Bookkeeping · Accounting · Tax

Accurate books.
Filed on time.
No surprises from the CRA.

Cents and Pennies Services is a small bookkeeping, accounting, and tax practice in Calgary, Alberta. Leonora Balongaya has kept books for more than 45 years, in six countries. She works with owners who want their records in order, their filings sent on time, and their questions answered by the person who actually knows their file.

Calgary and area in person. The rest of Alberta online.

Who this practice is for

Small businesses that need their numbers to be right

Most people who call are not looking for a large firm. They want someone who will pick up the phone, explain what the CRA is asking for, and fix what is behind without making them feel foolish about it.

Profile 01

Immigrant-owned businesses

Restaurants, cleaning companies, trades, care services, and shops with 2 to 20 employees, usually one to five years old. The rules in Canada are not the rules you grew up with, and nobody hands you a manual. That gap is where penalties begin. It can be closed.

Profile 02

Businesses moving to the cloud

Trades, health, and care businesses that are tired of shoeboxes and spreadsheets. Your books move to QuickBooks Online or Xero. Receipts stop getting lost, and you can check your numbers on any day of the month instead of waiting until year end.

Profile 03

People starting out

If you are registering a business this year, a few early decisions will follow you for a long time: how the business is structured, whether to register for GST/HST, and how you pay yourself and your staff. Setting it up properly costs far less than fixing it later.

Services

What is handled for you

You can hand over everything, or only the parts you would rather not do. Some clients pass on the whole file, from supplier invoices through to the corporate tax return. Others enter their own daily transactions and bring in help for reconciliation, GST/HST, and year end.

Bookkeeping Weekly or monthly

Bills from your suppliers sorted, entered, and paid by cheque, e-transfer, or credit cardPayables
Money owed to you: invoices sent, payments recorded, and overdue accounts followed upReceivables
Payroll runs, with source deductions sent to the CRA on timePayroll
Records of Employment, T4 slips and summaries, and WCB reportsFilings
Inventory and job costing, journal entries, and monthly bank reconciliationMonthly

Accounting Monthly, quarterly, annual

Financial statements, so you can see what the business actually earnedReporting
General ledger reviewed and reconciled, with correcting entries where they are neededReview
GST/HST prepared, filed, and remitted, including amounts left over from earlier periodsQuarterly
Expense reports and a clean year end package for your accountantYear end

Tax filing Seasonal

Personal income tax returns, T1, prepared and filed electronicallyT1
Corporate tax returns, T2, prepared and filed using TaxCycleT2
Old GST/HST and corporate tax balances traced and corrected, which is often where penalties and interest are recoveredCleanup
Letters and reviews from the CRA answered on your behalfAs needed

Fees

What your fee depends on

No two businesses cost the same to look after, so a price quoted before seeing your records would not be an honest one. Your fee is set after a short look at four things.

Factor 01

Your industry

A restaurant with daily cash and tips, a trades business with jobs and holdbacks, and a cleaning company with subcontractors each require different work. The industry sets the shape of the job.

Factor 02

Your volume

How many transactions run through the business each month, how many bank and credit card accounts there are, how many invoices go out, and how many people are on payroll.

Factor 03

How complex the operation is

Inventory, more than one location, foreign currency, sales in more than one province, or a payroll with several pay types all add time. A simple operation costs less to maintain.

Factor 04

The condition of your records

Books that are already current cost less than books that must be rebuilt from two or three years of receipts. Cleanup work is quoted separately from the ongoing monthly work.

Tax filing is priced at current market rates for the type of return being prepared. After the free consultation you receive a written proposal setting out the scope of work and the fee, either hourly or a fixed monthly amount. Monthly retainers are available if you would rather have one predictable figure than a variable invoice. Nothing is charged until you have accepted that proposal.

How it works

Four steps, in this order

Nothing is billed until the work and the fee are agreed in writing.

Step 01

A conversation

Thirty minutes by phone, video, or at your place of business. Bring whatever you have, including the envelope of receipts you have been avoiding.

Step 02

A look at where you stand

What has been filed, what is outstanding, and what the CRA is expecting from you. You get a plain answer, whether or not you hire anyone.

