Personal & Income Tax Return Canada

Our personal tax return preparation services cover the following:

• We can assist you in calculating all of your tax requirements.
• Calculate capital gains tax and any related deductions and credits.
• Provide tax consultation, planning, and preparation services.
• Assist you in submitting reimbursement requests
• We provide assistance in tax issues.
• Get assistance in determining your tax allowances and exemptions.

Bomcas Canada Accounting and Professional Tax Accountants: Why Should You Hire Us?

Personal tax returns are a specialty of Bomcas Canada Accounting and Professional Tax Accountants, which is well-equipped to deal with any issues that may arise throughout the course of the company’s operation and provision of services to clients. Given that you have particular requirements, we tailor all of our services to meet those requirements. Given the extensive expertise and experience our team of Professional Personal Tax Accountants has in accounting and taxes, you can rely on us to fulfill all of your taxation requirements in Canada.

Clients of Ours

The preparation of personal tax returns is something we do for a diverse variety of customers all across Canada, including those in the United States and Canada. In both Canada and the United States, individual taxpayers, companies, and other tax professionals may benefit from our cross-border tax services, which are offered via our Canadian United States tax consulting and compliance services and our Canadian tax consultation and compliance services. We provide tax planning and preparation services to clients of all types and sizes, ranging from sole proprietors to consultants to entrepreneurs to directors of multi-national corporations and everything in between. Nothing that our experts cannot assist you with in terms of tax planning or preparation is beyond their capabilities. It is our absolute pleasure to help you in the preparation of your individual tax returns. Among the industries in which we have worked have been real estate and property management, as well as the health care and construction industries, to name a few. We represent hundreds of customers that need a wide range of services, such as assurance services, tax planning, and other accounting services, among other things, from us.

FTC (Foreign Tax Credits Or Deductions)

The foreign tax credit may be used to reimburse you if you have paid all the taxes in Canada on your U.S. tax return. You must file the 1040 form on a yearly basis if your revenus has reached a certain amount if you have a green card or a citizen in the United States of America. If you reside in Canada and are exempt from the Canada-U.S. social security agreement social security tax, you may be eligible for a tax exemption from S.E. During your stay in the United States you may be eligible for a S.E. tax waiver. In order to claim this exemption, you must submit a 1040 Internal Revenue Service Form.

Other tax documents may be necessary in addition to completing the 1040 form once a year. If you are a beneficiary or if you have mutual funds in Canada, you may need to submit extra tax formats to the Canadian authorities. The United States Internal Revenue Service may require you to submit additional reports on taxes if you are a recipient of Canadian pension schemes, academic savings accounts, registered pension savings plans or tax-free savings accounts.

Taxation of Canadian Income and Your Small Business

If you own and operate a small business in Canada, you’ll be obliged to file an annual business income tax return with the government. Knowing how to file and prepare Canadian income taxes is an essential aspect of running a successful business, and knowing how to do so may help you get the most potential return on your investment. It is critical to understand which business expenses qualify as lawful Canadian income tax deductions, as well as how to maximize such deductions, in order to effectively prepare for taxation.

Canadian Income Tax Returns for Small Business

You will base your business tax return on the kind of business you operate. In sole proprietorships and partnerships, you submit your personal income tax return if your business is run this way. To facilitate accounting for your company earnings, you should use Form T2125, Statement of Company or Professional Activities, while preparing your income tax return.

When your small firm is established, you will need to report your income on a T2 corporate income tax return. As an incorporated small business, your business is considered a separate legal entity for tax reasons, and you will have to file a separate Canadian income tax return.

Canadian tax deductions that are authorized by law

When submitting your tax return or collecting the required paperwork and documents, you should understand which business expenses are deductions for the Canadian income tax before visiting Bomcas Canada Accounting and Tax services. Increasing business income tax deductions may be accomplished by doing the following:

Be sure to maintain track of receipts for business and home-based businesses.
Also know about any laws and expenditures pertaining to vehicles, along with employing your family member or spouse, as well as any expenses you’d want to advertise. Such as travel costs and advertising charges, which are all detailed under the Canada Revenue Agency’s standards.

