Chartered Professional Accountants and Chartered Accountants
Leslie Corporate Centre • 9140 Leslie Street, Suite 410 • Richmond Hill, Ontario • L4B 0A9 • T : 289-597-8913 • F : 289-597-5745 •

Owner Managed Business Services

Audit Engagements

Audit engagements are done to enhance the degree of confidence of intended users in the financial statements. Auditing standards require the auditor to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. This assurance comes from the auditor accumulating sufficient and appropriate audit evidence that, in his opinion, reduces the risk of a material misstatement to an acceptable low level. In general, misstatements, including omissions, are considered to be material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Review Engagements

Review engagements are a cost effective alternative to audits. In many cases owners of private corporations, elect to engage us for a review engagement which provide a moderate level of assurance but usually meet loan requirements for most corporate bank loans.

Compilation Engagements

If you only require financial statements for internal use and income tax returns, compilations could be your best option. In a compilation, we will assemble the financial statements based on the information provided by management. A compilation is the most cost effective alternative to an audit.

Tax Services

In addition to providing our clients with personal, corporate, trust and estate tax returns we offer tax planning services that can minimize your overall taxes. Have our knowledgeable accountants look at your tax situation and provide helpful recommendations for reducing your taxes now and in the future. Our services can help you:

  • With Estate planning which can spread the taxable income among various members in your family;
  • Identify tax exemptions available under the law;
  • Take advantage of permissible tax deductions and rebates available on stipulated tax-saving investments;
  • Make optimum use of tax-exempted incomes

Estate and Trust Taxes

Lee & Souter LLP prepare trust income tax and information returns, T3's, for both estates and trusts. We also compile financial statements for estates and trusts, if required. Trusts are required to file the trust income tax return on a calendar year basis. Estates are not required to use the calendar year as their fiscal period, but it is frequently useful to do so. Trust income tax returns are due at the office of the Canada Revenue Agency (CRA) 90 days following their year end.

Other Accounting Services


Quickbooks Certified ProAdvisor Keeping track of your invoices and billings not your thing? Let us help. Our office can complete your bookkeeping to provide you with a monthly income statement, balance sheet and cash flow to ensure you have current information to make mission critical decisions. This keeps you focused on growing your business while we take care of the bottom line.

We're Quickbooks certified and have experience with many off the shelf accounting packages such as Simply Accounting. Contact us for training and implementation.

Controllership services

Can't afford a full time senior accountant? If your company needs accounting guidance we have senior accountants with corporate experience who can provide guidance to your staff. Let us help you:

  • Prepare monthly financial statements on time and accurately - Expand...

    Financial statements are financial data company prepares monthly/quarterly or annually. These documents include the company’s balance sheet showing the company’s assets and liabilities, as well as the company’s expenses, earnings and operational budget (if prepared). Business owners and accountants may use financial statements to make decisions regarding future planning, expansions and product launches.

    One significant benefit to having monthly financial statements is that it reveals how much a company earns per month in sales. The sales may fluctuate, but financial planners should be able to identify a pattern over months of sales figures. For example, the company may have a pattern of increased sales based on season or when a new product is released. The sales may drop after a year or so of being on the market. This is beneficial, as it shows potential and sales patterns so executives know to expect a drop in sales.

  • Collect accounts receivables - Expand...

    Companies should have controls that prevent taking orders from customers who have over extended their line of credit or are in financial difficulty. Invoices need to be issued in a timely manner when goods are delivered to the customer or services rendered. Following up on delinquent accounts is required to minimize losses due to uncollected receivables and bad debts.

  • Ensure expenses are paid - Expand...

    Companies should have controls in place to insure that purchases are properly authorized, that goods are received, services have been rendered, invoices are approved and payments are authorized.

    Controls are necessary for the allocation inventories that are material assets of the corporation to prevent unnecessary losses due to shortages, damages, obsolescence and theft.

  • Cash Flow and Budgeting Analysis - Expand...

    It is important for owners of businesses to set a budget and plan where the business is headed. Profitable businesses can run into trouble due to cash flow issues. A cash flow and budget analysis will guide the business owner to see where and how the money was spent, how you got there and where it went wrong. Remember cash flow is the lifeblood of any business and cash is king in the business world.

  • Financial Forecasts and Projections - Expand...

    Looking to grow your business with a large capital injection through a loan? Can your business handle the cash obligations? It is critical for companies to understand their current and future cash flow needs to ensure the company has the financial capacity to meet their financial obligations. A financial forecast/projection will give you an idea to see if your expansion idea is a good business decision. Many successful businesses have gone bankrupt due to poor planning.


Calculating payroll can be confusing and frustrating let us help provide you with the necessary returns:

  • Annual T4’s, T4A or T5’s
  • Annual Ontario WSIB Reconciliation Form
  • Ontario Employer Health Tax Annual Return

Consulting Services

  • Business start ups
  • Accounting software selection and implementation
  • Buying and selling a business
  • Business process improvement
  • Computer systems

Leslie Corporate Centre • 9140 Leslie Street, Suite 410 • Richmond Hill, Ontario • L4B 0A9
T : 289-597-8913 • F : 289-597-5745 •