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Sharon MacDonald Bookkeeping & Accounting Serivces - Reflection


I specialize in personal income tax returns for individual clients and small business accounting in the Halifax Regional Municipality with one to one consulting and custom services available on request.

Taxation Services

  • Individual tax preparation
  • Self-employed tax preparation
  • Corporate Income Tax Preparation
  • Tax preplanning
  • Electronic Filing

Accounting & Bookkeeping for Small Business

  • Unaudited Financial statements
  • Computerized bookkeeping
  • HST remittances
  • Payroll and WCB services
  • T4 and T5 slips and summaries
  • Budgeting and cash flow analysis

Computer Training

  • Accounting software training and ongoing support
  • Microsoft Office software training
  • Internet and email applications
  • Database applications
  • Tax software training


Individual Tax Preparation

There is a basic charge for preparing the T1 income tax return with extra charges for some of the different schedules such as capital gains, medical expenses, child care expenses, etc. These returns are electronically filed for the client unless the client prefers to mail in the return. If there are circumstances where the client would not qualify for e-file then the return will be paper filed. A few examples of that would be if the taxpayer was deceased, went bankrupt or Canada Customs and Revenue Agency had the client flagged within that taxation year.

Self-Employed Tax Preparation

There is a minimum charge for preparing the Business Statement which would include the T1 or an hourly charge if applicable depending on the time involved in preparing this return.

Corporate Tax Preparation

Once I have posted the year-end entries and the financial statements have been completed the information is then delivered to a reputable Chartered Accountant who then prepares the T2 Corporate Income Tax Return. A separate invoice is prepared for the T2 return by the Chartered Accountant.

Tax Preplanning

Preplanning can be accomplished in two stages. I am available to meet with the client prior to year-end to discuss the client's options as well as meet in the new year prior to the deadline for RRSP contributions.

Stage 1 - Year End Considerations

There are several preparations that can be made before the end of the year to minimize your tax liability for the year. Here is a list of a few options available.

Make all of your charity donations by December 31 in order to use them as a tax deduction on your return for the current tax year. Also consider donating stock to get a special tax break.

Consider selling stocks that are held outside of your registered plans that will create a loss to offset any capital gains that you must claim for the year. In order for the loss to apply the sale must be processed by December 24th. If you do not have any capital gains to claim this year you can still carry back and apply against any capital gains in the past three years. Any leftover losses can be carried forward indefinitely.

Consider delaying the sale of all or part of an asset until after year-end to defer capital gains tax; this defers the tax by 12 months if you were to sell the assets in January.

Invest in a tax shelter that will allow you to deduct your full investment. Consult with a tax advisor as there are tax shelters that have a very high risk tolerance.

You are required to convert your RRSP to a RRIF in the year in which you turn 71. If you have employment income you can still make an RRSP contribution however you will have to pay an over-contribution penalty for a short period to achieve this.

Revenue Canada pays a Canada Education Savings Grant (CESG) of 20% of annual contributions you make to all eligible RESP's for a qualifying beneficiary to a maximum CESG of $500 in respect of each beneficiary ($1000 in CESG if there is unused grant room from a previous year), and a lifetime limit of $7200.

Stage 2 - RRSP Contributions

The final consideration to minimize your tax liability for the current tax year would be to make an RRSP contribution by February 28 of the following calendar year. You then have the option of using this RRSP deduction on either the current or following income tax return.


The small business services as mentioned on the home page are specialized for each individual business. I offer monthly, quarterly and annual bookkeeping and reporting of un-audited financial statements to my clients both computerized or assisting with manual spreadsheets. Also available is supervising and training employees in any areas required such as bank reconciliations, payroll, accounting software, organizing, etc. as well as setting up your new business on an accounting software package.

Do you have a business idea but need help to prepare a business plan, if so give me a call.


In today's world computers and technology is a very important part of the business world as well as in the family home. Sharon MacDonald offers a variety of software training and support for basic, intermediate and advanced courses. The course can be taken in the convenience of your home or at my office location.

Courses are available in the following software packages:

  • QuickBooks
  • Simply Accounting
  • Profile
  • Quicken
  • Microsoft Office

If you do not see a service listed above, please contact me and inquire as I aim to accommodate everyone and if I cannot provide the service I will refer you to someone with the necessary skills and experience.