  • real estate investments
  • deceased taxpayers
  • matters concerning disabilities
  • cross-border tax transactions, particularly with the United States

Are you a US citizen? Are you a Canadian conducting business in the US, or moving to or returning from the US? Do you own real estate in the US, or are you a ‘snowbird’?

If your answer is ‘yes’ to any of these situations, you have US tax filing obligations. Logan Katz’s tax team is well versed in the preparation of Canadian and US tax returns.

As a business owner/manager, you need your annual corporate tax return prepared accurately and on time. You likewise want to be certain you are benefiting from all the tax mechanisms that can legitimately save you and your company tax.

Our designated team of Corporate Income Tax accountants will work with you to prepare your tax return and develop a tax plan that strategically takes into account all pertinent details about you and your company.

As a business owner/manager, you may have tax obligations relating to commodity and payroll taxes. We will guide you through indirect tax considerations for your business with the help of our in-house commodity tax and payroll tax experts.

Whatever type of business entity you operate – a corporation, partnership, unincorporated business, not-for-profit organization (including registered charities) – you may be required to prepare financial statements. Most businesses and not-for-profit organizations require the involvement of a public accountant to prepare their financial statements.

Generally, financial statements include:

  • a balance sheet
  • an income statement
  • a statement of retained earnings or net assets, and
  • a statement of cash flows

Financial statements are essential:

  • to assist the owner or management team in their decision-making
  • to accompany tax filings

An assurance report for your business financial statements provides a degree of assurance that financial information in the statements is accurate and complete.

Why do you need an assurance report?

Boards of directors, lending authorities and certain other third parties usually require businesses to submit financial statements and an assurance report issued by a licensed public accountant.

You might also be asked by a funder or regulatory agent to provide assurance on your business entity’s compliance with statutes, regulations, or agreements. Logan Katz offers two types of accounting engagements that result in our issuing of an assurance report:

Review Engagement

For review engagements, we ask questions, conduct analytical procedures, and hold discussions to assess whether your business entity’s financial information is plausible. Review engagements are a cost-effective way for business entities to issue financial statements that satisfy the needs of creditors (usually financial institutions).

Audit

An audit is the highest level of assurance work public accounting firms like Logan Katz offer. We conduct audits according to a comprehensive set of standards, referred to in Canada as Generally Accepted Auditing Standards. These standards harmonize with International Auditing Standards.

The audit engagement involves performing procedures to obtain audit evidence to assess whether your businesses financial information is fairly presented, in all material respects, in accordance with a defined financial reporting framework in Canadian Generally Accepted Accounting Principles.

Not-for-profit organizations (including registered charities), and businesses with external boards of directors and/or significant external financing from shareholders or lenders generally, require audits. Publicly traded companies do as well.

We recommend legal experts and financial planners and work with these advisors as a team to execute a plan to control and distribute assets, saving taxes and costs.

If you choose to include Logan Katz in your estate planning, you can be assured of optimum results, including:

  • A will that can save taxes on inheritance income every year.
  • Having an airtight power of attorney and living will.
  • Reducing costs and delays for probate and estate windup.
  • Avoiding family conflicts and family law claims.
  • Organizing your important papers and VIP contact lists.
  • An effective estate plan will go a long way towards ensuring a smooth transition of your assets to your beneficiaries, while minimizing taxes and costs.

Early and effective transition planning can make a significant difference in ensuring you obtain the most out of your lifetime commitment to and investment in your family enterprise. Everyone involved needs to understand and agree on a plan.

Issues related to transition planning can be extremely difficult to address with family members, but not nearly as difficult as what can happen if you do not have the discussions you need to have with them. One of the most important issues, for instance, is whether members of the next generation of your family want to take over your business when you retire.

Success is a matter of talking to the appropriate people early on, well before your retirement. Open communication and planning that takes serious aspects of life and ‘what if’s’ into account are the surest ways to achieve the best outcome: Your business survives and even thrives beyond the transition from you to the next generation.

As with estate planning, Logan Katz will manage all necessary services in collaboration with a team of legal experts and financial planners – until the process is complete and you have a plan that reflects the aspirations you have for the future of your family and your business.

Accurate and timely management of financial information is crucial to the financial success of your business. If you lack the time or in-house capacity to carry out day-to-day accounting, planning and purchasing functions, or to prepare important financial reporting packages, Logan Katz can help.

Our professionals go the extra distance to deliver useful, reliable services, giving you peace of mind so you can concentrate more effectively on other aspects of your business. Here are some of the functions our full-service team can help you with:

Financial reporting includes several activities, including:

  • Preparation of monthly financial statements (eg. income statement, balance sheet, and other reports) with commentary on variances and other significant matters.
  • Preparation of a monthly/quarterly board reporting package tailored to meet specific needs or information requirements over and above the standard financial statements.
  • Discussion and setup of proper reporting format.
  • Regular update meetings (monthly/biweekly) on issues, challenges and successes pertaining to finance, accounting, tax and general business matters.
  • Preparation of budgets and cash flow forecasts/projections.
  • Support in preparing working papers required for year-end audit or review engagement.

