Frequently Asked Questions (FAQ)

Rammo Accounting CPA

1. What services does Rammo Accounting CPA provide?

We provide a full range of accounting, tax, and advisory services for individuals, entrepreneurs, professionals, and corporations.

Our services include:

  • Corporate accounting and tax returns

  • Personal tax planning and preparation

  • Business advisory and CFO services

  • Medical professional corporation accounting

  • Canada–US tax services

  • Real estate tax planning

  • Bookkeeping and financial reporting

  • GST/HST compliance

  • Corporate restructuring and succession planning

Our focus is not only on preparing tax returns — we help clients make better financial decisions throughout the year.

Business & Corporate Accounting

2. Do I need to incorporate my business?

It depends on your situation.

Incorporating can provide benefits such as:

  • Potential tax deferral opportunities

  • Limited liability protection

  • Professional credibility

  • Easier business succession planning

However, incorporation is not always the best choice for everyone. We review your income level, business goals, risk exposure, and long-term plans before recommending a structure.

3. When should I consider incorporating my business?

Many business owners consider incorporation when:

  • Their business income is higher than their personal living needs

  • They want to reinvest profits into the business

  • They want to build long-term wealth

  • They want to separate business and personal finances

  • They want to prepare for future growth or a sale

We help analyze whether incorporation makes sense based on your specific circumstances.

4. Should I pay myself through salary or dividends?

There is no one-size-fits-all answer.

The right mix depends on factors such as:

  • Your personal income needs

  • Corporate profits

  • RRSP contribution goals

  • CPP considerations

  • Tax rates

  • Future retirement plans

We help business owners determine the most tax-efficient compensation strategy.

5. How can I reduce taxes for my corporation?

The best tax strategies are planned before year-end.

Common strategies include:

  • Timing expenses and purchases

  • Managing salary and dividends

  • Corporate investment planning

  • Retirement planning

  • Income splitting strategies where appropriate

  • Proper business structure planning

We work with clients throughout the year to identify opportunities before they are missed.

Tax Questions

6. Do you only prepare tax returns, or do you provide tax planning?

We provide both.

Many accountants focus only on filing tax returns after the year is over.

Our approach is different — we help clients make decisions before they have tax consequences.

Examples:

  • Should I pay myself salary or dividends?

  • Should I buy equipment before year-end?

  • Should I invest personally or corporately?

  • Should I restructure my company?

7. Can you help if I receive a CRA letter or audit request?

Yes.

We assist clients with:

  • CRA reviews

  • Information requests

  • Tax reassessments

  • Audit support

  • CRA correspondence

Our goal is to help you understand the issue, respond properly, and resolve matters efficiently.

8. What records do I need to keep for my business?

Businesses should maintain organized records including:

  • Sales invoices

  • Expense receipts

  • Bank statements

  • Credit card statements

  • Payroll records

  • Vehicle expenses

  • Business contracts

  • Investment records

Good record keeping saves time, reduces stress, and helps maximize legitimate deductions.

Medical Professional Corporations

9. Do you work with physicians and healthcare professionals?

Yes.

We specialize in helping medical professionals manage the accounting and tax requirements of professional corporations.

Services include:

  • Professional corporation tax returns

  • Compensation planning

  • Corporate investments

  • Tax planning

  • Retirement strategies

  • Personal and corporate tax coordination

10. What are the benefits of using a professional corporation?

A professional corporation may provide benefits such as:

  • Tax deferral opportunities

  • Greater flexibility in compensation planning

  • Ability to retain income inside the corporation

  • Investment planning opportunities

Rules vary by profession and province, so proper planning is important.

Bookkeeping & Financial Reporting

11. Do you provide bookkeeping services?

Yes.

We provide bookkeeping support and financial reporting services designed to help business owners understand their numbers.

Services include:

  • Monthly bookkeeping

  • Bank reconciliations

  • Financial statements

  • QuickBooks support

  • HST/GST reporting

  • Management reports

12. Why should I review financial statements regularly?

Financial statements are more than tax documents.

Regular reporting helps you understand:

  • Whether your business is profitable

  • Where money is being spent

  • Whether margins are improving

  • Whether you can afford expansion

  • How much cash you actually have available

Good financial information leads to better decisions.

GST/HST & Payroll

13. Can you help with GST/HST filings?

Yes.

We assist businesses with:

  • GST/HST registration

  • Filing returns

  • Reviewing input tax credits

  • HST planning

  • CRA compliance questions

14. Do you help with payroll and employee reporting?

Yes.

We assist businesses with:

  • Payroll setup

  • T4 preparation

  • T4A slips

  • T5 slips

  • Shareholder remuneration planning

  • Payroll compliance

Real Estate & Investment

15. Do you provide accounting services for real estate investors?

Yes.

We assist real estate owners with:

  • Rental property accounting

  • Tax planning

  • Corporate structures

  • Capital gains planning

  • Non-resident property issues

16. I own rental property in Canada but live outside Canada. Can you help?

Yes.

Non-resident taxation can involve additional requirements.

We assist with:

  • NR6 applications

  • Non-resident withholding requirements

  • Section 216 tax filings

  • Rental income reporting

  • Tax planning

Canada–US Tax

17. Do you handle US and Canadian tax issues?

Yes.

We assist clients with cross-border tax matters including:

  • Canadian residents with US obligations

  • US citizens living in Canada

  • Foreign reporting requirements

  • FBAR compliance

  • Coordination of Canadian and US filings

Cross-border taxation requires careful planning because decisions in one country can affect taxation in the other.

Business Growth & Advisory

18. Can you help me understand if my business is profitable?

Yes.

We help business owners analyze:

  • Revenue trends

  • Profit margins

  • Labour costs

  • Inventory costs

  • Operating expenses

  • Cash flow

Understanding your numbers allows you to identify opportunities and improve performance.

19. Can you help me decide if I should expand my business?

Yes.

Before expanding, we help evaluate:

  • Current profitability

  • Cash flow

  • Financing needs

  • Expected return on investment

  • Staffing requirements

  • Tax implications

Growth should be planned, not just hoped for.

20. Why should I choose Rammo Accounting CPA?

We believe an accountant should be more than someone who files your taxes once a year.

We work as a financial partner helping you:

✓ Reduce unnecessary taxes
✓ Understand your business
✓ Make informed decisions
✓ Build long-term wealth
✓ Plan for the future

Whether you are starting a business, growing a company, or managing complex tax matters, we provide practical advice tailored to your goals.