Ask the Accounting Expert - Marlin Lucak

Updated: Sep 30

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October 2020


We’re committed to offering you the highest grade of professionalism. Our professional team of accoun­tants and consultants are here to guide you through the merger and acquisition process. Our process involves:

• Reviews and Analysis. We provide detailed reports and analytics regard­ing the target company’s tax position. Areas of analysis include tax rate, account, compliance, contingencies and aggressive positions. Transfer pricing, tax attributes, carryforwards and change of control provisions are also included. Our primary area of concern is price and purchase agree­ment considerations.

• Transaction Structuring. This can achieve synergies and significantly increase the value of a transaction. We’ll provide you with strategies on purchase price allocation, ad­vice on pre-acquisition or disposal reorganizations. A review of your financing structure’s tax efficiency. This includes jurisdiction of financing vehicles and financial modelling of tax impacts on your business.

• Post Acquisition Integration and Reorganization. Upon completion of a merger or acquisition, you will more than likely encounter complex ques­tions concerning your new organiza­tion. We offer a streamlined process with advice on reorganizations that are required to integrate your new business operations. Included in our services are tax planning, refinanc­ing strategies, and assistance with control returns, tax elections and coordination of tax policies such as transfer pricing.

September 2020



Budgeting, Planning and Forecasting is a three-pronged approach for ascertaining a business’s long-term and short-term goals. At McNabb Lucuk LLP Chartered Professional Accountants, we emphasize and place high importance on your organization’s future. Having staying power through even the harshest economic situations is our goal for you. Providing the best and most professional advice is our bottom line. We can help you prosper at your best, or survive at your worst.

Budgeting. Outlines the business’s comprehensive financial plans and executed normally on a month to month basis.

Planning. Possibly the most important of all three is having a game plan. Determining your company’s financial direction and expectations and executed normally through a three to five-year plan.

Forecasting. The practice of using historical data to extrapolate a business’s financial course in future months, or years.

August 2020


Bookkeeping is a vital part of your businesses’ day to day activities. It involves recording, storing and retrieving financial transactions. It’s important to get on top of your books before they get on top of you. Having a good bookkeeper can mean the difference between a healthy, thriving business, and a disorganized bundle of chaos. Many people simply leave it until the last minute or don’t have time for it, causing major issues.

Examples of Financial Transactions include;

• Paying for office supplies.

• Monitoring individual accounts receivable.

• Verifying and recording invoices.

• Recording receipts from customers.

• Providing Financial Reports.

Most Bookkeeping today is done with the use of computer software. Quickbooks is a great example of this software. It’s used by thousands of businesses across Canada.

Bookkeeping requires having some knowledge of accounting, such as balance sheets and income statements. Debits and credits are its meat and potatoes , and a good bookkeeper understands the delicate balance involved between the two.

This process can be a massive hassle. Let us take care of your books, you’ll save time and money, in the end, and you’ll be happy you made the switch.

July 2020

We file corporate income taxes in an accurate, streamlined and professional manner. Our diverse and comprehensive knowledge allows us to be Grande Prairie’s premier accounting firm by achieving robust bottom lines for our clientele.

We focus on the basic fundamentals of corporate tax. Acting as the corporate conscience during tax time, we manage your financial priorities. We have an extensive strategic portfolio that allows us to take action on extremely lucrative opportunities. Our accountants work hard to make sure that your hard earned money stays in your organization. Our experience has determined that effective corporate tax planning is based upon having a long-term perspective. Often times going after the short term goals can be quite appealing, however, they often lack sustainability and viability.

Our professionals take pride in our ability to be there side by side with our clients during the entire corporate taxation process. We keep in touch throughout the year to make sure that we can provide the best possible service. It’s our job to be at the table when it comes to tax planning, we maintain a close relationship through regular follow ups and discussions.

We handle everything from addressing the tax implications of employee bonuses to internal reorganizations and dividend splitting. Our key areas of focus are inclusive but not limited to:

• Compensation planning.

• Representation before tax authorities

• Corporate Income Tax Returns

• Reorganizations

• Regulatory Compliance

• GST and other Sales Taxes

Corporate taxes are cumbersome and complicated. Let us take the burden off your shoulders. Our seasoned and expert accountants will implement and monitor a custom corporate taxation strategy that works for you.

June 2020


We are an accounting firm in Grande Prairie that has been in this industry with over 30 years of combined experience. But often there is a misconception when it comes to choosing accounting services for your business because there are many accountants having similar qualifications & standards.

So why should you use us instead of one of the other groups? That all depends on you and your needs. To help you make an educated decision, here’s a quick outline of the principles that we’ve built our business around.

• Value-Added Services.

• A Client-Focused Attitude.

• Commitment to Community.

May 2020

Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) are Canadian government incentivized programs to help people save for retirement by deferring and reducing their current tax liability. Canadians who contribute to an RRSP can claim a tax deduction on the annual amount of money that is deposited in an RRSP account. Maximizing your RRSP contribution lowers your taxable income and therefore lowers your tax liability. This is especially beneficial if you’re in a higher tax bracket. The more income you have, the higher your marginal tax rate is. Furthermore, you may already be aware of the Tax-Free Savings Account program, but did you know that the annual contribution amount for 2020 has been increased to $6,000, up from $5,500 in 2018? Speak with one of our tax experts to determine if an RRSP or a TFSA is more beneficial for you.

April 2020

PERSONAL TAX At McNabb Lucuk LLP Chartered Professional Accounts, we’re committed to offering you the highest grade of professionalism that can be found in the Grande Prairie area. We believe that your needs demand a unique approach on a case by case basis. We follow along with all the recent developments in the tax world to make sure you get the highest calibre of service. Personal taxes and business taxes are often woven together. Our professionals here in Grande Prairie offer both services for personal tax and corporate tax to help streamline our service to you. Our services include: • Asset Protection. • Retirement Planning. • Tax Compliance. • Tax Planning for owner-manager remuneration. • Family Tax Minimization. • Learn about how we can help you today.

March 2020

Financial Statements or Financial Reports, are an essential part of knowing where you stand, and to let others know as well. We specialize in providing the best statements possible for our clients. We cover all angles. From Balance Sheets to Cash Flow Statements. At McNabb Lucuk LLP Chartered Professional Accounts, we’re committed to offering you the highest grade of professionalism. Our professional reports include:

Income statements. Displays the profits, losses, expenses and revenues during the desired period.

Balance Sheets. Displays the equity, liabilities and assets of the entity during the desired period. The information displayed is specific and based on a particular point in time. The Balance Sheet is considered one of the more important Financial Statements because it presents information about the organization’s capitalization and liquidity.

Statement of Cash Flows. Displays the outflows and inflows that took place during a specific period of time. Provides useful information for the income statement. For example, a comparison between the amount of profit or loss reported when it does not reflect the business’s cash flows.

Statement of Retained Earnings. Displays changes in equity during a specific period of time. The format is extremely fluid, however, it can include the sale or re-purpose of stocks, changes caused by reported profits or losses, as well as dividend payments.


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