Peter A. Kypreos is the President & CEO with over 20 years of hands on experience in many aspects of business and consulting. Mr. Kypreos operates a successful accounting practice in Mississauga, Ontario and has been engaged in the general practice of accountancy since 1987.

Peter A. Kypreos, Accountant & Associates Ltd. started back in 1987, with the formation of a small accounting practice. Since then steady growth of this practice brought about the addition of strategic alliances in key areas to provide clients with added value to the services we offer.

Throughout most of our history PKAA appeared much like other traditional accounting practice, that provide accounting, taxation and general consulting services. By the mid 1990’s, our practice reached a juncture where it could either continue to operate along the conventional lines of most accounting practices or begin to create a dynamic professional services that would encompass a broader array of skill sets and open market potential.

Since then Peter A. Kypreos, Accountant & Associates Ltd they have been dedicated to providing consulting and accounting services solely to small business. In fact, we have helped many people start and grow successful new businesses throughout Ontario and Canada. Our focus is to help clients avoid the pitfalls of starting or expanding a business, allowing them to make and, more importantly, keep as much money as possible.

Keeping up with changing tax requirements, opportunities and risks can pose a challenge. Therefore when it come to tax planning businesses must keep up-to-date with the ever changing tax regulations and rulings which can shape your operations. Every financial transaction you encounter, whether business or personal, has direct or indirect impact on you or your business.

Accounting & Bookkeeping

Computerized bookkeeping performed on a regular basis is designed to ensure accuracy for Accounts Payable, Accounts Receivable, Payroll Deductions at source, GST/HST Remittances for T4's and Financial Statements which need to be prepared for Year End Income Tax reporting. PKAA strives to work with your unique business needs, specializing in record management and reporting for small businesses of all types.

As a result, don’t be fooled in thinking that its alright for you to operate a business without adequate records which are a vital and integral part of any business. Many have made this fatal mistake, only to find out that they should have instituted measures to initiate a planned program to create a workable record management system.

Revenue Canada’s regulations and rulings are on the increase every day and they have made it very clear as to how they want us to maintain records and receipts for assessment and/or auditing purposes. Unfortunately, many business owners have taken this regulation and ruling for granted. As a result, they have found themselves buried in a costly unworkable swamp of paper during a re-assessment and/or audit, regulations and rulings are on the increase every day and they have made it very clear as to how they want us to maintain records and receipts for assessment and/or auditing purposes. Unfortunately, many business owners have taken this regulation and ruling for granted. As a result, they have found themselves buried in a costly unworkable swamp of paper during a re-assessment and/or audit, (which is very dangerous to the business).

During the past few years, we have found that Revenue Canada has forced businesses, through regulations and rulings, to retain more and more records just to stay within the letter of the law. Business owners who have chosen to operate outside parameters, have found that Revenue Canada spares no mercy nor do they have a sense of humor when reviewing an unmanageable swamp of paper. Most cases have resulted in a Large Re-assessment Tax Bill!

The reason for this is simply. If, Revenue Canada can not verify, determine or cross reference the origin and nature of a transaction, they simply disallow it!

Therefore, in our professional opinion, we highly recommend that you consider initiating a workable record management system to satisfy the requirements of the Canadian Income Tax Act section 230(1), (4a), (4b).

The alternative is to run the risk of record manipulation during a possible re-assessment and/or audit by Revenue Canada, which usually results in additional taxes payable.

There are a variety of ways of becoming an entrepreneur. Some will find their manner of entry dictated by circumstances, others find they have a choice. The usual motivation is the desire to do business plus an idea that arouses enthusiasm. Enthusiasm is an essential motive, however, it must be guided and checked by careful analysis.

As experienced independent professionals, we recognize the importance that professional help plays in the complex business world today. Our firm is familiar with most problems peculiar to your business, allowing us to advise and guide you wisely and professionally.

