Tax Preparation

Tax Returns Preparation in Canada | BOMCAS Canada Accounting Services

At BOMCAS, we understand that tax season can be a stressful and confusing time for many individuals and businesses. Our goal is to alleviate that stress by providing comprehensive tax return preparation services that ensure accuracy, compliance, and maximum tax benefits. Located in Edmonton, Alberta, BOMCAS offers professional tax preparation services to clients across Canada, helping them navigate the complexities of the Canadian tax system with ease.

Why Choose BOMCAS for Tax Return Preparation?

Expertise and Experience

With years of experience in the accounting industry, BOMCAS has a deep understanding of Canadian tax laws and regulations. Our team of certified accountants is well-versed in the latest tax updates and changes, ensuring that your tax returns are prepared accurately and efficiently.

Personalized Service

We recognize that each client has unique tax situations and needs. At BOMCAS, we provide personalized tax preparation services tailored to your specific circumstances. Whether you are an individual, a small business owner, or a large corporation, we have the expertise to handle your tax return with precision and care.

Comprehensive Tax Solutions

BOMCAS offers a wide range of tax services, including personal tax returns, corporate tax returns, tax planning, and audit support. Our comprehensive approach ensures that all aspects of your tax obligations are covered, giving you peace of mind during tax season.

Understanding Tax Returns in Canada

What is a Tax Return?

A tax return is a form or set of forms filed with the Canada Revenue Agency (CRA) to report income, calculate taxes owed or refundable, and disclose other relevant tax information. Individuals, businesses, and corporations must file tax returns annually to comply with Canadian tax laws.

Types of Tax Returns

• Personal Income Tax Return (T1): Filed by individuals to report personal income, deductions, and credits.
• Corporate Income Tax Return (T2): Filed by corporations to report business income, expenses, and corporate tax liabilities.
• GST/HST Returns: Filed by businesses to report and remit Goods and Services Tax (GST) or Harmonized Sales Tax (HST) collected and paid.
• Trust Income Tax and Information Return (T3): Filed by trusts to report income and distributions to beneficiaries.
• Partnership Information Return (T5013): Filed by partnerships to report income, expenses, and allocation of income to partners.

The Tax Return Preparation Process at BOMCAS

Step 1: Initial Consultation

Our tax return preparation process begins with an initial consultation to understand your specific tax situation and requirements. During this meeting, we gather essential information, such as income sources, deductions, credits, and any significant life changes that may impact your tax return.

Step 2: Document Collection

We provide you with a comprehensive checklist of required documents and information needed to prepare your tax return. This may include income slips (T4, T5, T3), receipts for deductions and credits, business income and expense records, and previous tax returns.

Step 3: Detailed Analysis and Preparation

Our experienced accountants carefully review and analyze all collected documents. We ensure that all income is accurately reported, and all eligible deductions and credits are claimed. Our thorough approach helps maximize your tax refund or minimize your tax liability.

Step 4: Review and Approval

Once your tax return is prepared, we review it with you to ensure accuracy and completeness. We explain the details of your return, answer any questions you may have, and obtain your approval before filing.

Step 5: Filing with the CRA

After your approval, we electronically file your tax return with the CRA. Electronic filing is secure, fast, and ensures that your return is processed quickly. We also provide you with a copy of your filed tax return for your records.

Step 6: Post-Filing Support

Our commitment to you doesn't end with filing your tax return. We offer post-filing support to address any questions or issues that may arise. If you receive a notice or audit request from the CRA, we provide assistance and representation to resolve the matter efficiently.

Benefits of Professional Tax Return Preparation

Accuracy and Compliance

Professional tax preparation ensures that your tax return is accurate and compliant with all CRA requirements. Errors or omissions on your tax return can lead to delays, penalties, and audits. BOMCAS's expertise minimizes these risks.

Maximized Tax Benefits

Our knowledge of tax laws and regulations allows us to identify all available deductions and credits, maximizing your tax benefits. This can result in a higher tax refund or reduced tax liability.

Time and Stress Savings

Preparing your own tax return can be time-consuming and stressful. BOMCAS takes the burden off your shoulders, allowing you to focus on other important aspects of your life or business.

Audit Support

In the event of a CRA audit or review, BOMCAS provides support and representation. Our expertise ensures that any issues are addressed promptly and effectively, protecting your interests.

Common Deductions and Credits in Canada

Personal Deductions and Credits

• RRSP Contributions: Deductible contributions to your Registered Retirement Savings Plan (RRSP) can reduce your taxable income.
• Medical Expenses: Eligible medical expenses not covered by insurance can be claimed as a tax credit.
• Child Care Expenses: Costs for child care services may be deductible, providing tax relief for families.
• Tuition and Education Amounts: Students can claim tuition fees and education-related expenses as tax credits.
• Home Office Expenses: If you work from home, you may be eligible to claim home office expenses.

Business Deductions

• Operating Expenses: Costs associated with running your business, such as rent, utilities, and office supplies, are deductible.
• Capital Cost Allowance (CCA): Depreciation of business assets, such as equipment and vehicles, can be claimed over time.
• Employee Salaries and Benefits: Wages, salaries, and benefits paid to employees are deductible business expenses.
• Advertising and Marketing: Expenses for advertising and marketing efforts to promote your business can be deducted.

Tax Planning Strategies

Income Splitting

Income splitting involves redistributing income among family members to reduce overall tax liability. This can be achieved through various means, such as spousal RRSP contributions or paying salaries to family members for work performed.

Tax-Deferred Savings

Contributing to tax-deferred savings accounts, such as RRSPs or Tax-Free Savings Accounts (TFSAs), can provide significant tax advantages. RRSP contributions reduce taxable income, while TFSA earnings grow tax-free.

Incorporation

Incorporating your business can provide tax advantages, such as lower corporate tax rates and income-splitting opportunities. BOMCAS can help you determine if incorporation is right for your business and guide you through the process.

Tax-Loss Harvesting

Tax-loss harvesting involves selling investments at a loss to offset capital gains. This strategy can reduce your overall tax liability and improve your investment portfolio's tax efficiency.

Why BOMCAS is the Right Choice for Tax Return Preparation

Client-Centered Approach

At BOMCAS, we prioritize our clients' needs and provide personalized service to ensure a positive experience. We take the time to understand your unique tax situation and offer tailored solutions that meet your specific requirements.

Expert Knowledge

Our team of certified accountants has extensive knowledge of Canadian tax laws and regulations. We stay up-to-date with the latest tax changes to ensure that your tax return is accurate and compliant.

Comprehensive Services

BOMCAS offers a full range of tax services, including tax return preparation, tax planning, audit support, and more. Our comprehensive approach ensures that all your tax needs are covered under one roof.

Commitment to Excellence

We are dedicated to providing high-quality service and achieving the best possible outcomes for our clients. Our attention to detail and commitment to excellence set us apart as a leading accounting firm in Edmonton.

Contact BOMCAS for Your Tax Return Preparation Needs

Ready to take the stress out of tax season? Contact BOMCAS today to schedule a consultation and learn how our tax return preparation services can benefit you. Our experienced team is here to help you navigate the complexities of the Canadian tax system and ensure that your tax return is accurate, compliant, and maximizes your tax benefits.

Contact Information:

• Phone: 780-667-5250
• Email: info@bomcas.ca

Visit our website BOMCAS to learn more about our services and to get in touch with our team.