Sole Proprietorship / Self-Employed Income Tax Preparation in Edmonton Alberta

Every year, millions of Canadians are compelled to worry about their tax returns, which can be a stressful experience. It can be a time-consuming process that results in a great deal of confusion and misunderstanding. How do you go about determining the proper deductions? What exactly constitutes “income”? What impact does my marriage or the birth of a kid have on my tax return? or event the death of a family member.

In order to avoid the time-consuming process of determining these answers on your own, contact Bomcas Canada, Edmonton Accounting and Tax Services right away. As tax professionals, we are delighted to assist individuals and families like yours in filing their tax returns quickly and efficiently, while also providing expert comments along the route to ensure that you earn the maximum tax refund available.

Individual Tax Services are provided by us.

Individuals who require assistance with their tax returns can take advantage of a number of services offered by us. Our team stays up to date on the newest developments in tax law, which allows us to determine which deductions you can claim and how to maximize the amount of money you receive from your return. The following are examples of our personal accounting services:

In the case of personal income tax returns, we’ll go over your information with you and find out what deductions are available. Our team will also handle filing your tax return for you, removing the burden of having to deal with this aspect of the filing procedure on your own.

Estate Planning and Trusts — Navigating the complex web of tax regulations and issues surrounding estates can be tough. We will assist you with any issues you may have or any filings that may be required as a result of your estate planning and trust arrangements.

Audit Assistance – If you are the subject of an audit and require the assistance of a tax professional to ensure that you are able to locate all of the necessary documentation and lower your tax burden, our skilled accountants can assist you with your audit files.

Partnership Tax Compliance – Partnership taxes are notoriously difficult to compute and manage, making them a particularly challenging tax to comply with. Our team will ensure that your T5013 partnership files are accurately filled out and filed in the appropriate location on your behalf.

Entrepreneur and sole proprietorship tax compliance – Entrepreneurs and individuals operating sole proprietorships must ensure that they are correctly reporting both their business and personal taxes. You can count on us to be there for you at every stage of the process.

At Bomcas Edmonton Accounting and Tax Services, we have years of expertise providing personal accounting services to people all around Alberta, Canada, as well as several surrounding towns such as Sherwood Park, Edmonton, Red Deer, Leduc, Calgary, and Chestermere, among other locations. We invite you to contact us immediately if you are in need of an experienced personal accountant who can give both competent help and a welcoming environment.

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

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

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)