Personal Tax Preparation in Richmond

Accountants-BC Ltd. is one of the leading accounting firms in the area, thanks to our speedy service and client-first policy. We’re pleased to offer personal tax preparation services that will take advantage of all deductions and credits available to you while keeping you compliant with the most recent requirements of tax law.

Reach our amazing tax professionals at (604) 683-2341 to book your personalized consultation today.

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How Can You Benefit From Personal Tax Preparation Services?

Navigating the complexities of local tax codes and understanding the various credits and deductions available can be challenging. Thankfully, our BC-based personal tax preparers have a deep understanding of the province's specific tax regulations. Our accountants’ expertise means you’ll stay compliant while maximizing potential savings.

Take tax credits and deductions, for example. These are vital components of the tax system that can significantly reduce your tax liability—but not every individual is savvy enough to take advantage of them.

Tax credits directly reduce the amount of tax you owe, providing a dollar-for-dollar reduction in your tax bill. Examples include credits for education, charitable donations, and energy-efficient home improvements. On the other hand, tax deductions lower your taxable income, which in turn reduces the amount of tax you owe. These are just a few of the ways you stand to benefit from our expertise.

Is Mortgage Interest Tax Deductible?

If you're a homeowner, you might be wondering if mortgage interest is tax deductible in British Columbia. Unfortunately, the Canadian tax system does not provide a deduction for mortgage interest paid on your primary residence.

That said, if you have a rental property or use part of your home for business purposes, you may be able to deduct a portion of the mortgage interest. We’ll explore the options available to you—and educate you on all the other claimable expenses available to you.

Accountants-BC Ltd.’s Personal Tax Preparation Services

Our trusted accountants provide a full array of personal tax preparation services to make tax season stress-free and straightforward. With us, tax season never has to cause any headaches.

Our tax preparation services include:

  • Personal income tax return preparation
  • Tax planning and strategy consultation
  • E-filing and direct deposit services
  • Review of previous years' tax returns
  • Assistance with tax credits and deductions
  • Capital gains and investment income tax services
  • Rental property income tax services
  • Estate and trust tax return preparation
  • Representation during audits and disputes
  • Year-round tax support and advice

What Are Some Good Tax Planning Strategies?

During your preparation and consultation sessions, we can look at all the ways you can reduce tax liability and optimize financial outcomes.

Here are some effective strategies to consider:

  • Contribute to RRSPs: Maximize contributions to your Registered Retirement Savings Plan (RRSP) to reduce taxable income. Contributions are tax-deductible and grow tax-deferred until withdrawal.
  • Utilize TFSAs: Invest in a Tax-Free Savings Account (TFSA) where investment growth and withdrawals are tax-free.
  • Take advantage of tax credits: Claim all available tax credits such as the Canada Child Benefit (CCB), education and tuition credits, and the Home Accessibility Tax Credit.
  • Income splitting: Split income with a spouse or common-law partner through spousal RRSPs, pension income splitting, or family trusts to lower the overall tax burden.
  • Claim your medical expenses: We always recommend that you keep detailed records of medical expenses. If they exceed a certain threshold relative to your net income, you can claim them as a tax deduction.

Accountants-BC Ltd.’s Expert Personal Tax Preparers

Our certified professionals know the world of tax law and policy inside and out. What’s more, we know the specifics of how that law and policy affect the returns of taxpayers like you. If you need a certified tax professional whose main specialization is personal income tax preparation, you can trust us to match you with a professional that will guide you through the filing process from start to finish.

Personalized Consultation with a Tax Advisor

With ever-changing rules and regulations, it can be challenging to stay compliant while maximizing your return at the same time. At our firm, we take the guesswork out of tax filing. We sit down with you in person to walk you through the process step by step.

Our professionals will effortlessly gather the necessary documentation and pinpoint the areas from previous returns that need adjusting. We’ll inform you of new opportunities for tax savings, and make sure you’re always paying the lowest amount of tax possible.

What Should You Bring to Your Tax Preparation Session?