Bookkeeping involves setting up processes for and conducting necessary, day-to-day activities. Logan Katz can assist with any aspect of bookkeeping, such as:

  • Set-up of/transition to accounting software.
  • Regular monthly bookkeeping on accounting software, including:
    • Entry of vendor invoices, accounts payable tracking, and preparation of cheques for payment
    • Entry of customer invoices, accounts receivable tracking and cash receipts
    • Performance of monthly bank reconciliations
    • Posting and reconciliation of credit cards
    • Posting and reconciliation of expense reports
    • Amortization of capital assets.
  • Payroll services, such as:
    • Processing of payroll and payments
    • Preparation and filing of all required monthly and annual payroll documents to the Canada Revenue Agency
    • Filing of T4 summaries and slips and preparation of Records of Employment
    • Computation, preparation, and filing of Harmonized Sales Taxes (HST), and, if applicable, other commodity taxes.

There was a time when international business activities were limited to multinational corporations. Now, with movement of goods, services and people across the globe being increasingly simple and common, even small and medium-sized enterprises are extremely active in foreign markets.

There are also many foreign corporations who are interested in the unique Canadian marketplace. Our affiliation with AGN International a worldwide association of separate and independent accounting and consulting firms—allows us to tap into the expertise and knowledge of a network of 8,800 professional accountants in 195 independent firms operating in 89 countries. With a quick call or email, we can provide you with information about the implications of dealing in a foreign jurisdiction. We can directly arrange relationships between you and professional accountants and tax experts abroad.

If you wish to set up establishments in Canada, we can assist in setting up corporate entities, ensuring compliance with Canadian tax authorities, and working with your local professional advisers to ensure a smooth implementation in Canada.

Start-ups. Small businesses. Not-for-profit organizations. International companies. Whatever type of entity you run, our full-service team can help you with any and all your bookkeeping and financial reporting needs. Here is a sample of the services we deliver and manage:

  • Set-up of/transition to accounting software
  • Regular monthly bookkeeping on accounting software, including:
    • Entry of vendor invoices, accounts payable tracking, and preparation of cheques for payment
    • Entry of customer invoices, accounts receivable tracking and cash receipts
    • Performance of monthly bank reconciliations
    • Posting and reconciliation of credit cards
    • Posting and reconciliation of expense reports
    • Amortization of capital assets
  • Payroll services, such as:
    • Processing of payroll and payments
    • Preparation and filing of all required monthly and annual payroll documents to the Canada Revenue Agency
    • Filing of T4 summaries and slips and preparation of Records of Employment
    • Computation, preparation, and filing of sales taxes, and, if applicable, other commodity taxes
  • Provision of monthly financial statements (e.g. income statement, balance sheet, and other reports) with commentary on variances and other significant matters
  • Preparation of a monthly/quarterly board reporting package
  • Discussion and setup of proper reporting format
  • Regular update meetings (monthly/biweekly) on issues, challenges and successes
  • Preparation of budgets and cash flow forecasts/projections
  • Support in preparing working papers required for year-end audit or review engagement
  • Logan Katz professionals appreciate the many reasons our clients engage us to deliver back-office support and interim controllership. We tailor and carry out our services to meet your particular operational requirements and help you succeed. In return for your trust in us, you gain cost and time efficiencies – as well as peace of mind from knowing your business and operational interests are in reliable hands.

CLIENT INSPIRED.

INDUSTRIES

Helping Technology Firms Soar

The technology industry is alive again! In Ottawa, small-to-mid-sized businesses are fueling this resurgence in an unprecedented way.

Software development. Digital media. Telecommunications. Optics and photonics. Security. There is no limit to the range of products and services today’s technology industry is developing and marketing, and to what it can contribute to local, national and international economies.

Logan Katz is more than an accounting firm with an interest in the technology industry. We are as much a part of the industry as an accounting firm can be.

With David Logan and Trevor Kennedy as leads, our Technology Entrepreneurship Group (‘TEG’) is equipped with the expertise and capacity to bring together the elements to ensure technology business owners and stakeholders succeed. Below are examples of activities that demonstrate our commitment to those we serve:

  • Recognizing that successful business owners have a wealth of relevant information and insights, we bring in subject matter experts every month to discuss issues affecting technology firms.
  • Having worked with clients at all stages of their businesses – from pre-revenue, revenue growth after completion of technology, to their sale to private or public companies – we know the lifecycle of businesses within the technology industry.
  • Doing business outside Canada is typical within the technology industry. As a member of AGN International, Logan Katz uses this network of accounting and consulting firms to serve clients with global business dealings.

