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bobbymcintyre · 3 months ago

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Financial Advisor Edmonton-Give A Heck Financial

The Importance of Financial Planning

Financial planning is more than just budgeting or managing your money. It’s a comprehensive process that helps you achieve your financial goals, understand your financial situation, and make informed decisions. Let’s explore why financial planning matters and how it can benefit you.

1. Setting Clear Goals

Financial planning involves defining your goals, both short-term and long-term. Whether it’s buying a house, saving for retirement, or funding your child’s education, having clear objectives allows you to create a roadmap for your financial journey.

2. Understanding Your Financial Picture

A financial plan provides a complete snapshot of your financial health. It considers your income, expenses, assets, debts, and investments. By understanding where you stand, you can make informed choices to improve your financial well-being.

3. Risk Management

Life is unpredictable, and financial planning helps you prepare for unexpected events. It identifies vulnerabilities, such as inadequate emergency savings or insufficient insurance coverage. Having a plan in place ensures you’re ready to face life’s uncertainties.

4. Investment Strategy

A well-structured financial plan considers investment opportunities. It helps you allocate resources effectively, maximize returns, and minimize risks. Starting early and leveraging compounding potential are crucial for long-term success.

5. Tax Efficiency

Financial planning includes tax optimization. By understanding tax implications, you can make strategic decisions to minimize your tax burden legally. This can significantly impact your overall financial health.

6. Estate Planning

Planning for the transfer of wealth to your heirs is essential. A financial plan addresses estate matters, ensuring your assets are distributed according to your wishes. It also considers estate taxes and legal documentation.

7. Peace of Mind

Knowing that you have a plan in place brings peace of mind. Financial stress can negatively impact your health and emotional well-being. A solid financial plan helps alleviate anxiety and allows you to focus on other aspects of life.

Conclusion

Financial planning isn’t just for the wealthy or older individuals — it’s relevant for everyone. Whether you create your plan independently or work with a professional financial planner, the benefits are far-reaching. Start today, and pave the way toward a financially secure future.

Remember that financial planning is an ongoing process that adapts as your circumstances change. If you have specific questions or need personalized advice, consider consulting a financial professional1234.

Disclaimer: This article provides general information and should not be considered professional financial advice. Always consult a qualified financial advisor for personalized guidance.

How to create a budget

Calculate Your Net Income: Begin by determining your net income — the money you take home after taxes and deductions. Focus on this figure rather than your total salary to avoid overspending.

Track Your Spending: List your fixed expenses (like rent, utilities, and car payments) and variable expenses (such as groceries and entertainment). Use credit card statements or budgeting apps to monitor your daily spending.

Set Realistic Goals: Identify short-term (1–3 years) and long-term financial goals. Having clear objectives will motivate you to stick to your budget.

Make a Plan: Compare your actual spending to what you want to spend. Adjust your expenses based on your goals and income123.

Remember, consistency and regular reviews are key to successful budgeting!

Here are some practical ways to reduce discretionary spending:

Track Your Spending: Keep a record of your expenses. This awareness helps you identify areas where you can cut back.

Cancel Recurring Charges and Subscriptions: Review your subscriptions (like app subscriptions or streaming services) and consider canceling those you no longer use or need.

Set a Pause Period: Before making a discretionary purchase, give yourself a 24-hour to seven-day pause. This reduces impulse spending.

Prioritize Needs Over Wants: When making purchases, ask yourself if it’s essential or merely a want. Prioritize needs to avoid unnecessary spending.

Find Low-Cost Alternatives: Look for free or low-cost activities in your area. Replace high-expense activities without sacrificing fun1.

Remember, small changes can add up over time!

Mail Us:

[email protected]

Give A Heck Financial

Address: 3236 24 Ave NW, Edmonton, AB T6T 0C9

Phone: (780) 707–3810

#financial planning edmonton #financial coach edmonton #financial services edmonton #financial advisor edmonton #best financial advisor edmonton #wealth management edmonton #High Level Wealth Management #Best wealth management edmonton #financial planning services edmonton

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ratefair · 4 months ago

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Homeownership or Home Equity: Purchasing Your First Home in Edmonton

Indeed, for many people in Edmonton, purchasing their first home, or getting access to cash in an owned home are significant financial opportunities. Edmonton has initiatives to help individuals who are first-time home buying, and also those who are seniors who require home buying and or access to home equity. This blog is about a first time home buyer program which is being offered to people in Edmonton and also about Reverse mortgage broker Edmonton which are available to seniors.

The First-Time Home Buyer Incentive

It turns out that the first home buyer incentive Edmonton is a fairly good idea that is going to assist a significant number of first-time homebuyers in purchasing their first homes at affordable prices.