Personal & Corporate Taxation

In Canada, your personal tax return is due by April 30. If April 30 falls on a Saturday, Sunday, or public holiday, Canada Revenue Agency will consider the return filed on time and/or payment received on time if it is received or postmarked on the following business day. Even if you cannot pay the full amount by April 30, you can still avoid the late filing penalty by filing your return on time.

Hence individuals and business enterprises operating in Canada encounter taxation from all three levels of the Government.

At PKAA, we will manage and customize solutions to suit your tax issues, managing the intricate details and assist you in understanding how to strategically plan the flow of your transactions.

Revenue Canada also regularly reviews individual income tax returns, whether they are filed electronically or on paper, to ensure that they have properly assessed them. In some cases, they will request supporting documentation after they have issued your notice of assessment. Note: This does not mean that you or your electronic filer made any errors or omissions.

Save time and frustration by having a your tax returns prepared by professionals.

You must include in income all amounts you received for the year except for the following:

• Any GST / HST credit or Canada Child Tax Benefit payments, as well as those from
  related provincial or territorial programs

• Child assistance payments

• Compensation received from a province or territory is you were a victim of a criminal
   act or a motor vehicle accident

• Lottery winnings

• Most gifts and inheritances

• Amounts paid by Canada or an ally for disability or death due to war services

• Most amounts received from a life insurance policy following someone’s death

• Most strike pay you received from your union


Common tax credits you may be eligible to claim are as follows:

• Payments made to boarding school, sports school or camp

• Donations you made to registered charities or political parties

• Payments made for medical premiums, prescriptions, or dental

• Payments made to union or professions boards

• Payments made for moving within 40 km of your work or school

• Payments made for safety deposit box or most interests on money borrowed for
   investment purposes

• Payments made for disability

• Payments made for adoption

• Payments made for public transit passes

• Payments made for tuition

CHECK LISTS
Personal Taxation	Employment Expenses	Rental Income	Self Employed	Corporate Year End

From a business enterprises point of view, taxes represent a forced contribution toward the expense of running our various Government bodies. Hence, taxes are a normal expense of earning revenues.

Tax planning implications for the business owner, plays an important part in taxation so as to maximize the reduction of taxes payable. As a result, let Peter A. Kypreos, Accountant & Associates Ltd., maximizes your tax credits refunds/and or deductions to ensure that you get all that your entitled to receive.

We are the best choice you could make, because we are not a tax house, we are professionals who stand behind our work and we can assist you or represent you in the event of an audit. DON’T BE FOOLED BY A TAX HOUSE, consult a professional.

Note: Keep all records for six years.

GST / HST Remittances

Goods and services tax (GST 5%) is a tax that applies on most supplies of goods and services made in Canada. Examples of goods and services for which GST is not charged and collected include: owed on purchases and expenses for the business. When completing the GST return, deduct the total Input tax credits (ITC’s) for the reporting period from the GST collected and the result would be the net GST Refund (or payable ) you:

• Used residential housing
• Long-term residential accommodation
• Most health, medical, and dental services
• Child-care services
• Most domestic ferry services
• Legal aid services
• Many educational services or tutoring services
• Music lessons
• Most services provided by financial institutions
• Insurance policies
• Most goods and services provided by charities

Certain goods and services provided by non-profit organizations, governments, and other public service bodies.

Companies which provide taxable supplies in Canada, and have total revenues from taxable supplies of $30,000 or less in the last four consecutive calendar quarters must register for GST. When registering for GST, the reporting period should be the same as your fiscal year for income tax purposes. Input Tax Credits (ITC’s) can be claimed on the GST return to recover GST paid or owed on purchases and expenses for the business. When completing the GST return, deduct the total Input tax credits (ITC’s) for the reporting period from the GST collected and the result would be the net GST Refund (or payable ).

