Compensation Planning

Whether you are an employee or business owner, you always seek ways in which to improve your “take home” pay – whether it is in the form of additional salary or corporate benefits.

We can meet with you, discuss your situation and assess if there are areas that you haven’t yet considered. Some specific areas would include:

  • The best option for you – salaries or dividends;
  • What tax free reimbursements you can receive from your corporation;
  • Why certain taxable benefits can be of benefit to you personally;
  • How a “bonus” works and what alternatives you have in the timing of paying it personally;
  • The issues surrounding Income splitting with your spouse and children;
  • The options available when you have a shareholder loan balance owing;
  • How to address RRSP, RESP and TFSA funding

Client Testimonials
  • " As a small business owner and operator dealing with day to day business is challenging enough. I am so grateful to have Michael and his team looking after our corporate and personal taxes. Mike's personal approach not only deals with current taxation year but planning strategies for the future as well. I have dealt with Mike and his staff members on a personal level as well. They are all an asset to our business. Thank you Mike for your assistance whenever we have needed it. "

    Kevin & Sonja Benson - Benson Heating & Air

  • " I find the staff at Michael’s firm to be very friendly, accessible and helpful. They are always straightforward and answer my questions thoughtfully. When I needed Mike's help to become a guarantor for my son in England, Mike went out of his way to send the required information more than once and check to make sure everything went OK. I would highly recommend Mike’s firm for your accounting & tax needs. "

    Doug Young - Owner/ General Manager, Barrie Sports Dome

  • " We have worked with Michael for the past ten years and depend on his firm to manage our accounting needs for all our companies. We are very impressed by their level of professionalism, integrity and the quality of the service. Everyone is exceptionally knowledgeable on all matters relevant to our industries. We not only see the firm as our accountants, but as our trusted business advisors. We appreciate the efforts made to respond to our needs very quickly, the attention given to our businesses and the emphasis in helping us achieve business success. "

    Carl Bertrand - Leatryd Inc./Deber Manufacturing Inc./CigVape Inc.

  • " As a small business, Michael’s firm has been the perfect fit for all our accounting needs, business advice and support. Mike and his team place customer satisfaction at the top of their agenda and back it up with all of the knowledge you could ever need to know for running a business. Any inquiry or concern is quickly dealt with and the support offered is second to none. As a business owner I couldn’t recommend Mike’s firm enough as the perfect support for your business. "

    Bradley Rice - Central Credit Control Ltd.

  • " For the past three years, Michael’s firm has been looking after our business and personal accounting and tax needs. We have found both he and his associates very professional, helpful and thorough in their work.  The friendly office atmosphere leaves you with the knowledge that anytime you have queries they will be addressed with the full attention of one of the staff members.  We have and will continue to recommend Michael and his staff to our friends. "

    Cheryl Reid - Norlog Building Systems Ltd.

  • " I have had the good fortune to have worked with Michael and his associates for some 25 years, not only as competent chartered accounting firm but also as a valued advisor and consultant. Mike and his team provide expertise and advice beyond the numbers, something that is critical in the decision making process for an entrepreneur in particular. He continues to assist us through his networking with other business services and banking professionals, as well as commitment to keeping up with technology. This comprehensive approach to the services he provides makes him the “go to” resource for many of the decisions to be made for our business. "

    Bruce Holtom - FenceSource

  • " One would wonder why anyone living in Toronto would ever contract an accountant in Barrie and go through the aggravation of a long distance relationship. The reason, quite frankly, is I couldn’t find a firm in Toronto that has the same personal approach as Mike and his staff. Previously, I had been with a big firm for a number of years and went through an ongoing stream of individuals-generally a new one each year. I continually had to spend time bringing them up to speed & by the time they understood my situation they were gone - I never could develop an ongoing business relationship with any of them. Mike was recommended to me by one of his peers and I knew within two minutes of meeting him for the first time that he would be my accountant for the foreseeable future. I could sense that Mike’s firm could provide the professional services that would fit my corporate and personal needs as well as being enjoyable to work with - I could develop a long term business relationship with them. To date, working with Mike and his staff is a pleasure and I expect it to continue through the years ahead. "

    Gerry Sumner

  • " We would like to extend our thanks for years of accounting and consulting services for our company. We have greatly benefited from your teams experience and knowledge not only from a tax & accounting perspective but from your ability to assist us in focusing on our business growth and development. Your insight and professionalism brings reassurance that we are in good hands and we look forward to a strong future. "

    Keith Tribe / Jody Cybulski - VenMark Digital Media

  • " We have used Mike’s firm for the past 6 years for our corporate and personal tax planning and filing. Whether it involves the development of financial strategy for our corporate needs or helping reduce our personal taxes in legitimately creative ways, we have found the entire team to be quite capable. Mike always takes a personal approach to all of our needs and is always there to answer any questions we might have. I would recommend Mike and his team for both business and personal needs without reservation.” "

    Rod Charlton - President | Pioneer Development Corporation

  • " Mike, l would like to pass on a very appreciative thank you to not only yourself but your hard working staff. Your dedicated professionalism and thoroughness makes it a pleasure doing business with your firm. "