In the same year, the federal government launched the First-Time Home Buyer Incentive which is meant to help these buyers make the necessary down payments to qualify for a home purchase. Available in national territory, including Alberta specifically Edmonton, the program grants up to 10% contribution toward a first home purchase through a form of shared equity home financing.

Reverse Mortgage Broker Edmonton

When applying for the First-Time Home Buyer Incentive there are some basic requirements that buyers must meet concerning their income, the purchase price of the property, use of the property as a primary residence, as well as other conditions. The incentive ranges from a 5%rebate of the purchase price of a resale home or 10% rebate of the purchase price of a newly constructed home. Though it operates independently, it is financed by the federal government and Canada Mortgage and Housing Corporation (CMHC).

Ways of utilizing a Reverse Mortgage in Edmonton

For seniors who are homeowners, using home equity via a reverse mortgage at some later stage can enable them to source for cash for their needs in their post retirement age. Another kind of home equity loan is a reverse mortgage whereby individuals are provided with a part of the home value but still maintain full ownership of the home. It is said that the funds do not have to be paid back until the senior dies, sells their home or moves out, which makes it a versatile type. Before entering into a reverse mortgage in Edmonton it is most recommended that one seek the services of a professional reverse mortgage broker to determine whether you should take up the reverse mortgage. Then the broker will have to state the advantages and disadvantages of the home equity, as well as who qualifies for the tax-free funds and how they can get it. They can also assist the seniors sit down and compare various reverse mortgage lenders as well as products, and come up with the one that best suits the senior in question in regard to his or her financial status and future plans.

#Reverse mortgage broker Edmonton #current mortgage rates Edmonton #guarantor mortgage Edmonton

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personal-tax-accountant-bomcas · 4 months ago

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Top Personal Tax Accountant Edmonton - BOMCAS Services Explained

The following article delves into the variety of services offered by BOMCAS, including specialized assistance for personal tax filing, corporate taxation, bookkeeping, payroll, GST/HST, estate and trust tax planning, and tax consultation. This roadmap is designed to provide potential and existing clients with insights into how BOMCAS stands apart from other accounting firms in Edmonton, framing their expertise within the context of tangible benefits such as streamlined tax filing processes, error reduction, and strategic planning for tax efficiency. Through client testimonials and an exploration of service offerings, this article aims to illustrate why BOMCAS is considered among the top Edmonton Accounting Firms, offering unmatched expertise in the realm of tax accounting services.

Comprehensive Personal Tax Services

Navigating the intricacies of personal tax in Canada can be a complex endeavor, especially for those unfamiliar with the system. BOMCAS, a premier Edmonton Personal Tax Accountant, excels in simplifying this process for its clients, ensuring compliance and maximization of returns.

Understanding Personal Tax

The Canadian tax system operates on a progressive scale, meaning the more you earn, the higher the tax rate you will pay. This system combines both federal and provincial tax rates to calculate the total tax liability. Key components of the system include:

Tax Year and Filing Deadlines: The tax year in Canada runs from January 1 to December 31, with personal income tax returns due by April 30 of the following year. For self-employed individuals, the deadline extends to June 15, although any taxes owed must still be paid by April 30.

Deductions and Credits: A variety of deductions and credits are available that can significantly reduce the amount of tax owed. These include childcare expenses, medical expenses, tuition fees, and contributions to Registered Retirement Savings Plans (RRSPs).

Filing Options: Taxpayers have the choice to file their tax returns electronically through the CRA’s online services or via paper mail. Electronic filing is recommended for its efficiency and quicker processing times.

Step-by-step Tax Filing Process

For those preparing to file their taxes, whether new to the workforce or seasoned earners, understanding the step-by-step process can demystify the experience and ensure all necessary steps are followed:

Gather Documentation: Collect all relevant financial documents. This includes T4 slips from employers, receipts for eligible deductions and credits, and any other pertinent financial records.

Choose Filing Method: Decide whether to file electronically or on paper. Electronic filing using CRA-approved software can expedite the process and typically results in faster refunds.

Understand Taxable Income: It’s crucial to identify all sources of income, as well as understand what deductions and credits you are eligible to claim. This will influence the final amount of tax payable.

Submit the Tax Return: Once all information is compiled and the tax return is completed, submit it to the CRA by the designated deadline. If using electronic filing, responses from the CRA are typically quicker.

Store Records: Keep all tax-related documents for at least six years from the date of filing. This is important in case the CRA requests further information or in the event of an audit.

By leveraging the expertise of BOMCAS, individuals can navigate the tax season with confidence, ensuring all aspects of their tax filing are handled professionally and efficiently. This personalized approach not only simplifies the process but also optimizes financial outcomes, making BOMCAS a top choice for personal tax services in Edmonton.