For companies with $500,000 or less in annual taxable revenues, there is an option to either have a quarterly reporting period or an annual reporting period. If your reporting period is monthly or quarterly, the filing and remittance deadline is one month after the end of the reporting period. If your reporting period is annual, the filing and remittance deadline is usually three months after the end of the reporting period.

For annual filers, if your net tax for the current or previous quarter is less than $3000, then paying quarterly installments is not necessary. For those who need to make installment payments, the deadline is one month after your fiscal quarter end date.

Ontario Provincial Sales Tax (PST) is charged on most new and used products and services. As of February 21, 2007, registration and collection of PST may be optional for those who have gross sales of qualifying goods and services in the past twelve months of $10,000 or less.

You must register for a PST account if you:

• Regularly sell taxable goods
• Lease Taxable goods as a lessor
• Provide legal services
• Sell parking rights within GTA.
• Provide taxable services
• Provide telecommunication services
• Sell propane

Reporting periods for PST is set at the time of registration based on what was reported as the estimated monthly PST collectable.

PST return is to be filed and remitted by the 23rd of the month following the reporting period end date.

Business Formations

In Canada, when you own a business it is very important to protect yourself from UNLIMITED personal liability. Sole proprietorships and general partnerships leave business owners exposed to unlimited personal liability for what is incurred by the business. Therefore having an incorporation provides personal protection and other advantages that will benefit business for the years to come .

As a result PKAA is dedicated to helping small business owners receive the protection and the peace of mind they deserve through proper business formation since 1987,

- Articles of Incorporation
- By-laws #1
- Resolutions
- Share Holders Register
- Shareholders Ledger
- Directors Register
- Officers Register
- Share Certificates
- Corporate Seal
- Nuans Name Search

Bankruptcy Consulting

As the economy worsens, more and more people will be claiming Bankruptcy in Canada and the Government is doing what they can to be prepared for the rush to bankruptcy in the next few years.

While there are both positive and negative consequences of claiming Bankruptcy, it is a viable choice for those with high levels of debt and no reasonable expectation of being able to pay it off anytime soon.

Bankruptcy in Canada is designed to do any or all of the following:

- To permit an honest, but unfortunate debtor to obtain a discharge of his debts and to make “fresh start”;

- Not only to permit an honest debtor to make a fresh start, but also to rehabilitate such a debtor by counseling the bankrupt on managing his financial affairs after discharge in order to prevent subsequent insolvency of the bankrupt;

- To promote a sense of commercial responsibility of the bankrupt and to deter bankrupt from subsequent insolvencies by introducing stricter legislative and judicial treatment of second and ensuing bankruptcies;

- To permit an investigation of the financial affairs of the bankrupt by a mediator, a trustee in bankruptcy, who is given broad powers to facilitate settlement of the claims by way of consumer proposal, to require compliance with bankruptcy procedures, to set aside fraudulent transactions and preferences among creditors and to adjudicate various matters under the BIA;

- To protect the creditors from competing with each other and to secure the debtor from excessive pressure from the creditors attempting to collect their debts first by introducing a priority of distribution of bankrupt’s property scheme under which all creditors are treated equally in accordance with the scheme.

If you find yourself in financial trouble and have to declare bankruptcy, your registered retirement savings (RRSP's) are now safe from your creditors.

Recent amendments to Canada’s Bankruptcy and Insolvency Act now rule that for bankruptcies occurring after July 7, 2008 creditors can no longer go after your Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs) or Deferred Profit Sharing Plans (DPSPs) to pay off owing debts.

What assets are you allowed to keep? ( ONTARIO )

 

Allowances
Clothing	$5,000.00
Household Goods	$5,000.00
Trade Tools	$5,000.00
Farming Property	$25,000.00
Motor Vehicle	$5,000.00

Therefore, if you feel that you are in a "NO WAY OUT" situation, please give us a call. PKAA will be more then happy to assist you and to guide you in the right direction so that you get the fresh start you deserve!

