Personal Tax Preparation in Burnaby
Accountants-BC Ltd. offers personal tax preparation that is fast, affordable, and meticulous.
Get the most out of your return this year with the assistance of our tax professionals. Call us at (604) 683-2341 to talk to an expert today.
What Should You Bring to Your Personal Tax Preparation Session?
Now that you've decided to seek out the assistance of tax preparation professionals, there are some things you should do to prepare for your first session. Bringing the following key documents will ensure our accountants can provide you with the best possible service:
- Your previous year’s tax return: Your previous year’s tax return provides valuable information about your tax history, deductions claimed, and any carryforward amounts that may impact your current return. It helps our accountants ensure consistency and accuracy in your filings.
- Your T4 slips (employment income): T4 slips detail your employment income, deductions for taxes, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums. These slips are essential for calculating your taxable income and ensuring all employment-related deductions are accurately reflected.
- Any RRSP contribution receipts: Did you know that contributions to RRSPs can reduce your taxable income? It’s true. They can potentially result in a tax refund or lower tax liability. Bring your receipts for contributions to your Registered Retirement Savings Plan (RRSP).
- Medical expense receipts: Keeping receipts for medical expenses allows you to claim eligible medical expenses as deductions. Expenses such as prescription medications, dental services, and certain medical supplies can be claimed if they exceed a certain threshold relative to your income.
Bringing these documents ensures our accountants have the necessary information to maximize your deductions, credits, and potential tax savings during your tax preparation session.
What If You Can’t Find Your T4 Slips?
If you can’t find your T4 slips before seeing your accountant for tax preparation, don’t worry—there are steps you can take to obtain the necessary information:
- Contact your employer: Contact your employer directly to request a duplicate T4 slip. Employers are required to provide T4 slips to employees by the end of February each year, so they should have a copy on file.
- Check online accounts: Some employers provide access to T4 slips through online portals or payroll systems. Log in to your employer’s online platform to see if you can download or print your T4 slip.
Also, if you’re registered for CRA My Account, you can view and download electronic copies of your tax slips, including T4 slips, directly from the CRA’s website.
Accountants-BC Ltd.’s Personal Tax Preparation Services
Here, we consider personal tax preparation services a cornerstone of our commitment to financial clarity and efficiency. Our dedicated team ensures thorough attention to detail and comprehensive analysis of your tax situation, aiming to maximize your refunds and minimize any potential liabilities.
Some of what you can expect from us includes:
- Review and preparation of personal income tax returns
- Identification and utilization of applicable tax credits and deductions
- Assistance with RRSP contributions and other retirement savings strategies
- Guidance on investment income reporting and tax implications
- Handling of employment income and T4 slips
- Management of medical expense deductions and other eligible expenses
Personalized Consultations with a Tax Advisor
Our accountants are renowned for their personalized approach to tax filing. Our goal is to tailor our services to your unique needs. The first way we set out to achieve this goal is by sitting down with you for a one-on-one consultation.
We’ll speak with you in-depth about your past returns, your current finances, and your future financial objectives. Then, we’ll proactively search for ways to improve your tax strategy and reduce your tax liabilities wherever possible.
The bottom line is, at our firm, you’ll be working with someone who understands your particular situation from front to back. You’ll be working with someone who has practical experience in many different fields of tax law so that you can be confident in their sound analysis. Our professional perspective will assist you in building an astute financial plan that works in your favor.
Are Meetings With Accountants Confidential?
Tax preparation sessions with our accountants are typically confidential. In our field, accountants are bound by professional ethics and legal obligations to maintain the confidentiality of their clients' financial information. This means that we can’t disclose any details about your tax situation or personal finances to third parties without your explicit consent.
That said, there are exceptions to this rule. There might be situations where disclosure is required by law (such as in response to a court order or government request).
Affordable Personal Income Return Filing
We provide tax preparation the way it’s meant to be – accurate and affordable. When you partner with us, you’re not only saving money on your return, but you’re saving money in accounting fees too. Our best tax professionals boast some of the lowest rates in the area. Our clients come to us year after year because they know they won’t find better value for less.
Can You File Multiple Tax Returns at Once?
The CRA allows individuals to submit returns for up to 10 years in the past, which can be beneficial for those who have fallen behind on their tax obligations. While each year requires a separate return, you can prepare and submit multiple years’ worth of returns together. This can be particularly useful for married couples or common-law partners who may be able to optimize their deductions and credits by preparing their returns concurrently.
Filing multiple years of returns at once can have both advantages and potential drawbacks. On the positive side, it allows you to catch up on your tax obligations and potentially access benefits and credits you may have missed. However, if you owe taxes for past years, you may face penalties and interest charges for late filing.
Even if you don’t owe taxes, filing is crucial for accessing various government benefits and credits. In some cases, the CRA may have already performed an arbitrary assessment for years you didn’t file, and submitting your actual returns can correct this.
What Are Tax Deductions and Credits?
Tax deductions and credits are essential tools in minimizing your tax liability and maximizing your potential refunds. Common deductions include expenses related to employment, self-employment, investments, and certain personal expenditures like medical expenses and charitable donations. By carefully reviewing your financial records and receipts, we identify all eligible deductions to ensure you receive the maximum tax benefits allowed by Canadian tax laws.
In addition to deductions, tax credits directly reduce the amount of tax you owe, making them highly valuable. Credits can be based on various factors such as income level, family status, and specific expenditures like tuition fees, childcare costs, and home accessibility renovations. Our expertise lies in navigating these complexities to optimize your tax return.
Whether you’re a salaried employee, a business owner, or managing investments, our goal is to leverage deductions and credits effectively to enhance your financial outcomes while maintaining compliance with tax regulations.
Can You Claim Tuition Payments When Filing Taxes?
You can claim tuition on your taxes in Canada through the tuition tax credit. The tuition tax credit is available to students enrolled at eligible post-secondary institutions in Canada or, in some cases, outside Canada.
Why Did You Receive a Notice of Assessment?
Don’t be alarmed by a Notice of Assessment. This document outlines the results of your tax assessment, including any refunds owed or amounts due. It also confirms the information you reported and verifies the calculations made by the CRA. If there are discrepancies between what you reported and what the CRA calculated, or if additional information is required, the Notice of Assessment will detail these points.
Tax Consultants Committed to Customer Service
As your certified tax consultants, we work relentlessly to increase your bottom line and create a tax strategy that will benefit you both now and in the future. You can count on us to handle sensitive information with complete confidentiality and professionalism. Your satisfaction is our priority, meaning your best interests are ours too.
Personal Income Tax Preparation
Whether you have a spouse, common-law partner, dependents, or multiple income streams, you can depend on our team to flawlessly execute even the most complex income tax returns.
What’s more, we stay up to date with all the new developments in tax law and policy. We will ensure your tax return is compliant and free of discrepancies. Plus, we’ll capitalize on all recent deductions, credits, and breaks to which you’re entitled. Our personal tax preparers have the resources and knowledge base necessary to make your tax season an absolute breeze.
Fast Income Tax Preparation
Over the years, we’ve mastered efficient tax return filing. Our filing process is organized and meticulously tracked for quality assurance. Your return will be completed error-free and within the shortest delay. Our experts will keep you informed every step of the way until you have the official submission confirmation in your hands.
Contact Us for Income Tax Services in Burnaby
With a little planning and the right professional on your side, you’ll save precious time and money preparing your taxes. For a hassle-free, cost-saving tax season, call us to book your appointment today.