Corporate Tax Services

Corporate Tax Preparation Service

Corporate tax preparation involves a detailed understanding of both federal and provincial tax laws to ensure compliance and optimize financial outcomes. In Alberta, all incorporated businesses with a permanent establishment are required to pay income tax on the portion of their taxable income allocated to the province. This includes various deductions and credits that can be claimed differently at provincial and federal levels.

The process includes the submission of the Alberta corporate income tax return (AT1), which can be filed electronically using certified software. This method not only provides immediate receipt confirmation but also ensures faster processing and convenience. For corporations with gross revenue exceeding $1 million, net filing of the AT1 is mandatory.

Compliance and Regulation Expertise

Navigating the complexities of corporate tax requires expertise in various compliance and regulatory requirements. The Alberta Corporate Tax Act outlines the specifics of calculating corporate income tax, which includes provisions for the Alberta small business deduction and other incentives like the Innovation Employment Grant (IEG). Starting from January 1, 2021, qualified corporations can claim the IEG, which is equal to 8% of eligible expenditures for scientific research and experimental development carried out in Alberta.

Moreover, compliance extends to ensuring all filings are done accurately and on time. For instance, corporations are required to file an AT1 if they had a permanent establishment in Alberta at any time during the taxation year. Tax preparers must net file all AT1s, ensuring adherence to regulations and avoiding penalties.

By leveraging the expertise of a knowledgeable tax partner like BOMCAS, corporations can navigate these regulations efficiently, ensuring compliance while optimizing their financial strategies. This not only aids in maintaining good standing with tax authorities but also supports strategic financial planning and growth.

Bookkeeping Services

Detailed Bookkeeping Solutions

BOMCAS delivers detailed bookkeeping solutions that cater to the specific needs of businesses in Edmonton. Their services are designed to provide clear and transparent financial visibility, crucial for the success of any growing business. By utilizing powerful cloud bookkeeping software, BOMCAS ensures highly accurate monthly financial statements. The team of experts at BOMCAS handles all financial documentation from balance sheets and cash flow statements to income statements, providing businesses with a comprehensive view of their performance throughout the year.

The process at BOMCAS involves taking receipts, invoices, and day-to-day transactions and converting them into actionable financial information. This meticulous approach allows businesses to make informed decisions based on accurate financial data. Additionally, BOMCAS offers services such as forecasting, budgeting, financing preparations, and covenant monitoring to help businesses navigate the changing landscape and build a sustainable future.

Year-end Financial Reporting

As the fiscal year draws to a close, BOMCAS provides exceptional year-end financial reporting services to ensure businesses are well-prepared for tax season and future financial planning. They offer a variety of year-end services including the preparation of year-end financial statements, both monthly and quarterly, for management reporting. This not only helps in keeping the financials in check but also aids in strategic decision-making.

The year-end services extend to performing periodical analysis of financial statements to identify key trends and variances. BOMCAS's expertise allows them to offer advice on overhead distribution and break-even points, which are crucial for financial optimization. Additionally, their services include internal-control reviews, financial analyses, cash-flow budgeting, and ratio analysis, all tailored to enhance the financial health of the business.

Moreover, BOMCAS goes beyond traditional bookkeeping by providing group consolidated financial statements and specialized reports preparation. These services are invaluable for businesses that require precise and detailed financial information for banks or potential investors. By offering comprehensive insights and strategic advice, BOMCAS ensures that businesses not only meet their compliance requirements but also excel in their financial operations.

Payroll Services

Comprehensive Payroll Services

BOMCAS offers a tailored approach to payroll services, catering specifically to the diverse needs of businesses across various industries. Their expertise extends to handling complex payroll requirements for large corporations in sectors like Energy, Pipeline, and Utilities, as well as providing personalized services to locally owned small businesses [5]. This versatility ensures that each client receives solutions perfectly aligned with their operational demands.

Employer of Record services by BOMCAS streamline the payroll process significantly. Businesses can offload the administrative burden of employment responsibilities, such as managing payroll taxes and ensuring compliance with labor laws, thus freeing up valuable resources to focus on core business activities [5]. This comprehensive service model simplifies client operations and enhances efficiency.

Efficient Payroll Administration

BOMCAS excels in Managed Payroll services, offering reliable support for businesses needing temporary or long-term payroll management solutions. Whether filling in for an absent payroll administrator or taking over the payroll duties entirely, BOMCAS ensures accuracy and timeliness in employee payments, which is crucial for maintaining morale and operational harmony.

A key component of their service is the Payroll Compliance Review, which evaluates a company's payroll processes to identify and eliminate inefficiencies. By streamlining operations and removing redundant procedures, businesses can achieve cost savings and improved productivity, ensuring that their payroll operations contribute positively to their overall success.

