Tax Return
When it comes to preparing your income tax return, you need a firm that understands the uniqueness of your industry.
Without a solid foundation of accurate bookkeeping, an income tax return is meaningless. Trust accounts and the Law Society rules add complexity to law firm bookkeeping. When it comes to preparing your income tax return, you need a firm that has the skills to cut through the complexity of your bookkeeping records.
At A4L, we will prepare your income tax return accurately and properly with our
We provide lifetime support for every tax return we prepared. Please be assured that your return will be prepared accurately with solid financial record support.
Tax return preparation requires a solid understanding of the uniqueness of the legal industry and skills to cut through the complexity of the bookkeeping records.
We have the experience, the expertise, and the resources to prepare your income tax return accurately with solid financial record support.
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Also, You should also make sure to record the information required by By-Law 9 on your deposit slips.
1. Mixed Trust Account
This is the most common type of trust account used in a law office. It is also called “pooled” trust account or operating trust account. A mixed trust account holds money for more than one client. Therefore, There are specific rules regarding opening or closing a mixed trust account.
2. Separate interest bearing trust account
Unlike a mixed trust account, a separate interest bearing trust account contains money for only one client in an interest-bearing form such as passbook accounts, GICs, or Term Deposits.
3. Estate and power of attorney account
This is the separate bank account to hold the estate funds. If you exercise a power of attorney for property or act as an estate trustee or solicitor with control of the estate assets, you should ensure to keep proper trust accounting records and reconcile the accounts monthly.
4. E-reg trust account
These are special trust accounts you set up to authorize Teranet to withdraw the registration fees and land transfer tax for electronic registrations in Ontario’s land registry system. An E-reg account is a mixed trust account. Interest earned on e-reg trust accounts should be paid to The Law Foundation.
A general monetary retainer is an amount paid to a lawyer by a client to secure the availability for a specific period time.
Unlike a specific retainer, general monetary retainer cannot be allocated to any legal services that are rendered or will be rendered.
Most law firms have two bank accounts: general account and mixed trust account. Also, The Law Society has guidelines regarding what money goes into trust account and what money goes into general account. It is important to understand the rules.
First of all, we need the following documents for bookkeeping purpose:
According to the requirements of the Law Society, you must keep the following records for at least ten full fiscal years:
An important decision every lawyer faces in setting up their practice is how to ensure their books and records are maintained in accordance with the requirements of the Law Society.
There is a prevalent notion among lawyers that the bookkeeper’s role is akin to that of a data entry person. Some lawyers may hire a relative for this job or delegate it to a secretary without careful deliberation of their qualifications. Poor books and records lead to costly administrative suspension by the Law Society.