Logan Katz clients will attest to the quality of our work, and so too will the people we assist through these business-support programs:

Invest Ottawa – As part of a team of accounting, law and other professional firms selected to ensure our city is the best place to start and grow a business, we provide seminars, mentorship and other professional guidance for businesses at all stages.

Lead to Win, Carleton University – Our role is to give small, incubating businesses in the National Capital Region advice and tools to manage their finances and fulfill their tax obligations.

Startup Garage, University of Ottawa – With the support of the Ontario Centres of Excellence, this program offers students work experience and opportunities to learn the fundamentals from professional mentors. Logan Katz assists entrepreneurs with their crucial first steps toward future success.

In addition to participating in technology-specific programs, we also offer and maintain our own distinct program, The Hatchery. Drawing on our skills and Canadian and international networks, we advise and encourage clients, and give them resources to turn their ideas into flourishing businesses.

Wherever you are and whatever stage your technology business is at – just starting out or expanding – you can be sure TEG will provide the support you are looking for, with services including:

  • Full-scope accounting and hands-on assistance for clients wanting to set up their businesses anywhere in Canada.
  • Financial statements, tax planning and compliance.
  • Incentives such as, Scientific Research and Experimental Development, Ontario Interactive Digital Media Tax Credits and the Industrial Research Assistance Program – better known within the industry by their acronyms – SR&ED, OIDMTC and IRAP, respectively.
  • Guidance on exporting and expanding your business abroad, vetted by our international network.
  • Contacts with patent agents and lawyers in areas like intellectual property, mergers and acquisitions.

Included with all our offerings is peace of mind – so you can focus and act with confidence on your business goals.

Let’s talk tech.

You are a people pleaser.

Providing the ultimate customer experience has always been the source of your passion. You are responsible for a myriad of details to ensure a quality product and premium service – from hiring the smiles that greet your customers to testing the food that enters their palette to inspecting the flowers that surround them – all at an affordable price to your customer and a profitable return to you.

Client satisfaction is at the heart of everything we do too. We have extensive experience with the hospitality, food service, and entertainment industry, including franchises. We understand that you are flooded with operational details and have limited time to delve into financial details, so we provide you with seamless financial reporting and tax planning at a reasonable cost to you. We can help you establish a proper corporate structure and shareholder agreements, provide optimized tax planning advice including a remuneration plan that suits your needs, and help you compile and understand your financials to better manage your business, while ensuring you are always compliant with your personal, corporate, payroll and commodity tax filing obligations.

You are the people we aim to please.

You went pro.

You invested time and money into your profession and your achievements have led you to your current success –  a thriving practice built on your hard work and perseverance. Your professional designation sets you apart and affords you the respect of your peers and your community. Your clients turn to you to take care of their needs.

We went pro too. As professionals ourselves, we understand first hand the sacrifices you’ve made to get here and the challenges you face to go further. Professionals from all disciplines – including health, dental, legal, engineering, architectural – turn to us to take care of their financial and tax needs. We’re here as your partner in building your practice and ensure you maximize your potential while minimizing your taxes. We provide you with a breadth of service aimed at complementing your professional expertise – bookkeeping, incorporation, corporate structures, remuneration planning, financial statements, as well as income, payroll and commodity tax filings.

Leave your profession to the professionals!

You appreciate the value of property.

You understood from early on that the path to true financial success was through the power of leveraging. So you invested your hard-earned funds into real estate and never looked back. Now, as you manage the day-to-day challenges of securing and managing your real estate base, you look to advisors to ensure you are leveraging your tax positions too.

We appreciate the value of your time. In serving the real estate sector for over two decades, we understand the ever-evolving complexities and rules inherent in the real estate business. We can guide you through these complex transactions, ensure you take advantage of corporate structures and tax mechanisms available to you, and always ensure you are on-side with respect to your tax compliance reporting obligations.

Let us show you the value of our appreciation.

You’ve built a successful business out of your individual expertise.

In order to leverage your expertise, you incorporated your skill set and now enjoy the freedom of setting your own pace and being your own boss. Having pivoted your individual expertise into a successful business, you now look to professionals that understand you and provide you with the financial and tax expertise you require.

Logan Katz knows independent contractors. We can help you understand the risks and rewards of the corporate tax environment, including the risks particular to the independent contractor. We can advise you in the areas of corporate structures, remuneration and payroll, commodity tax options, reporting obligations, and tax planning opportunities. As your income stream offers you flexibility but also fluctuation, you need a solid financial plan and tax planning advice to help you navigate and respond appropriately, while ensuring you are compliant and onside with the tax rules with filing deadlines.

We’ll keep you informed on what you need to know.

You’re a builder.

