With accessible and reliable services, you can trust that you’re in good hands with N.M. McMahon – your go-to firm for bookkeeping and accounting for agricultural, oilfield, and corporate accounting and finances.
For Businesses
AgriInvest
AgriInvest is a savings account for producers which assists producers to mitigate business risk and is administered by Agriculture and Agri-Food Canada (AAFC). AgriInvest is like the former NISA program in which producers are notified how much to contribute to their AgriInvest account. The producer is required to set up a bank account and AAFC will deposit the matching contribution once the producer makes their annual contribution.
The producer’s accountant can submit the required statement of income and expenses to SCIC; in turn, SCIC forwards the financial information to AAFC. AAFC will then advise by Deposit Notice letter the maximum contribution the government will match. This notice also includes the balance of their AgriInvest account and the time limit in which the producer’s deposit must be made. The limit on matching government contributions is $15,000 per year based on the annual Allowable Net Sales of the producer.
The producer’s contribution amount is a maximum of 100% of the annual Allowable Net Sales of the produce; for example, grain sales less seed purchases. The accounting firm’s task is to work with the producers to gather and report accurate financial information to maximize the amounts that can be deposited into the AgriInvest accounts.
AgriStability
AgriStability is insurance for producers to offset losses due to factors such as weather, increased costs, and market conditions. This program is run by Saskatchewan Crop Insurance Corporation (SCIC). Every year, the producer is required to enroll and pay enrollment fees to stay in AgriStability.
When the accountant prepares the financial statements and tax return for the year, they can send the required financial information such as income and expenses to SCIC. Supplemental information at the end of the fiscal year is also sent to SCIC, such as: the number of bushels/tonnes in the bins by type of crop; the number of head by types of cattle in the field; number of seeded acres by crop type; deferred grain sales; unpaid bills; etc.
SCIC uses this information to calculate the producer’s program and reference margins. The program margin consists of allowable income received less allowable expenses. In addition, adjustments are made for annual changes in inventory, prepaids, and deferrals. The reference margin is calculated from the historical program margins for the last 5 years. The lowest and highest program margins are removed, and the remaining three years are used to calculate the reference margin.
A payment is made by SCIC to the producer if their program margin falls below 70% of their reference margin. There may be other factors that determine whether a payment is made. For example, more land was purchased creating more seeded acres compared to the prior years. The accounting firm works with the producer to provide accurate information to SCIC to assist the producer to be in the best position to receive a payment.
Accounting Services
Year-end preparation
- Compilation financial statements
- Review engagement financial statement
T5 investment slips
Corporate taxes
- Corporate tax preparation
- Amalgamations and Windups
- Reorganizations
- Tax planning and estimates
- Assistance with Canada Revenue Agency
Consulting
- Consulting for business operations
- Consulting for corporate structure
- Evaluating key performance indicators
Bookkeeping
- Data entry
- GST, PST, and WCB filings
- GST, PST, and WCB registration
- Payroll and remittances
- T4 employee slips
Production accounting
We can submit oil field invoices using Cortex or Open Invoice to oil and gas companies, as well as Petrinex reporting for oil production accounting.
- Cortex oilfield invoice submissions for oil and gas companies
- Open invoice submissions of oilfield invoices for oil and gas companies
- Petrinex reporting
For Individuals
- Business advice for self-employment
- Consulting for when to incorporate
- Personal taxes
- Assisting Executors with estates
- Assistance with Canada Revenue Agency
For Trusts
- Assistance with set up and planning
- Consulting with structure
- Filing Trust returns
Other Services
Commissioner of Oaths
We can administer oaths to a person who is demonstrating the truth of a statement; administer and receive affirmations (can be used if a person objects to being sworn based on religious belief and is as binding and effective as an oath); and receive declarations (a written account of truth).