Canadian Tax Service

Personal Income Taxes on an Individual’s Earnings
Each and every individual need financial planning in order to be successful in his or her future dreams and goals. To properly prepare, you should be aware of the taxes that apply to your income, the numerous ways to reduce your taxable income through deductions and credits, your long- and short-term financial objectives, as well as any other computations that are associated with your taxes and financial situation. Apart from that, you’ll need the aid of a professional in order to file your tax returns effectively and on time, without missing the deadline.

At Bomcas Canada Accounting, Tax Preparation & Financial Services, we are committed to aiding you by providing expert advice and information on the continuously changing tax rules and regulations imposed by the government. These are some examples of our personal tax services, however we do not restrict ourselves to them:

Income Tax Returns are prepared by a professional (T1s) Accountants.

Non-Residents are subject to taxation. Retirement and financial planning are two important aspects of life. Estate and Trust Administration. Individuals who own rental property have two alternatives when it comes to taxation: filing a tax appeal or submitting a Voluntary Tax Disclosure request.

We provide individualized tax planning and benefits claims services to individuals on a salaried or hourly basis, independent contractors, students, Uber and Lyft drivers, and information technology contractors across Canada.

Sole Proprietorship
Every year, regardless of whether you are self-employed or have a full-time work with a self-employed income on the side, you must file an income tax return. When you do your taxes on your own, you face the danger of making mistakes or having issues that create further delays in submitting your taxes.

When you are a sole proprietor, you are entitled to a higher number of deductions than if you were an employee of a corporation. Accounting and tax preparation services from Bomcas Canada aid you in determining the highest number of tax deductions feasible while also decreasing your tax liabilities. In order to avoid audits, we also take on the responsibility of paperwork.

• As a sole proprietor, we can help you with, but are not limited to, the following:
• It is necessary to complete and submit the T1 form.
• The acronym for business statement is T2125.
• Recognize the most difficult deductions.

Advertising fees, office supplies, shipping or logistics fees, Internet and telephone bills, power costs, accounting and legal fees, and other professional fees are all examples of company expenses.

A write-off is a kind of financial loss.

Small Enterprise, or small business.
It doesn’t matter if you’re a farmer, a business owner, a truck driver, or the owner of a transportation company; Bomcas Canada Accounting and Tax Preparation Services offers a comprehensive package of tax planning, saving, and filing services, as well as skilled professionals that will save you money and time. (T1, T2, T3, T4, T5) (T1, T2, T3, T4, T5)

• lowering your tax obligations
• Provide clients with notification about financial statements.
• Non-resident employees’ international tax obligations.
• We prepare and file your company’s tax returns on your behalf.
• Commodity tax transactions, including GST and cross-border trades.
• Calculate the Tax Credit for Scientific Research (SR) and Experimental Development (ED).
• Prepare tax forms such as T4s, T4As, and T5s, among other things.
• Prepare any voluntary tax disclosures or tax appeals that may be necessary.
• The following perks are available to you when you deal with Bomcas Canada Accounting and Tax Preparation Services:
• Access to tax professionals on a year-round basis
• The benefits of tax planning and counselling on both a short- and long-term basis
• Financial and estate planning assistance from a qualified professional
• Representation for your CRA Audits
• You will save both time and money by having us as your tax consultant.

Taxes on Corporations
Inherently complicated, corporation taxes are made much more difficult to comprehend and submit because of the uncertainty involved with company tax legislation. Experienced accountants at Bomcas Canada Accounting and Tax Preparation Services will assist you in understanding the taxes and deductions related with your company and preparing the necessary paperwork to submit to the Canada Revenue Agency (CRA). Our clientele include both resident and non-resident tax payers, as well as non-profit organizations and corporations from all across the country. Even if your company is no longer in operation, we can assist you with your tax filing and returns.

Among our corporate services include, but are not limited to, the following:

• Establishing a business and ensuring compliance
• Incorporation of a company or partnership
• Bookkeeping and corporate tax preparation
• Payroll processing, WSIB (Workplace Safety and Insurance Board), HST (Harmonized Sales Tax), and GST filing are some of the services we provide
• Tax forms at the end of the year, such as the T4 and T5.
• T2 returns filed when needed
• Non-Profit organization tax preparation and filing