516 Sienna Park drive sw
calgary, alberta t3h 3l2



who we SERVICE



Construction & HomeBuilders





Businesses in the construction industry often struggle with the seasonality of contracts as well as the short-term nature of hired workers. Consequently, many owners focus their attention on managing projects and construction crews, while continuously postponing bookkeeping and tax filing obligations. The partners at Skyline will not only bring your business up to date in all areas of CRA compliance but will help you minimize the impact of late filing penalties. Skyline keeps your business current, giving you the peace of mind needed to run a successful enterprise.



Engineering





The issue of “employee vs. independent contractor” often arises in the field of engineering. Contracting engineers who are incorporated need to take certain precautions when it comes to their work arrangements, especially when working for a single employer. The Canada Revenue Agency has specific guidelines that you need to be aware of, so as to not be declared a “Personal Service Business” and lose the benefit of the Small Business Deduction. Not only will you lose the tax benefits of being incorporated, but will also be liable for any tax deductions from previous years.

If you think you may be an “incorporated employee”, talk to a Skyline advisor to review your situation. It’s never too late to protect yourself from a future tax liability you don’t want.



holding companies & investments





Income derived from investing is treated differently than regular business operations. The distinction between the two is that income from investments is considered to be “passive” and is taxed at a higher rate. On top of that, passive income is ineligible for the Small Business Deduction. Examples of passive income include: rent collected from real estate, interest income, royalties, and investment income including dividends and capital gains. With these higher tax rates, the Canada Revenue Agency aims to discourage investors from setting up corporations as a tax shelter, where taxes can be deferred. Instead, they have created an incentive to flow money through the corporation to the investors themselves. The Refundable Dividend Tax On Hand (RDTOH) and the Capital Dividend Account (CDA) are two tax credits that can be taken advantage of when doing so.


Talk to a Skyline advisor today to see how you can benefit from these tax incentives, and to ensure the highest return on your investments.



real estate





Entrepreneurs who invest into real estate need to be aware of specific tax rules related to building, holding and renting property. Many are caught off guard when liable for large GST remittances or income taxes. To succeed in this business, real estate investors need to plan far ahead, taking into consideration the tax nuances of owning property. At Skyline, our advisors are ready to help clarify any difficult situation that owners find themselves in.



hospitality





A functioning accounting system is the cornerstone of any successful restaurant. Food and beverage inventories need to be properly documented, costed, and updated on an ongoing basis and kept at optimal levels to minimize operating expenses. Labour expenses are another major cost that impacts the bottom line. When the combined labour and food & beverage expenses exceed a certain threshold of your total sales, a red flag should be raised and the operations of the restaurants should be reviewed. At Skyline, our experts understand how these red flags arise and are prepared to help owners get at the root of the problem, bringing the business back to profitability.



technical & specialized consulting





Whether you are a professional development coach or an IT consultant, you will have tax and compliance questions that are specific to your field of expertise. Does my corporation qualify for the small business deduction? How do I stay compliant if it does? Our tax knowledge is as diverse as the fields of business our existing clients are in. They come to us with their own unique problems, and we provide them with a unique set of solutions.



logistics





In the logistics business, there are challenges that owner-operators are often not aware of. Many struggle because of a lack of planning in a business with confusing tax regulations. Others simply don’t have the resources to keep accurate records. For many drivers, it comes down to having a qualified accountant to give proper support and direction, so they can focus on making their next delivery on time.


In addition to the daunting task finding reliable equipment and drivers, owners who decide to expand their fleet are faced with financial risk. The bottom line will determine whether the additional investment will add value to the business. The partners at Skyline have the budgeting and planning tools to help you make that decision so you don’t have to do it alone.



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SKYLINE TAX AND ACCOUNTING SERVICES