Personal Income Tax Return

What exactly do personal tax accountants at Bomcas Edmonton Accountant do?

What are the responsibilities of personal tax accountants? A personal tax accountant can assist you in understanding how to manage your taxes in the areas of income tax, small business tax, capital gains tax, and trusts tax, among other tax matters. Personal tax services also include the preparation of tax returns and the submission of those returns to the Canadian Revenue Agency (CRA). Personal tax accountants from Bomcas in the Edmonton area will also discuss tax liabilities with you in order for you to take advantage of any claims that may be available.

Filing Back Taxes

Individuals, businesses, trusts, and estates all face the issue of unfiled tax returns or late filing of taxes a times. With programs like the Voluntary Disclosure Program, a Bomcas Edmonton tax accountant may assist you deal with unfiled tax returns and potentially avoid penalties and prosecution.

Tax Planning Services

Bomcas Edmonton Tax Accountant assists individuals and small businesses in lowering their effective tax rate by leveraging federal and provincial tax benefits.

Income Tax Preparation Services & Tax Consultants

To advise clients on complex tax issues in Canada and abroad, Bomcas Edmonton Tax Accountants draws on extensive experience and specialized industry knowledge. We work to reduce liabilities and assist clients in achieving success.

Personal Tax Services & Accountants

Personal taxes are as unique as the people who file them. We collaborate closely with our clients to understand their unique requirements and tailor our strategies accordingly.

Call us! It will only take a minute

Bomcas Canada Accounting and Tax Services, an Edmonton-based personal tax accountant, can assist you in determining the amount of taxes you are liable to pay and calculating your tax liability. Individuals residing in Canada and the United States, as well as international clients with ties to both Canada and another foreign country, can take advantage of our personal tax preparation services, which are available to anyone.

Your personal tax Return accountant

As your personal tax Return accountant & Accounting Service Provider in Edmonton, Sherwood Park Alberta, BOMCAS Canada Accountants will verify and identify all possible deductions to be included in your personal tax return. The following is a list of deductions that may be identifiable in your personal tax return:

• Employment Expenses- Form 2200.
• Investment Income- T101, T102, T5003, T5004, T1-CP.
• Stock Options.
• Income Tax Installments Paid.
• Pension Adjustment Reversal.
• Past Service Pension Adjustments- T10/T215.
• Fines, Penalties and Levies.
• Membership Fees.
• Union and Professional Dues.
• Moving Expenses.
• Child Care Expenses.
• Alimony and Maintenance Payment- T1157.
• Disability Support Expenses.
• Allowable Business Investment Losses (ABIL).
• Expenses Relating to a Rental Property.
• Registered Retirement Savings Plan Contributions.
• Legal Fees.

Tax Return Preparation and Filing

If you let BOMCAS Canada Accountants in preparation of your personal tax accountant in Sherwood Park, Edmonton Albert, Leduc, Fort McMurray, Calgary, St Albert, Red Deer and all other towns and cities in Alberta we will assist you in identifying all the necessary tax slips needed to complete your personal tax return. Below you will find a list of important documents that can use as a guide regards to income tax slips that are usually important and use for personal tax return:

• Employment Income- T4, T4A.
• Foreign Assets.
• Debt Forgiveness.
• Other Income, including the following slips- T4E, T5007, RC210 T4PS, RC62.
• Rental Income.
• Registered Retirement Savings Plan (RRSP) Income- T4RSP.
• Schedule of Capital Gains and Losses.
• Income from Self Employment.
• Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP.
• Investment Income- T5, T3, T600, T5008, T5013 OR T5013A.

Tax Credits for Canadians

When it comes to your personal income tax filing, one of the best things for Canadians is that the government gives several tax credits where individuals can use on their personal tax returns. As your Sherwood Park, Edmonton Alberta personal tax return accountant in Alberta Canada Our Experience team of Tax Accountants will ensure that all tax credits are applied correctly on your personal income tax return. Below you find a list of tax credits that are commonly seen used on a T1 return:

• Tuition, Fees and Education Amounts- T2202 or T2202A
• Interest Paid on Student Loans.
• Medical Expenses.
• Adoption Expenses.
• Charitable Donations- 2013 was the first year of implementation of the first-time donor’s super credit.
• Federal or Provincial Political Contributions.
• Caregiver Amounts.
• Spousal Exemption.
• Dependents (born earlier than 1993 in the 2013 tax year).
• Disability Amounts- T2201.
• Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks).
• Children’s Arts Tax Credits (max. $500 per child).
• Rent or Property Tax Credit (specific conditions apply).
• Child Fitness Credit (max. $500 per child).

