Donnelly and Co.
Chartered Accountants
Services : Donnelly

Services

Assurance and Accounting

Our firm provides three levels of service in association with financial statements:
• an audit;
• a review; and
• a compilation engagement.
Each of the above services lends different levels of assurance to the financial statements depending on the nature of involvement. An audit gives an opinion whether the financial statements present fairly, in all material respects, the financial position and the results of the operation for the year in accordance with Generally Accepted Accounting Principles. A review expresses a negative assurance that nothing has come to the attention of the accountant that causes him to believe that the financial statements are not, in all material respects, in accordance with Generally Accepted Accounting Principles. A compilation provides no assurance. The accountant compiles the financial statements from information provided by management without attempting to verify the accuracy or completeness of such information.
In addition to the above, we also provide services such as initial accounting set-up, bookkeeping, and other accounting assistance.

Taxation

Most of our clients would leap at the opportunity to pay less tax. As a Canadian resident who earns income, we must annually file a personal income tax return. The same would apply for any corporations that operate a business in Canada. Corporations must file a T2 corporate income tax return no later than six months after the corporation’s year-end.
The actual filing is an annual event. However, throughout the year, we must also take time to consider the tax implications of our decisions. We offer planning strategies that could help the client in reducing tax liability. Tax planning is essential to minimize tax and maximize profits in both personal and corporate settings.
We offer a wide range of tax services from personal and corporate returns, estate and trust taxation, Goods and Services Tax compliance to U.S. tax filing. We also provide personal and business tax consulting to help minimize tax burden. Our goal is to help the client to develop a set of tax planning strategies that is effective in dealing with savings and avoiding tax traps.

Business and Personal Financial Planning

Financial planning involves determining how individuals and businesses meet their goals through proper management of financial resources. It is a dynamic process since financial goals may change over time due to changes in lifestyle and circumstance.
Client is the focus of the financial planning process. As a financial planner, we will assist client in mutually defining personal and financial goals, needs and priorities. From analyzing and assessing the client’s situation, we will develop and prepare a financial plan tailored specifically to meet those goals and objectives, values, temperament and risk tolerance, as well as providing projections and recommendations.
We also assist the client in implementing the recommendations discussed if needed. This may involve working with other professionals such as lawyers, investment dealers and insurance agents. Our aim as a financial planner is to assist the client in every step of setting and attaining their financial goals.

Business Advisory Services

An effective accounting system and internal control provides efficiency in reporting and management of resources. Therefore, we offer services such as computer and accounting system advice, risk management, financing advice, and initial business start-up advice to assist the client in setting up a strong business base.