The Case of Coming to Canada
A European technology company was trying to bring its product to Canada and begin to do business here. However, its initial efforts to gain a foothold in Canada were frustrated by a lack of familiarity with the Canadian corporate and tax environment and by external accountants who did not provide satisfactory service.
A Toronto-based international law firm referred Scarrow Yurman & Co to the client. We communicated extensively with CRA on the company’s behalf to assist with changing year-end dates, filing stub-year tax returns, and advising on the amalgamation of certain dormant entities where tax losses could be preserved and used at a later date.
By diligently communicating with management, we also unearthed and resolved several other tricky issues: previously-unfiled and long-overdue HST returns, missing and uncashed HST refund cheques, inconsistencies in name changes for corporate entities, and outdated mailing addresses resulting in CRA correspondences not being received.
Scarrow Yurman & Co helped bring the client up to speed on the fundamental Canadian tax compliance requirements, and cleaned up the client’s financial information so that they can confidently go forward with a fresh start. Happily our client is now successfully introducing their software solution into the Canadian institutional marketplace.