You may find out whether or not a certain business cost qualifies as a legitimate Canadian income tax deduction by using the Canada Revenue Agency website, or you can reach out to us at Bomcas Canada Accounting and Tax Services for information on claims.

Deductions for Canadians who work from home or Home-Based Canadian Income Tax Deductions

In Canada, running a home-based company comes with a number of tax benefits. Typical business expenses that home-based company owners neglect to account for include, among other things, house maintenance and home ownership costs.

There are many tax credits available to home-based companies, and your company may be eligible for some of them.

Contact Bomcas Canada Accounting and Tax Services now to claim the cost of utilizing your home for business activities, as well as how to determine the amount of the deduction, if your home-based company qualifies.

Deductions for other types of income taxes in Canada

Additionally, you may be entitled for the following additional deductions:

Capital Cost Allowance is a kind of tax deduction that may be claimed. A discussion of Canadian income tax and small business would be incomplete if it did not include a discussion of the capital cost allowance (CCA). Learn how to calculate capital cost allowances and how to optimize the amount of money you may claim as a capital expense deduction when you contact us today.

Registered Retirement Savings Plans (RRSPs) are a kind of retirement savings plan that has been approved by the federal government. Small businesses with simplified corporate forms, such as sole proprietorships and partnerships, have the best chance of minimizing their Canadian income tax deductions via the use of registered retirement savings plans (RRSPs). Determine your RRSP contribution limits, as well as the most advantageous time to make your RRSP contributions in order to get the most potential tax benefit from your contributions.

Scientists do scientific study and experiment with new technologies to further their knowledge. Many small businesses are under the impression that tax incentives for scientific research and experimental development (SR&ED) are only accessible to large enterprises or for-profit organizations. This is not true. The Small Business Research and Development Tax Credit Program, on the other hand, may be relevant to your small business.

In Canada, gifts to employees are eligible for a tax deduction on their income taxes. If you’re the kind of employer that enjoys giving gifts to your employees, you should be aware of the income tax deduction rules that apply to these types of gestures.

Preparing your Canadian Income Tax Returns in a Simple Process

Following are some suggestions that you may find useful if you need assistance with the preparation and submitting your tax return:

You will learn how to complete the T1 personal income tax return, which is the Canadian income tax return that you must complete and file if your business is structured as a sole proprietorship or partnership. You will also learn how to file your business income tax return on the first day of the following month, which is due on the first day of the following month.

The knowledge of how to prepare and submit corporate income tax returns is essential if you own or manage a company that does business in Canada. Having a working understanding of current corporation tax rates, knowing who is eligible to utilize the T2 Short Return, and knowing when business income tax is due are all critical components of this procedure.

It is possible that the tax software solutions offered for small businesses will assist you in producing T2 corporate tax returns as well as T1 individual income tax filings.

The tax accounting team at Bomcas is here to help you with any queries or issues that you may have about your taxes. We can provide answers to questions ranging from how having a firm that produced no money during the relevant tax year affects your company to what to do if you are unable to pay the Canadian income tax that you owe. Bomcas Canada’s Canadian Income Tax Accountants for Small Businesses can help you with a wide range of questions.

Companies in Canada are taxed differently from one province to the next, and not all businesses are created equal in this nation. Look at the many kinds of companies that exist in Canada and how they are impacted by Canadian corporate income tax, or just call us right now and let us handle the headache of preparing and submitting your income tax return on your behalf.

Preparing your Canadian Income Tax Returns with the Help of an Accountant

Small companies often choose to outsource the preparation of their Canadian income tax returns to an accountant or other qualified tax preparer rather than attempting to do it themselves, which is standard practice. Aside from the obvious benefits of having a tax expert complete your personal and small business’ Canadian income tax returns, having a tax expert complete your personal and small business’ Canadian income tax returns provides you with the assurance that your Canadian income tax return was completed correctly and the confidence that the information on the return is accurate, which can assist you in saving money on your taxes.

