Accounting Services in Canada

All businesses need robust financial administration to give management a clear overview of all subsidiaries and branches and ensure these are fully compliant with both local and international standards.

Accounting and Tax services include the maintenance of the client’s books and records in accordance with local legislation and directives, and the preparation and filing of all required reports and specifications.

Accounting-related functions performed by TMF Group include:

  • Initial set-up of the accounting system (either online on client’s software or on software maintained by TMF Group)
  • Filing of external and internal original documents
  • Processing the data into the system
  • Cash management and AR collection services
  • AP management and vendor payments
  • Acting as a second signature on payment instructions
  • Report preparation for statutory & management purposes
  • Assisting or liaising with auditors during an audit

Preparation of Financial Statements

IFRS and US/UK GAAP Reporting include the preparation of a complete set of financial statements in compliance with IFRS or US/UK GAAP. Specifically it entails the identification and introduction of necessary adjustments to the statutory accounts, the preparation of the financial statements with the notes thereto, and the disclosure of the accounting policies applied.

Consolidated Reporting Services

If requested, TMF Group is specialised in consolidating the activities of all of a client’s companies into one report. Each local TMF Group office prepares the statutory accounts and the necessary management reports in the local language, in accordance with appropriate legal requirements and regulations. Management reports are then consolidated and the entire package, consisting of local statutory accounts and internal management accounts is presented to the responsible head office.

All TMF Group offices are electronically interconnected and use the same accounting, spread sheet and word-processing software, enabling its systems to operate in a highly efficient manner. As a result, you receive an easy-to-read, consistent report of all activities, as well as the underlying local and international management reports, on a timely basis.

Reconciliation of Data

TMF Group will ensure that the differences between IFRS and or US/UK GAAP accounting and the local statutory books will be reconciled at least once per year. Differences will be classified in “Permanent Tax Differences”, e.g. because of local investment incentive programs, and “Temporary Tax Differences”, e.g. because of different depreciation lengths and any other differences.

Specific Projects

TMF Group can handle the set-up or re-organisation of accounting systems, including inflationary accounting systems and techniques. We can also assist in implementing accounting software packages, establishing accounting control procedures, preparing the books of accounts and the financial statements for audit purposes, the training of accountants and other services you may require from time to time.

Tax-filing Services

With respect to our tax-filing services, although our Group policy does not allow us to provide tax advice, we do provide tax-filing services that include, amongst others,

  • filing of the Value Added Tax,
  • Income Withholding Tax and
  • Corporate Income Tax in accordance to local requirements in cooperation with your local or international tax advisor.

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