Bankruptcy Discharge Rules:

- 9 month automatic discharge for 1st. time bankrupts who fulfill all their duties and who do not have excess income. (Required monthly payment of less than $100.00 per month)

- 21 months (or more at the court's discretion) for 1st. time bankrupts who fulfill all their duties. and who have excess income. (Required monthly payment of $100.00 per month or greater)

-24 months for 2nd time bankrupts who do not have excess income. (Required monthly payment of less than $100.00 per month)

-36 months for 2nd time bankrupts who have excess income. (Required monthly payment of $100.00 per month or greater)

-Bankrupts with personal income tax debt of $200,000.00 or more representing 75 percent or more of total unsecured claims, are not eligible for an automatic discharge. They must go to court for an adjudication.

Web Development

Web sites have many advantages that include but are not limited to publishing and organizing company information, as a central repository for files, as an online system that allow users to execute commands and order products.

WEBSITES FOR MARKETING & SALES

A web site that is hosted on a reliable, commercial web server has the advantage of being available 24 hours a day, 7 days a week. By providing detailed product information, logically organized and well written, customers are able to access information about new products, latest price lists and special promotions. Contact details are easily accessible and the website provides new business opportunities because people can search for your product and service using search engines, which index web pages.

Websites can also collect customer information and allows customers to sign up and order products and services. The need for administration is reduced. Customers can also download forms, find information without having to call to request a document.

WEBSITE COMMUNICATION

Targeted Mailing Lists allow businesses to keep employees, customers, shareholders and investors up to date and maintain communication.

News on holiday trading times, sales, discontinued or new lines can be also be published online.

REDUCING WASTE & IMPROVING EFFICIENCY

A website is an environmentally friendly way of doing business;

• reducing the number of brochures that your company needs to produce

• providing answers to frequently asked questions thus saving staff time

• providing a timesaving shopping experience for customers.

• accessing information about customer buying patterns and purchases thus providing further marketing opportunities

• automated collection of orders, payments and customer details

• an on line database of products which is relatively quick, easy and inexpensive to modify

• improved communication by email which is professional and convenient, and is significantly better than leaving messages on answering machines

The availability of websites has enabled information to be easily accessible. With careful planning a website is an invaluable tool that provides a business with increased exposure, sales, and reduces the amount of time spent on administration. The possibilities of the web are unlimited, including using systems to control farming equipment and controlling household devices remotely.

Tax Objection / Appeals

In Canada, tax payers have the right to object and/or to appeal to any tax assessment received from Canada Revenue Agency.

Once the appeal is filed, Canada Revenue Agency will review the objection and make a final decision on the assessment. If the officer agrees in whole or in part, an adjustment will be made to your tax return and a reassessment will be sent.

For all appeals it could take up to 90 days to resolve depending on the issue being appealed.

If you are not satisfied with the results we can appeal the matter in court.

Financial Plans

PKAA prepares both comprehensive and segmented financial plans. PKAA begins by gathering, analyzing, and evaluating data from the client, including goals and objectives. Comprehensive plans include a case summary, reports on financial position, cash flows, tax liabilities, insurance coverage, client goals and objectives and investment strategies. Plans are prepared based on client interviews, questionnaires, and /or documents supplied by the client. A customized plan is prepared for each client.

Segmented financial plans include retirement planning, tax planning, cash flow analysis, estate planning, education planning, asset protection analysis, business planning, investment planning and special situations.

Asset Allocation	Financial Assessment	Financial Analysis

Accounting Systems Installations

Considering a computerized accounting system. Before your company can start printing checks, tracking bills, and printing invoices, you will first want to create a company file and chart of accounts which should have a list of vendor, customers and accounts receivable balances.

Additionally you will need a list of products and services sold, and all the necessary financial account balances. At this point most businesses will engage the services of a professional to make sure that the accounting system is done right. Although it may take some time, energy, and effort to set up an accounting system you will find it to be an invaluable tool once is is completed.