Small companies who do not have an accountant on staff should call Bomcas Accounting and Tax Services right away to have a competent and experienced tax accountant come in to assist them with their tax issues. Create a copy of your tax information ahead of time as well, so that it is easily understandable to your accountant and so that they can quickly decide whether or not they have all of the information they need to close the deal.

How to Prepare and File Your Canadian Income Tax

When you engage an accountant or other professional income tax preparer to complete your Canadian income tax return, the vast majority of the time, they will also send your income tax forms to the Canada Revenue Agency. If you wish to submit your Canadian income tax return on your own, the Canada Revenue Agency (CRA) offers a number of different options for you to choose from. But it’s always best to use a qualify accountant that is current with all tax laws and regulations.

Individuals (those filing T1 personal income tax returns) may be able to submit their income tax returns online via Netfile in certain situations, providing they meet certain criteria. It is the version of Netfile that tax preparation professionals use to file their clients’ tax returns that is referred to as “Netfile Efile.” For businesses, there is also the option of submitting documents online.

Individuals may also contact the appropriate CRA tax center by mailing or personally delivering their income tax return to the appropriate CRA tax center.

Filing a T2 Corporate Tax Return over the internet is possible.

Recognizing that the overwhelming majority of companies already use commercial tax preparation software, the Canada Revenue Agency (CRA) required online filing for firms with gross sales of more than $1 million. Businesses with gross sales of less than $1 million, on the other hand, are encouraged to file online. The only exceptions to this regulation are insurance companies, some non-resident enterprises, and other organizations that have particular reporting responsibilities under the law.

Using the Canada Revenue Agency’s Online Accounts

Online accounts are available from the Canada Revenue Agency (CRA) to assist you in better managing your tax information, regardless of whether your business has been formed or not. Additionally, the Canada Revenue Agency’s Online Accounts for Businesses website provides additional information, including instructions on how to sign up.

Choosing whether or not to incorporate your small company

If you’re thinking of incorporating your small business, you should think about the advantages and disadvantages of doing so carefully beforehand. When compared to a sole proprietorship or partnership, corporations have less liabilities, and they provide tax advantages to companies, which are two of the most often stated reasons for choosing this form of organizational structure. What about the other hand, is it the most suitable choice to meet the requirements of your small company.

In order to decide whether or not to incorporate, you should weigh the advantages and disadvantages of doing so in order to determine if the advantages outweigh the disadvantages in your particular circumstance. Consider the tax advantages enjoyed by a private company owned by a Canadian citizen, for instance. If you’re thinking about incorporating, this is the kind of Canadian corporation you’ll want to set up since it will be taxed as a separate legal entity.

If small businesses have the proper knowledge and tools, they may have a straightforward and efficient tax season. Maintaining excellent records for your company throughout the year may not seem like a top concern, but it may help your firm run more effectively and make tax season less stressful for everyone involved. It’s also possible that the amount of Canadian income tax your small business pays each year may be lowered; however, you’ll have to be aggressive in your efforts. Contact Bomcas Accounting and Tax Services Today.

Here is a list of cities in Alberta where we commonly provide services. Please not this is just some areas: Banff, Edmonton, Okotoks, Calgary, Brooks, Wetaskiwin, Olds, Lethbridge, Drayton Valley, Bonnyville, Airdrie, St. Paul, Lloydminster, Wainwright, Leduc, Camrose, Slave Lake, Ponoka, Stettler, Vegreville, Spruce Grove, Beaumont, Canmore, Taber, Innisfail, Grande Prairie, Sherwood Park, Sylvan Lake, Lacombe, Edson, Rocky Mountain House, Medicine Hat, Fort Saskatchewan, Devon, Chestermere, High River, Whitecourt, Coaldale, Redcliff, Stony Plain, Cold Lake, Morinville, Red Deer, St. Albert, Hinton, Strathmore, Cochrane, Peace River, Blackfalds, Fort McMurray.