Advice when a decision matters
Some financial questions don't fit neatly into a tax return. Should you buy that business? Is the CRA's reassessment right? Would incorporating make sense, or should you put more into your RRSP? Our consultation service gives you time with an experienced accountant to work through questions like these before you act.
Our approach is customized, practical and results oriented. We work closely with a diverse client base to provide exceptional one-on-one service, and we believe in building long-term relationships – the more we know about your affairs and your organization, the better we can meet your needs. Trehan & Company was founded in 2009 by Ramneek Trehan, Accountant, PBA, who has over 27 years of accounting experience.
A consultation is general information and guidance based on your situation, not a sales pitch. We'll tell you what we know, what we'd need to confirm and what your options look like, so you can make the decision that's right for you and your family or business.
Common consultation topics
Here are some of the questions individuals and business owners bring to us.
Acquiring a business
Before you buy, we review the financial information, explain what the numbers do and don't show, and walk you through tax questions about how the purchase is structured.
Appealing a tax assessment
If you disagree with a notice from the CRA, we explain the objection process, the deadlines and the supporting documents you'll need.
Incorporating or not
We compare staying a sole proprietor with incorporating, looking at your income, your plans and the extra administration a corporation brings.
RRSP, TFSA and FHSA questions
We explain in general terms how these accounts differ and how they might fit goals such as retirement saving or buying a first home.
Pension income splitting
Couples with eligible pension income may be able to split up to half of it using form T1032. We'll look at whether it could help your household.
Year-round planning
Rather than waiting for tax season, we help you think about income, expenses and timing during the year, while there is still time to act.
Thinking about buying a business?
Acquiring an existing business can be a faster route to ownership than starting from scratch, but it comes with risks that aren't always visible at first. The seller's financial statements, tax filings, payroll and GST records, and any amounts owing to the CRA all deserve a careful look before you sign.
We help you understand what you're buying. That can include reviewing the financial information provided, asking about revenue trends and major expenses, explaining the general difference between buying a company's shares and buying its assets, and pointing out questions to raise with the seller and your lawyer. We'll also talk through how the purchase might be financed and what your first-year filings would look like.
We don't replace your lawyer or your lender, but we can help you go into those conversations with a clear understanding of the numbers and the tax side of the deal.
Appealing a personal tax assessment
After you file, the CRA sends a Notice of Assessment. If you later receive a reassessment, or the CRA disallows a credit or deduction you believe you were entitled to, you have the right to disagree formally by filing a Notice of Objection.
Timing matters. You generally have 90 days from the date of the notice or, for individuals, one year from the filing deadline for that year, whichever is later. We help you understand the CRA's reasons, decide whether an objection is worthwhile and prepare a clear, well-documented submission.
- Read the notice and the CRA's explanation carefully
- Note the date on the notice and work out the objection deadline
- Gather receipts, slips and supporting documents
- Check whether sending missing documents may resolve it
- File a Notice of Objection if one is needed
Planning questions we can help with
Good planning usually happens before December 31, not in April. RRSP contributions for a tax year can be made up to 60 days after the end of the year, around March 1. The First Home Savings Account (FHSA), available since 2023, gives first-time buyers another option, and the Tax-Free Savings Account (TFSA) is a third tool. How these accounts fit together depends on your income, goals and timeline.
Retired couples may be able to split up to half of eligible pension income using form T1032, which can change the household's overall tax picture. Business owners face their own questions: whether to incorporate, how to pay themselves and when to make major purchases. We'll walk you through the general rules and confirm what applies to you.
You can check your RRSP deduction limit, notices of assessment, slips and benefit payments in CRA My Account. Bringing that information to a consultation helps us give you more useful guidance in the time we spend together.
How a consultation works
We keep the process simple so the time is spent on your questions.
- 1
Book a time
Book online by choosing the Edmonton – Whyte Ave or Sherwood Park office and picking a time on that location's calendar, or call (780) 439-0050.
- 2
Tell us the topic
Let us know briefly what you'd like to discuss, so we can make the most of the meeting and tell you which documents to bring.
- 3
Talk it through
We review your documents, ask about your situation and explain the general rules, your options and the trade-offs involved.
- 4
Agree on next steps
If further work is needed, such as preparing an objection, reviewing a purchase or filing returns, we'll explain what's involved and confirm the cost before we start.
What to bring
Bring whatever relates to your question – these lists are a good starting point.
Personal questions
- Recent notices of assessment
- Last year's tax return
- RRSP, TFSA or FHSA statements
- Pension and investment slips
Business questions
- Recent financial statements
- Tax and GST returns
- Payroll records, if any
- Seller's information for a purchase
- Loan or lease documents
Tax appeals
- The notice you disagree with
- The CRA's letter or explanation
- Receipts and supporting documents
- Earlier correspondence with the CRA
Staying in touch throughout the year
We encourage clients to contact us throughout the year with any challenges they face, so we can help in a practical, reasonable and efficient manner. Continual communication encourages the planning needed to meet long-term goals, and many issues are far easier to handle when they're raised early.
Whether you're an individual, a self-employed professional or the owner of a growing corporation, a conversation before a big decision can save time, stress and money later. Both of our offices, in Edmonton off Whyte Ave and in Sherwood Park, offer FREE Parking.