Some of the benefits that your business will enjoy from the new computerized accounting system are: improved data accuracy, compliance, productivity, financial management & control.

PKAA more often then not suggests to new clients that they use Simply Accounting for their entrance into the world of computerized accounting, however, the principles are the same for most accounting software packages.

Hence before the implementation process can begin, you will need to gather some information about your company.

The six step process:

1. Collect company’s information

2. Decide on a start date.

3. Gather business records.

4. Set-up chart of accounts accounts.

5. Data Entry of all transactions.

6. Verify balances on using a trial balance of accounts before the system is set to
     ready.

Consulting Services

     Coming Soon..

Paralegal

All Paralegals and Court Agents must now be licensed in order to practice in Ontario and abide by the Rules of Conduct set by the Law Society of Upper Canada?

Paralegals can pretty much handle everything that lawyers can do in Small Claims Court and Civil Court. In fact lawyers usually don't handle such cases, but even if they do, almost all of them will outsource the work to a paralegal. So, "SAVE YOUR MONEY"!

PKAA has formed a strategic alliance with veterans in the business who have experience practicing law and know the ins and outs of the legal system.

PKAA also realizes that the court systems can be difficult to understand and Layers can be very expensive, that's why we are here, to save you money and to help! To discuss a matter, please contact us for more information.

Secured Credit Cards

Build or re-build your credit, even if you've had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating.

Virtually everyone is approved.

With your new Secured VISA Card, you can:

Rent a car. Make purchases over the phone or internet. Plan and go on a vacation. Reserve a hotel room.

Access cash anytime, anywhere from over 800,000 ATMs around the world displaying the VISA logo.

 
Application

Mortgage Amortizations

A home is typically the biggest financial commitment most will ever make. The longer the period over which a mortgage is amortized, the bigger the magnitude of that commitment. Even over a traditional 25-year period, homeowners will pay as much in interest as they will in principal. So, a $300,000 house may cost almost $600,000 once you include interest payments -- paid with after tax dollars. In highly taxed Canada, to come up with that extra $300,000 in interest payments you would have to earn something like $450,000 in employment income (and pay income tax of about $150,000).

Analytical Reports

Private Company Industry Information

- Forecasts numbers automatically from a review of historical data
- Allows you to value a company in a matter of minutes
- Performs sensitivity analysis quickly, showing how changes.
- Assumptions change "cash" and other key accounts

Private Company Industry Information

- Provides real-time private company industry information
- Helps research efforts
- Allows you to benchmark performance against peer companies

Analytical Review / Audit Tools

- Automates expected values for working papers
- Documents audit and review work
- Boosts peer review performance
- Improves the quality and reliability of audits

Analytical Review / Audit Tools

- Automates expected values for working papers
- Documents audit and review work
- Boosts peer review performance
- Improves the quality and reliability of audits

Plain Language Reporting Tools

- Converts financial numbers into plain language
- Adds value to your services; helps your clients succeed
- Provides private company industry information
- Allows you to benchmark performance against peer companies

New Business Start-ups

As a definition a business startup is a company with little to no operating history, basically a new company that is just starting out and are in the very early stages of their business journey. They usually already have strong business startup ideas and the concepts are in the process of being released into the world.

However, there are several areas that need to be addressed before entering into the battlefield, such as;

- Type of Business formation
- Record Management System
- Computerization & Data Redundancy
- Tax Planning & Financial Planning
- etc...

New Business Start-Up Guide For Ontario (PDF)

 

SERVICES:

Accounting & Bookkeeping

Personal & Corp Taxation

GST/HST Remittances

Business Formations

Bankruptcy Consulting

Web Development

Tax Objections/Appeals

Financial Plans

Acct Systems Installations

Consulting Services

Paralegal Services

Secured Credit Cards

Mortgage Amortizations

Analytical Reports

New Business Start-Ups