Personal Tax Returns & Accounting in Alberta

In the event that you paid all of your taxes in Canada, you may be able to claim a foreign tax credit on your United States tax returns if you did so in that country. In the case of a green card holder or a citizen of the United States, if your income reaches a certain threshold, you are obligated to file the 1040 form on an annual basis. Because of the Canadian-U.S. social security agreement, if you live in Canada and are exempt from Social Security taxes, you may be eligible for a S.E. tax exemption, depending on the circumstances. In order to claim this exemption, you will be needed to file a 1040 Form with the Internal Revenue Service.

You may be asked to submit other tax papers in addition to the 1040 Form, which must be submitted once a year. If you are a beneficiary or if you own mutual funds in Canada, you may be required to file supplementary tax forms with the Canadian government. The Internal Revenue Service in the United States may compel you to submit additional tax returns if you own or are a beneficiary of Canadian retirement plans, education savings accounts, retirement savings accounts, or tax-free savings accounts (TFSAs).

Additional services provided by Bomcas Canada Accounting and Tax Services in Alberta include nil-return corporations, innovative tax planning to ensure that your corporation falls within the Small Business Deduction Limit and that your losses are properly carried forward or back to ensure that you pay the smallest amount of corporate income tax possible.

By allowing us to act as your corporate tax accountant in Alberta, Canada, or by allowing us to provide corporate tax services to you in Alberta, you will be relieved of the burden of preparing and completing your corporate income tax return in Alberta, Canada. With the help of our team of highly educated and experienced specialists, we will ensure that you file a company income tax return that results in the payment of the smallest amount of corporation tax to the government. Contact us by email at info@bomcas.ca or by phone at 780-667-5250 to arrange a time to meet with one of our representatives as soon as possible.

We offer a customized corporate tax return service that is tailored to the specific requirements of your company.

Our services include the following:

• Filing your corporate income tax return (T2).
• Financial statements prepared in accounting are converted to the General Index of Financial Information (GIFI).
• Filing nil returns on behalf of dormant or inactive businesses.
  Tax planning for your company that is innovative.

If you are behind on your Canadian income tax returns, you can catch up by filing them altogether. Tax returns from previous years help you comply (usually past ten years).

How much is back tax filing in Canada? Generally, accountants and tax preparers charge by the return. This can be very costly. We give those in need a discount so please ask.

Individuals in Alberta and Canada can request sample income tax returns or planner tax returns from us, and we will prepare them for them. A important strategy for ensuring that your taxes are as efficient as possible before the end of the year is to prepare mock tax returns, which are also known as planner returns. Examples include when you are planning to immigrate or emigrate from Canada, have multiple streams of income, anticipate making a capital gain, or are determining the best business structure for your company. Preparing and filing a mock tax return will be extremely beneficial in all of the aforementioned situations and many others. We carry out tax planning using a range of scenarios, and then we explain the income tax effects of each one of these situations to our clients.

We propose that you prepare ahead of time by requesting planner income tax returns from the Canadian government if you are concerned about your income taxes for the year or the following year being unusually high.

We guarantee the best possible tax position optimization so that you do not have to pay any additional taxes that you should not have had to pay; yet, others may argue that we guarantee the highest possible tax refunds. Our goal is to maximize your refund by performing a full tax return optimization to ensure that you receive all of the deductions and credits that are available to you. This will allow you to have piece of mind knowing that you have filed an accurate tax return. In order to retain clients, we employ the “maximum optimization” strategy rather than the “maximum refunds” method, which results in greater economic advantage.

A wealth of knowledge and experience can be found at Bomcas Alberta Professional Accountants in the areas of personal tax planning, income tax return preparation, and the delivery of informative reports. A wide range of tax concerns may be researched efficiently by our Taxation accountants because they have access to comprehensive research resources, innovative tax preparation software, and a broad range of knowledge and understanding. All of these factors contribute to our capacity to prepare your personal income tax returns in a timely and efficient manner, as well as to give you with strategic tax planning advice and recommendations. Bomcas Alberta Personal Tax Preparation Accountants ensure that all of our clients are in full compliance with all of the country’s tax reporting laws by doing regular audits. These professionals can assist you with both the audit and the appeal stages of the Canada Revenue Agency’s processes.