Breaking things down and building things up is what you do. But with the business of building comes a myriad of considerations and codes that you need to be aware of. You tackle your challenges head on  – finding and retaining a skilled labour force of tradespeople, controlling your costs, expanding your market, and mitigating your risks, of which there are many in your field.

Logan Katz has extensive expertise in the construction field. We can build you a financial plan and break it down into understandable chunks of information that you can use to run your business more effectively and efficiently. We will help you to prepare and understand your financial information, including your costs components and margins, assist with financial forecasts and budgeting as well as help you to evaluate your financial risks, so as to enable you to better manage your business. We provide comprehensive tax planning, and can advise on a number of issues specific to your industry, including revenue recognition, treatment of holdbacks and equipment, as well as your reporting obligations in the areas of payroll, commodity tax, WSIB, and income tax.

Let’s build a relationship together.

You make an impact.

Your passion makes the world a better place and your reputation affords you the trust of the public to do so. Your responsibility for the use of public funds holds you to a higher standard than others. You must demonstrate good governance and always be clear, transparent, and accountable. You require assurance on your financials for your funders and members. In addition, you face many challenges uniquely different than those encountered by traditional businesses, including creating and managing successful membership and donor base, government contribution agreements, developing strong and active board members, and increasing benefits.

We understand. We value the not-for-profit space and the trust you place in us. As a CPA, we are trained in providing assurance – reasonable or limited – on your financial information. Because Logan Katz is actively involved in “volunteerism” in our community, we have an insider’s understanding of issues that the NPOs faces, as well as an understanding obtained by helping our not-for-profit clients as they face these issues. We serve a wide range of not-for-profit organizations, including associations, unions, charities, foundations, pension plans, schools, and festivals. We provide audit, review, internal controls assessments, government compliance or special reports, as well as bookkeeping and payroll services, commodity tax advice, and Canada Revenue Agency filings such as the T3010 Registered Charity Information Return and T1044 Non-Profit Information Return.

Let us help you make an impact.

THE HATCHERY

Do you have an idea brewing? Are you dying to start a business? Do you feel the entrepreneurial spirit in your gut? Do you feel that you can offer something unique to the marketplace? Have you been sitting on your idea for way too long and it just won’t hatch? Well, come on over to the Hatchery and let’s crack this egg together!

The Hatchery is designed to nurture, guide, and support the growth of your little idea into a booming business! The Hatchery will provide you with the tools and resources you need to make your idea a business reality, and ultimately, a business success story. With our expert guidance, we can help you kick start your idea and get your new venture up and running. We will walk beside you through the stages of your business development cycle and help you gain the confidence you need to prosper in the business world. And as your business grows, we will celebrate your successes with you and guide you through the obstacles. We will be there with you through all your ‘firsts’ – your first customer, your first export, your first employee! Like a good grandparent, we will share our wisdom with you without interfering in your vision. At the Hatchery, you will be provided with your very own resource nest in which to develop and grow your idea. Your nest will contain:

» Up to one hour free consultation with a Logan Katz partner or manager
» Up to two hours free bookkeeping training
» $500 off our first year statutory reporting package
» Up to five hours free usage of our state of the art meeting rooms,
with complimentary coffee and tea (our office has plenty of free parking and is conveniently located near the airport and surrounded by great restaurants and shopping).
» Up to $50 catering for your meetings
» Access to our network of like-minded professional advisors
» Access to speaking engagements by local entrepreneurs
» Networking access to our business community

Finally, one of our unique features is our cosmopolitan spirit. Our firm may be local, but our wings span all over the world. Now that technology has enabled access to foreign markets, to all enterprises, regardless of size, you and your professional advisors should be globally connected as well. We are a member of AGN International — a worldwide association of separate and independent accounting and consulting firms. This allows us to tap into the expertise and knowledge of a network of about 8,800 professional accountants in 195 independent firms operating in 89 countries – which in turn allows you to have this network work for you! We are also proud to boast that we have qualified staff who can serve you in six languages: English, French, Hindi, Mandarin, Italian, and Spanish.

WHY THE HATCHERY?
Logan Katz is committed to keeping the entrepreneurial spirit alive and well in the nation’s capital and beyond. To this end, we partner with several local organizations in a number of entrepreneurial initiatives. The Hatchery is our latest venture in the entrepreneurial space!

Most importantly, we are visionaries. We come from small beginnings too. So when
we see you, we do not just see a person with an idea, we see what your idea can become given the right encouragement, guidance, and tools! We see your potential – we think big! We see your success and we want to be right there beside you as your trusted business advisor between now and when you achieve it!

WHO GETS ADMITTED INTO THE HATCHERY?
The criteria to qualify is quite simple: you must be a new business entrepreneur. Contact us to set up an informal interview and let’s see if we can do business together!

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