Straight answers to common accounting questions

Profound Finance is a Winnipeg bookkeeping and accounting firm that acts as the outsourced accounting department for small and mid-sized businesses. Our services include bookkeeping and financial statements, payroll, corporate and personal tax, GST/HST, CRA audit and inquiry support, QuickBooks setup, and CFO-level advisory work such as forecasting, budgeting and business plans.

We work with startups, growing businesses and established companies. That includes incorporated businesses, sole proprietors and self-employed professionals who want a reliable partner to handle their accounting.

Book a free, no-obligation consultation by phone at (204) 510-3696 or through our contact form. We'll talk about your business and where your books stand, then recommend a plan and give you a clear quote.

Pricing depends on the size of your business, your transaction volume and the services you need. After your consultation, we'll give you a clear quote that explains exactly what's included.

Our office is at 43 Agassiz Dr, Winnipeg, MB R3T 2K8. We work with businesses in Winnipeg and across Manitoba.

Bookkeeping is recording and organizing your day-to-day transactions. Accounting builds on that: reconciling accounts, preparing financial statements, filing taxes, and interpreting the numbers so you can make decisions. We do both.

Yes. We'll organize your records, enter and categorize transactions, reconcile your accounts, and bring everything up to date. Then we keep your books current going forward.

Yes. We can prepare and submit payroll through your existing ADP or Ceridian account, or run payroll in-house for you.

Employers must deduct CPP contributions, EI premiums and income tax from employees' pay and send them, along with the employer's share of CPP and EI, to the CRA by set due dates. Late or short remittances can result in penalties and interest. We manage this schedule for you.

A T2 return is generally due within six months of the end of the corporation's fiscal year. Any balance owing is usually due two or three months after year-end, depending on the corporation.

If you or your spouse or common-law partner are self-employed, your T1 return is due June 15. However, any balance owing is still due April 30, so interest can apply from May 1.

Generally, you must register once your taxable revenues exceed $30,000 in a single calendar quarter or over four consecutive calendar quarters. Registering voluntarily before then can sometimes be beneficial. We can set up your GST/HST (RT) account.

There's no single answer. It depends on your personal income needs, corporate profits, RRSP room, CPP contributions and overall tax picture. We model the options and recommend a tax-effective approach for you.

Don't ignore it. Most CRA letters include a deadline to respond. Note what's being requested and by when, then contact us with a copy. We'll explain what it means, help you gather and organize the right documents, and follow up with the CRA with you.

Yes. We assist with CRA audits and reviews by organizing your records, preparing supporting documents, and helping you respond to and follow up on the CRA's requests. Learn about our CRA support.

They're CRA program accounts linked to your business number: RT for GST/HST, RP for payroll deductions, and RC for corporation income tax. We can set up the ones your business needs.

Typically, access to your bank and credit card statements, your accounting software (if you have one), recent tax returns and CRA correspondence, and payroll records if you have employees. We'll give you a simple checklist after your consultation.

Confidentiality is one of our core values. Client information is used only to deliver our services and is never sold or shared except as needed to do the work you've asked for or as required by law. See our privacy policy for details.