You need to bring more than your T4 to a tax preparation session if you want to gain all the benefits of our professional services. To ensure we can provide you with the most accurate and beneficial tax return, it's important to bring all documents and information relevant to your return. This includes personal identification and your T4s but a number of other documents as well.

Additional documents include:

  • Previous year's tax return
  • RRSP contribution receipts
  • Medical expense receipts
  • Charitable donation receipts
  • Property tax or rent receipts
  • Childcare expense receipts
  • Receipts for work-related expenses
  • Tuition and education receipts (T2202A)
  • Records of investment transactions (buy/sell dates and amounts)
  • Notice of Assessment and any other correspondence from the CRA

Bringing all these documents ensures we have everything needed to maximize your deductions and credits, making the tax preparation and filing process smooth and efficient.

Fast Personal Tax Return Filing

While our tax filing is thorough, it’s also incredibly fast. Your return is guaranteed to be error-free and completed within the shortest delay. We employ a meticulously organized filing system, so we can always inform you of the status of your return when it’s in our office. We’ll also send you the confirmation details of the official submission.

Forget the stress of tax season deadlines. With us, your return will be flawlessly completed and submitted on time.

What Happens If You File Your Tax Return Late?

If you owe taxes, there can sometimes be significant consequences for late tax return filing in Canada.

Here are the key points to understand:

  • Late-filing penalty: If you owe taxes and file your return after the deadline, you'll be charged a late-filing penalty. This penalty is 5% of your balance owing, plus an additional 1% for each full month your return is late, up to a maximum of 12 months.
  • Interest charges: The Canada Revenue Agency (CRA) will charge compound daily interest on any unpaid taxes starting May 1, 2024, for the 2023 tax year.
  • Increased penalties for repeat late filers: If you were charged a late-filing penalty in any of the previous three years, your late-filing penalty may increase to 10% of your balance owing, plus 2% for each full month your return is late, up to a maximum of 20 months.
  • Impact on benefits and credits: Filing late may cause delays in your benefit and credit payments, such as the Canada Child Benefit or GST/HST credit.

Are There Penalties for Late Filings If You Don’t Owe Any Taxes?

If you're expecting a refund or don't owe any taxes, you won't be charged penalties or interest for filing late. That said, you should still file as soon as possible to avoid interruptions in benefit payments.

Personal Tax Preparers Committed to Customer Satisfaction

No matter the complexity of your tax preparation, you can expect our tax advisors to provide a professional, personalized approach. Not only do we have years of experience, training, and education, we also understand that managing your wealth can be a stressful affair. We seek to relieve you of your tax-related burden by explaining your tax obligations and strategy to you in straightforward, comprehensive terms. In every circumstance, we’ll make sure you’re getting the most out of your return.

How Long Does It Take to Receive Your Return?

When you file your taxes with one of our accountants, the time it takes to receive your return generally follows similar timelines as filing on your own. Like most accountants, we typically file electronically, which means you can expect to receive your refund within about 8 business days if you opt for direct deposit and there are no issues with your return.

Money-Saving Income Tax Services

There are many deductions available to taxpayers. Depending on your particular situation, you may be eligible to claim deductions based on your:

  • Family and dependents
  • Education
  • Disability
  • Pension
  • Employment expenses

While there are many expenses you can claim on your taxes in Canada, some are not deductible or eligible for tax credits.

Here are examples of expenses you cannot claim on your Canadian tax return:

  • Personal living expenses
  • Clothing
  • Commuting costs
  • Club memberships
  • Interest on personal loans
  • Home renovations
  • Fines and penalties
  • Child maintenance payments
  • …and more

Rest assured, we’ll make sure you receive all the deductions, breaks, and credits to which you’re entitled.

Contact Us for Personal Income Tax Preparation in Richmond

Our certified tax specialists will process your return and give you expert insight into a cost-saving tax strategy. You’ll appreciate our attention to detail, professionalism, and fast turnaround times.

From start to finish, we’ll eliminate your stress this tax season. Call us to book an appointment today.