Bomcas Edmonton Tax Accountants and Accounting Services

Personal Income Tax Returns Edmonton and Sherwood Park AB. BOMCAS Canada is Edmonton and Sherwood Park Personal Income Tax Return Accountants & Accounting. We are Edmonton Accountants When it comes to accounting, you need dedicated professionals that understand your personal tax needs. We build personal relationships with all our clients, because every personal tax and business tax situation is unique.

Our personal tax accountants can assist individuals and businesses operating in Canada, including Edmonton Alberta, Sherwood Park, and St. Albert, as well as anywhere in Alberta, to ensure that they file the appropriate amount of personal tax returns, depending on whether or not they are residents, immigrants, or have taken out any loans, to name a few considerations.

Canada Personal Income Tax Benefits

Depending on where you live in Canada, you may have to pay provincial income taxes. Each province has its own system of tax-on-income, with separate tax rates. Some provinces will also levy surtaxes. For example, in Ontario, a surtax will be applied to anyone who earns more than a certain income threshold. In some cases, the surtax will be applied in addition to the province’s regular tax.

There are also additional deductions that can be claimed. These can include employment credit, EI premiums, and Canada/Quebec Pension Plan contributions. You must check with the relevant tax authority in order to determine what deductions are applicable. However, these deductions are typically not included in your regular taxable income. They are used to allow you to reduce your federal tax liability.

In some cases, the federal government provides a benefit to Canadians, such as the Canada Child Benefit. This provides a tax-free monthly payment to help lower-income families raise children. Some provinces also offer benefits such as child-disability payments. The amount of the benefit varies depending on your family’s circumstances.

The Canada Revenue Agency (CRA) is responsible for collecting Canada’s personal income tax for agreeing provinces. Individuals are required to file a personal income tax return by April 30. The CRA also remits revenues to the governments. You can submit documents to the CRA by logging into CRA My Account.

You can find out about the various income tax benefits by contacting one of our Edmonton Personal Tax Accountant. However, these include refundable and non-refundable tax credits, and tax preference items. Also, their are historical data on the federal marginal tax rate.

There are two kinds of tax-on-income system in Canada: the basic personal amounts and the provincial and territorial taxes. Each is based on a percentage of the basic federal tax. The basic personal amounts are listed in the General Income Tax and Benefit Guide. The provincial and territorial taxes are calculated using the federal definition of taxable income.

The basic personal amounts are indexed annually by the Consumer Price Index for Newfoundland and Labrador. For 2022, the maximum net income allowed is $21,867. For people earning less than $84,200, the personal income tax rate is 3.56%. This is based on the number of income items declared on your T1 General Income Tax Return. Those earning more than $84,200 will pay more than 3.56%.

For individuals with a taxable income below the minimum, the maximum tax reduction credit is available. This credit is reduced by a percentage of the individual’s net income above the threshold. This credit is available to both individual taxpayers and common-law partners. The Disability Tax Credit is also available. It helps offset the extra costs of living with a disability.

You can find out about the provincial and territorial income tax benefits that apply in your province by checking the Canada Revenue Agency’s website. These rates are subject to change and may be different for non-residents. You should check with the appropriate tax authority in your region to determine what taxes you will owe.

Tax Planning in Edmonton

Whether you are a business owner, an individual, a family, or a small group, there are many ways to minimize your tax liability. There are also some tax shelters you can use to protect your income from the taxman. Depending on your situation, you might want to consult one of our Edmonton expert personal tax accountant for more information.

In Canada, you can shelter your income from the taxman through two main savings vehicles. These include the Registered Retirement Savings Plan (RRSP) and the Tax Free Savings Account (TFSA). You should consider using these strategies to minimize your tax liability. If you are unsure about the best way to structure your investment portfolio, you should talk to an experienced Bomcas Edmonton Tax Accountant.

