Our Services
Sheila C Henn, CPA, CA has been providing expert personalized accounting support for all types of clients since 2014. Our clients are as diverse as the services we provide. While maintaining the high standards required as a CPA, the services can be tailored to meet your needs.
Corporations
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As with many tax areas, corporate tax may appear straightforward, but there are many changing rules and additional disclosures required. Whether your corporation is in a growth phase, is stable or you are looking to retire, Sheila can assist with your annual filing requirements and all levels of financial statements. Tax planning, dividend vs. wages, expansion or wind-down are all situations that can be discussed. Sheila is happy to work with other professionals and will introduce these to our clients to ensure the best level of service is met. Sometimes a tax specialist may be required, and Sheila can help facilitate this as she understands the importance of your business and your investment is to you.
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The financial reporting process is an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. In general, or to ensure the funding is available for not-for-profits and is used appropriately.
SC Henn CPA provides financial reporting on all three levels of assurance:
Compilation – Recently, compilation standards were updated to provide consistency between accounting firms offering this service. The requirements were more than easily met as they have been completed to a high standard for many years. There are times when a corporate return is sufficient, but most corporations will require a compilation, at a minimum level. This allows for banking, shareholders and management to see a snapshot of their financial position at their year-end and their operating income for the year.
Review Engagement – this is the next level of financial statements that will have additional note disclosures on the financial statements. The procedures, as set out by CPA Canada, generally require discussions and analytical procedures. While this provides limited assurance, it is a level of engagement accepted by the bank and is used for bonding for construction or other corporations. In some cases, funders that provide grants will also require this type of engagement.
Audit – an intensive examination with the highest level of assurance. In general, we prepare audits for not-for-profit organizations though Sheila is licensed to complete audits for corporations that are not publicly listed.
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Meaningful, well-organized financial records ensure that your business operations will run more efficiently. While we currently do not have a bookkeeper on staff, we can assist current clients with problems with their bookkeeping software, with filing T4 slips or other requirements. We have a few bookkeeping clients and will work with other bookkeepers when we prepare the financial reporting. We will also ensure additional reporting is completed.
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Meeting the needs of the business owner, the not-for-profit organization, and the small government entity requires discussions and often various deadlines, other than those imposed by CRA. As Sheila is licensed at all levels of financial reporting, the first step annually is to ensure the appropriate level of reporting is made available to users of the financial reporting.
Contact us if you are:
A group company or holding company
Small to mid-size business
Owner/operator deciding on dividends vs salary
Corporation winding down or switching to an investment corporation
Sole proprietor ready to incorporate
Corporation needing a Review Engagement for bonding, financing, or…
Not For Profit
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Sheila understands the varying requirements that Not-for-Profit Organizations (NPO) have. From smaller NPOs to mid-size NPOs, determining the level of financial statements required can be challenging. Determining appropriate financial reporting for different situations whether using fund accounting or the deferral method, Sheila can assist.
Offering consulting services to not-for-profits or assisting with Charity Returns is available. There are many challenges with being a board member. If you are looking for resources, this is an area Sheila will be working on in the summer/fall.
In addition to the financial statements, depending on the level of service and if allowed, Sheila can assist with preparing Charity returns, NPO returns, GST rebates, Charity applications and more. Consulting with NPOs is an area Sheila is looking to expand her services to utilize the depth of understanding she has for varying types of Not-for-Profit organizations.
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We provide financial statements or other special reporting audits prepared under Canadian Auditing Standards for not-for-profit, government or profit organizations. Ensuring the appropriate professional development is maintained, we work with the needs of our clients. Audits may be required for banking, grant funding, and reporting to the government but may not always be required. Some grants or other funding requires a special audit report or the report prepared may require auditing.
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Providing a level of financial statements that may be more appropriate, given the level of funding. Very often funders, banks or other users will accept this type of financial statement. Using prescribed guidelines, through discussion, analysis and other procedures, this report provides some assurance to the users (considered negative assurance). Often this level is sufficient for grants or other funding needs for not-for-profits, which is more economical than a full audit. It is important to ensure this level is appropriate every year.
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Recently, compilation standards were updated to provide consistency between accounting firms offering this service. The requirements were more than easily met as they have been completed to a high standard for many years. A compilation may be sufficient for smaller NPOs, charities, or other organizations. This ensures that standards are met and that an external accountant has prepared the report.
Contact us if you are:
An NPO that requires an audit for funders
A charitable organization that needs to file a Charity Return
An NPO receiving new funds and needs help determining the appropriate level of reporting
An NPO that needs a CPA to do the year-end process for an external auditor
Needing assistance with board governance and other consulting
Smaller Improvement Districts requiring an audit for the BC Government
Individuals
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SC Henn CPA uses the latest technology to communicate securely while Sheila and her staff are available year-round at a conveniently located office in Sidney. We are available to assist our clients with their tax filings and other personal tax needs. Canada Revenue Agency (CRA) continues to implement complex changes. Our attention to detail, depth of knowledge with investments, foreign reporting as well as sole proprietors and rental schedules, stand out from others. You may be able to do your return through available tax software, but any complexities should be prepared by a CPA. Ensuring tax credits and deductions are claimed, investments are entered accurately, and deductions against rental or business are appropriate will reduce stress for you. Due to our knowledge of US income and tax, we calculate foreign tax credits to minimize double taxation. Our team provides a friendly, efficient experience to reduce the stress that comes with tax time.
Working with our clients, we submit many reviews to the Canada Revenue Agency, spending additional time up front to minimize any changes the CRA may make.
We work with investment advisors to ensure we have accurate investment reporting. We can also assist with Estates and executors. We ensure all our returns are prepared accurately and continue to provide exceptional service throughout the year. To ensure we have sufficient staff, Sheila only accepts new tax clients from May through January, each year. We take on new clients with the goal of a long relationship.
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We prepare all levels of complexity for US personal tax returns whether you are new to Canada, a long-time resident of Canada who is a US citizen or a green card holder. Using a high-end US software allows us to file the majority of returns electronically. Whether a jointly filed 1040 US return, a non-resident 1040NR return to report rentals, investment or partnership income or for the sale of a US property to recover taxes from pensions or investments, we take care to prepare accurately and efficiently. Preparing US returns has become part of the practice. We will assist with all the appropriate reporting requirements. We work with other professionals as we understand that there may be reasons for a client to have more than one professional to prepare their taxes. Understanding US requirements assists us when we prepare Canadian returns with foreign reporting requirements or US income.
While Sheila Henn, CPA, CA does not have a US designation, she has maintained significant professional development for all aspects of US Personal tax.
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Sheila understands the emotional time of having a family member pass away. She has extensive knowledge in preparing deceased returns, and trust returns and continues to stay current in this area.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries and provides security for your surviving spouse. Sheila will assist in the filing requirements or introduce a professional who can help should a higher level of Estate planning be required.
Beginning in 2023, many trusts now need to file, including bare trusts. Sheila can assist with your trust filings, whether it is an alter-ego trust, ongoing testamentary or a bare trust. She has the depth of knowledge required to ensure compliance and to assist you with your trust reporting requirements.
Contact us if you are:
A dual US/Canadian citizen/resident
Recently received an inheritance
New to investing
Newly retired
A non-resident with rental properties
A small business owner (sole proprietor/partner/professional)
An executor of an estate
Trustee of an inter-vivo trust
