At Segal GCSE LLP, we recognize the trust you have placed in us as your financial advisors, and in these unsettling times, we are ready to assist. Here are a few ways we can help you deal with the current climate of uncertainty:
1) Assess your current financial position. You may want to consider having some financial modelling work done to project your cash flow and financial position. With a clear understanding, you can adjust your planning accordingly. Further, we can work with your financial institution in preparing a turn-around plan to assist with financing.
2) Assist with filing your corporate taxes as soon as possible, particularly where you expect a refund of corporate instalments. An assessed tax return may also be required by a lender as part of their decision-making.
3) Prepare your annual financial statements as quickly as possible. Regardless of whether your year-end statements are typically audited, reviewed, or compiled primarily for tax purposes, these may be a key tool in obtaining short or longer-term financing as they will be one of the documents initially requested by a lender, as well as providing the basis for your annual tax filing.
4) Work with you to file your personal tax return as quickly as possible, particularly if you are expecting a tax refund. The CRA is currently assessing basic income tax returns in less than 24 hours and paying refunds in as quickly as a week of filing in some cases.
Notwithstanding the extended deadlines now allowed by the CRA, this could be particularly helpful if:
- You need a refund/cash as soon as possible or just want to have a rainy-day fund during the next few unpredictable weeks.
- You need a Notice of Assessment so you can negotiate a lower mortgage or other purposes.
For any assistance with your financial needs, please do not hesitate to reach out to us. With a diverse team of business advisors, we can help you effectively plan your future through these uncertain times.