Among the most common additional deductions are Employment Insurance (EI) premiums and Canada Pension Plan (CPP) contributions. These deductions are designed to give equal benefits to taxpayers regardless of their tax rate. If you are a small business owner, you may also claim the capital cost allowance for your business assets.

Generally speaking, you must report your total income for the year to the CRA. You must also make estimated tax payments during the year. The filing deadline for most tax returns is April 30, but the deadline is extended to June 15 for self-employed individuals and common-law partners. The government also provides weekend filing deadlines, which are extended to the next business day.

The best tax planning strategy is to minimize your overall taxes owed. A good approach is to employ the help of a Toronto tax lawyer to ensure you are making the most of all of the deductions and exemptions available to you. You can also use tax shelters like a trust fund or life insurance policy to reduce your tax liability.

In order to avoid the burden of federal and provincial taxes, you might want to think about setting up a private pension plan. You can also make use of various tax deductions, including RRSP contributions.

Another tax shelter that is commonly used by wealthy Canadians is to incorporate. Although it can be complicated, this is a tax strategy that is well worth considering. Aside from the tax savings, you can gain some peace of mind knowing that your money is legally protected. If you are a business owner, you can also employ your spouse as a T4 employee. In this way, you can pay him or her a salary while deducting the T4 taxes from his or her pay.

In addition to RRSPs and TFSAs, you should also consider setting up an offshore tax shelter. These are just a few of the most effective tax planning strategies that you can use.

If you are considering setting up a private corporation, you should consult on of Bomcas experienced Edmonton Tax Accountant. You should also take into consideration the tax implications of incorporation, which will depend on your personal circumstances. Incorporation is a tax strategy that depends on your income and business structure.

The Benefits of Using Edmonton Professional Tax Accountant to Prepare Your Personal Income Tax Returns

Using one of our Edmonton professional tax accountant to prepare your personal income tax returns is a great way to ensure that your tax liability is accurate and that you have a good understanding of the process. It is also important to choose an accountant who will provide you with the assurance that your tax information is correct and accurate. In addition, your accountant will be able to save you time and money by helping you make the most of legitimate Canadian income tax deductions.

Canada’s tax system is based on the self-assessment principle, which means that the individual or corporation is responsible for determining how much income tax they are liable for. Depending on the type of income, the rate ranges from 19% to 40%. The federal government collects both federal and provincial taxes, while the provinces and territories apply their own tax rates. The tax rates vary widely by province, but most taxpayers calculate their federal and provincial taxes on one return.

The tax system is designed to be neutral between personal and corporate income. However, if an individual has dual residency, there is the possibility of double taxation, and the government may be able to resolve the issue through a residency tie-breaker term in the tax treaty. In addition, the foreign tax credit is available to reduce double taxation.

In general, the taxation year for an individual is the calendar year. Partnerships are not taxed directly, but the partners are taxable on a share of the partnership’s income. Investment income is also taxed in Canada. Bonuses, whether received from a Canadian company or a foreign company, are generally taxable in the calendar year in which they are received. Loan investments that do not pay interest annually are also taxable in the calendar year of accrual.

For individuals, the due date of filing their income tax returns is 30 April of the following year. An individual must be physically present in Canada for at least 183 days during the calendar year to be considered a resident taxpayer. In addition, the individual must have a valid passport and a work permit. Non-residents must submit their income tax returns by 15 June of the following year. If the due date falls on a weekend or a public holiday, the government may be able to grant an extension.

The Canada Revenue Agency (CRA) is the organization that administers the federal and provincial tax systems. Each province and territory has its own tax rates and tax credits. The CRA also handles the withholding of taxes. If the withholding exceeds the amount of taxes owed, an individual may claim the excess withholding tax on their Canadian tax return against their final tax liability. If the Canadian tax withheld does not cover the tax due, the excess amount will be refunded.

In some cases, a small business can qualify for the small business deduction. This deduction lowers the normal corporate income tax rate on the first $500,000 of taxable income earned by a Canadian-controlled private corporation. This is a great advantage if the corporation is profitable.