Personal Tax Returns
Individuals who need assistance with their taxes Dependents, school-age children, property and assets, retirement plans and plans for home-based business ventures, charitable contributions, leases, child support, and any other financial circumstances that make tax preparation difficult can be addressed by our team. We can also assist you with your estate planning.
We at Bomcas British Columbia Accounting keep up to current on changes in tax legislation, and we thoroughly evaluate each return to guarantee that you are only paying the amount of tax that is owed and no more. By providing you with a Personal Tax Checklist, we even make it easier for you to prepare for your tax return.
Corporate Tax Returns
Is your company a legally recognised business entity? When compared to personal or sole proprietorship taxes, incorporation offers a plethora of advantages; yet, it significantly increases the complexity of tax planning and reporting due to the increased complexity. By entrusting your tax returns to the specialists at Bomcas Accounting, you can be confident that your returns are accurate and that you are receiving all of the benefits to which you may be entitled.
The following are some of the benefits of submitting Corporate Tax Returns to the government:
- In addition, Bomcas Vancouver Accounting is available at all times of the year to assist with the preparation and submission of corporate income tax returns. Due to the fact that a corporation’s fiscal year ends nearly a year after the date of its formation, filing can be completed outside of the conventional spring “tax season” period.
- Please get in touch with us if you would like more information on how Bomcas can assist you with smart tax planning.
GST/PST Reporting and Filing
If your company generates more than $30,000 in revenue each year, you must apply for and get a Goods and Services Tax (GST) identification number from the government to operate legally. It is possible that, depending on the nature of your business, you will be required to impose Provincial Sales Tax in addition to your usual sales tax (PST). Accounting services supplied by Bomcas Accounting may help you keep track of your GST/PST expenses, deduct the sales taxes you pay, and ensure that your tax returns are submitted on time, whether quarterly or annually.
Some Inmportant Forms to Note
Tax Form T4, which includes a statement of compensation received and paid ( salary, wages, tips or gratuities, bonuses, vacation pay, employment commissions)
Retirement income, annuities, and other types of income are reported on Form T4A, Retirement Income, which is filed with the CRA.
T5 – Capital gains and dividends from investment income sources
Invoices are issued to contractors for their work (T5018).
Employees who are injured on the job and are assessed and compensated by the organisation are covered by the Worksafe BC programme, which offers premiums and benefits to them.
Even if you are unfamiliar with the type of document or its intended use, we have years of experience in both reporting and submitting these critical legal documents to the appropriate authorities.