    Fred Kesak - All Season Storage

  • " I would like to take this opportunity to recognize the great work that the team at Michael Kostrich Chartered Accountant Professional Corporation has been doing for us at Flooring By Design. We are a Simcoe County based flooring store that offers custom solutions for our clients flooring needs. Late last year, a decision was made to find a suitable accounting firm to assist us with our bookkeeping and accounting. The ideal criteria for the successful firm included that the firm be local, small business oriented, flexible, honest and reasonably priced. Our decision to hire Michael’s firm and his team has turned out to be a truly positive experience. Not only have they met our criteria, but in our interactions I’ve also found them to be very personable in their approach. They are simply nice people to deal with. Together, Mike and I we were able to customize a plan tailor made for our business. Mike’s office now takes care of our onsite book keeping, quarterly financial reviews, corporate income tax as well as taking care of my family’s personal income tax needs. As a business owner and Simcoe County resident, I am delighted to recommend the team at Michael Kostrich Chartered Accountant Professional Corporation. It’s just great knowing that the accounting & tax elements of my business are in reliable hands. "

    Trevor Kadlec - President - Flooring by Design

  • " As a new client of Mike’s firm there was extra work required by them to review & reconcile prior year activity in our accounting records to ensure it was consistent with what was filed on my tax returns. Mike & his staff were very helpful in “cleaning up the past” and providing direction as to how to deal with certain issues in the future. Mike also provided referrals for other professional services which was very helpful as it saved me valuable time that I could dedicate to my business operations. "

    Kevin McLaughin - Centerline Installations Inc.

  • " Our firm has been using the Michael Kostrich team for over 10 years now for all of our accounting needs. We are very pleased with the responsiveness and professionalism of Lynda, Phyllis and Mike when in a time crunch and requesting service or documents. This team really knows their stuff and I wouldn't think of using anyone else. "

    Kimberley Beggs - Integra Design Studio

  • " Having a Chartered Professional Accountant like Michael on my side means I can concentrate on growing my business. His firm have been preparing my personal as well as my business taxes for a number of years. I find Michael to be personable, highly professional, efficient and his practical advice invaluable. He has wonderful staff who are always available and willing to help out. I’d highly recommend Michael’s firm to anyone looking for an end to end service provider to support all aspects of accounting and tax needs. "

    Ramin Kouladji - Alliance M&A Advisors

  • " We were referred to Mike by a well-known corporate law firm in Barrie and are extremely appreciative for that referral. From the very start, we have been provided with outstanding accounting and bookkeeping services as well as professional advice and guidance pertinent to our growing business needs. Mike’s team are always there to assist and answer all of our questions whenever needed and we are always comforted in knowing and trusting that whatever advise or counsel given is assured to be both qualified and in our best interest. We have, and will continue to recommend the firm to all of our business associates, family members and friends. "

    Deb Curtis - President - Cranston's Ontario Inc.

  • " Michael’s firm has brought a great deal of clarity and direction to our company through their services. We very much appreciate the personal approach he and his staff provide which allows us to see and understand our accounting and tax alternatives with transparency. Always extremely professional and informative, we highly recommend Michael Kostrich CPA Professional Corporation to be part of your advisory team! "

    Trevor Howard & Bryan Bowen - Media Suite Inc.

  • " I was referred to Michael's firm by a fellow associate and I have appreciated the referral. Mike’s team are always there to assist and answer all of my questions whenever needed and I have always felt very comfortable in knowing and trusting that whatever advise or counsel given is assured to be both qualified and in my best interest - I appreciate all the advice and knowledge the Mike's firm gives me. I would have no issues with recommending this firm to any fellow associates. "

    Dennis McIntaggart - Canadian Storage Systems International

  • " I was referred to Michael’s firm by a few different banks. I had a business in mind that was different from most and getting financing was an issue. We sat down and discussed my business concept with Mike from which he was able to create a business plan that made sense to a financial lender. He then put me in touch with his networked connections in the financial world and really got the ball rolling for us and I was then able to proceed with opening my business. However, Mike didn't stop there. He knew I was new to the business world of small independents. He introduced me to his business network (BNI) where I met several business owners. Mike also referred me to other businesses who could assist with my business' needs. When there was an issue with an HST filing, Mike and his staff worked diligently to successfully resolve the issue with the CRA. He has also been a great supporter of my business and I can't thank him enough for everything he has done for me. Whether you want someone to review your business idea to ensure it has a sound business plan behind it or if you just need an CPA that you can trust I highly recommend Michael Kostrich CPA Professional Corporation. They see the person behind the numbers and work with them as part of their advisory team to help them grow and prosper. "

    Tadeene Mulders - Perplexcity Escape Rooms and Board Game Cafe

  • " Michael and his team have guided us through our first two years of business and they continue to help us with our accounting needs in a professional manner. Michael takes a thoughtful and diligent approach to important decisions and discussions about our company. We have certainly appreciated his professional help and experience as our business grows and takes on new challenges. We look forward to working with Michael and his team as our operation grows and prospers. "

    Patrick Bongers - Northern Rock Ltd.

  • " We were fortunate to have engaged Michael’s firm in the spring of 2020 to help with the growing needs of our company. The support we have received from Mike and his team has been invaluable in managing our business during the COVID pandemic as they helped us negotiate through all the complexities of the government programs & initiatives that were available to us. Mike and his staff are knowledgeable, informative, and easy to talk to – they have delivered the help and support that we have been seeking in an accounting firm. As we move forward with our ever-growing business, we are confident that they will be able to provide the appropriate practices and strategies to ensure that our financial future is built on a strong foundation. Thank you so much! "

    Cyril & Mandi Hayes - Resolution Physiotherapy and IMS Clinic