Step 03

A written proposal

The work to be done, the timeline, and the fee. You know the cost before the first entry is made.

Step 04

Cloud setup and steady work

Your books move to QuickBooks Online or Xero, deadlines go on a calendar, and your statements arrive on schedule rather than in a panic.

About

Forty five years of ledgers, on four continents

Leonora Balongaya began her career as a student assistant in a university treasurer's office in the Philippines, and she has worked with ledgers ever since. She spent seven years in Kuwait, first in hospitality with the Hyatt hotels and then with a United States oil and gas corporation. She served four and a half years as an auditor and consultant to a not for profit organization, and three years in Indonesia as Financial Controller of a Singaporean chip manufacturing company with 2,500 employees. She also built the accounting system for a Procter and Gamble distributor, to P&G International standards.

She arrived in Canada in 2002 and started again from the beginning, working in retail and on accounting contracts while she rebuilt her credentials here. Since then she has worked in manufacturing, distribution and logistics, education, and oil and gas. Cents and Pennies Services was founded in Calgary in 2020.

It is a one person practice. The person who reviews your file is the person who answers the phone and the person who signs the return. Nothing is handed to a junior you will never meet.

Leonora is an immigrant herself. She knows what it is to arrive in a new country and be handed a set of rules that nobody explains to you. Many of her clients are owners from the Filipino, Chinese, South Asian, Vietnamese, African, and Middle Eastern communities in Calgary who are running good businesses and are quietly worried they have missed something. Usually they have missed something. Usually it can be fixed.

The work is not only to file the return. It is to hand back numbers a business owner can actually read, so the next decision is made with the facts in front of them.

Common questions

Asked before the first call

What will this cost me?
That depends on your industry, how many transactions you have each month, how complex the operation is, and how current your records are. Tax filing is priced at current market rates for the type of return. You receive a written proposal with the exact fee after the free consultation, and nothing is billed until you accept it.
I am two or three years behind. Is it too late?
It is not too late. Late filings are common and they can be fixed. The work is to rebuild the records, file the outstanding returns in the right order, and then deal with the balance owing. Filing on your own initiative, before the CRA contacts you, almost always ends better than waiting.
Do I have to register for GST/HST?
In most cases you must register once your taxable sales pass $30,000 over four calendar quarters in a row. Some businesses register earlier so they can claim back the GST they pay on their own purchases. It is worth a short conversation, because registering late can mean owing GST you never collected from your customers.
What records do I need to keep, and for how long?
Sales invoices, purchase receipts, bank and credit card statements, payroll records, and any letter from the CRA. Keep them for six years from the end of the tax year they belong to. Photographs of receipts are fine if they are clear and organized, which is one reason this practice works in cloud software.
What if English is not my first language?
That is not a problem here. Everything is explained in plain words, without accounting jargon, and repeated as many times as you need. Tagalog is spoken. If a letter arrives from the CRA that you do not understand, bring it in and it will be explained to you line by line.
Do I have to move to cloud software?
For ongoing bookkeeping, yes, and that is a deliberate condition. Cloud software means you can see your own numbers whenever you want, your records cannot be lost in a computer failure, and the monthly work costs you less because it takes less time. QuickBooks Online and Xero are both supported, and the setup and training are included when you start.
Do you work with businesses outside Calgary?
Yes. In person meetings are available in Calgary and the surrounding area. The rest of Alberta is served online, by video call and shared cloud access, which works well once the first meeting is done.
What happens in the free consultation?
You describe the business and what is worrying you. You get an honest reading of where things stand, what is urgent, and what can wait. If this practice is not the right fit for you, you will be told so, and pointed somewhere more suitable.

Get in touch

Start with a free 30 minute consultation

Call, or send a short message describing your business and what you need help with. You will have a reply within one business day. The first conversation costs nothing and there is no obligation afterwards.

Telephone
(403) 975-1058
Email
[email protected]
Service area
Calgary and area in person, all of Alberta online
Hours
Monday to Friday, 9:00 a.m. to 5:00 p.m.
Extended hours during tax season