Moreover, BOMCAS stays updated with the latest payroll regulations and legislative changes in Canada. This proactive approach not only ensures compliance but also minimizes audit risks, providing peace of mind for business owners concerned about adhering to complex payroll laws.

By leveraging BOMCAS's payroll services, companies can focus more on strategic growth and less on administrative tasks, knowing that their payroll needs are managed effectively and compliantly. This support is integral for businesses aiming to thrive in competitive markets and maintain a satisfied workforce.

GST/HST Services

GST/HST Reporting

BOMCAS provides comprehensive services for the reporting and remittance of Goods and Services Tax (GST) and Harmonized Sales Tax (HST), ensuring compliance with current regulations. For GST/HST registrants, starting in 2024, electronic filing of returns is mandatory, except for charities and certain financial institutions. Failure to comply with this requirement may result in penalties, although these can be waived under specific conditions. Additionally, as of June 17, 2024, individuals with a Social Insurance Number starting with 9 can utilize the Business Registration Online service to obtain a business number and GST/HST account instantly, streamlining the registration process.

Businesses must also determine the appropriate rate to charge, manage receipts and invoices effectively, and learn the procedures for tax collection and remittance. Understanding these elements is crucial for maintaining compliance and optimizing financial strategies. BOMCAS guides clients through these processes, offering expert advice on calculating net tax, completing and filing returns, and understanding all available rebates, including those for housing and errors in GST/HST charges.

Maximizing GST/HST Credits

Maximizing GST/HST credits is pivotal for individuals and families, especially those with low to modest incomes. BOMCAS assists clients in navigating the complexities of these credits, which are designed to offset the GST or HST paid on purchases through tax-free quarterly payments. Eligibility for these credits is determined by net income or family net income, with income thresholds adjusted annually by the Canada Revenue Agency (CRA).

BOMCAS educates clients on the factors that affect the credit amount, such as income, marital status, and number of children. The firm provides assistance in using CRA tools and calculators to estimate the maximum annual payment one might receive, taking into account any additional provincial credits like the Ontario Sales Tax Credit. Clients are also advised on the benefits of opting for direct deposit to receive these credits, ensuring faster and more secure transactions.

Furthermore, BOMCAS emphasizes the importance of staying informed about eligibility for GST/HST credits, especially if there are changes in income or family circumstances. Regular updates from the CRA are crucial for ensuring that clients do not miss out on potential benefits. For families with children, understanding how child benefits interact with GST/HST credits is also vital for comprehensive financial planning.

By leveraging BOMCAS's expertise in GST/HST services, clients can effectively manage their tax obligations and maximize their financial benefits, ensuring a smoother and more beneficial interaction with Canada's tax system.

Estate and Trust Tax Services

Estate Planning

Estate planning is essential for ensuring that one's financial wishes are honored and that loved ones are provided for in an organized and legally sound manner. BOMCAS excels in assisting clients with the creation of comprehensive estate plans, which include Wills, Personal Directives, and Powers of Attorney. These documents are crucial for specifying how one's assets should be handled and who should make decisions in case of incapacity.

A Will is fundamental in estate planning, directing the distribution of assets and the guardianship of minors. It appoints an executor who will manage the estate and ensure that the decedent's wishes are executed. Personal Directives are equally important, designating an agent to make personal and healthcare decisions if the individual becomes unable to do so themselves. This directive activates only upon the determined loss of mental capacity. Additionally, a Power of Attorney allows appointed individuals to manage financial affairs, addressing needs that range from real estate to tax matters.

Estate planning is not just for the wealthy; it's a crucial step for anyone looking to secure their financial legacy and reduce the burden on family members. BOMCAS provides expert guidance through this process, ensuring clarity and peace of mind for clients as they make these important decisions.

Trust Management and Taxation

Trusts offer a flexible way to manage and transfer assets, providing potential tax advantages and ensuring that wealth is distributed according to the settlor's wishes. BOMCAS offers specialized services in managing various types of trusts, including living trusts and family trusts, which can be funded with diverse assets such as cash, real estate, investments, and personal property.

The strategic use of trusts can significantly reduce the tax burden on an estate. For instance, income splitting allows income to be distributed to beneficiaries in lower tax brackets, effectively lowering the overall tax liability. Moreover, trusts can utilize exemptions and deductions such as the capital gains exemption, which can be particularly beneficial for assets like small business corporation shares.

Living trusts, in particular, provide several benefits. They can bypass probate, leading to faster and potentially less costly transfers upon death. They also allow for controlled distribution of assets, which can be crucial for planning the inheritance of minors or managing the care of disabled family members. BOMCAS guides clients through the complexities of trust creation and management, ensuring that all legal and tax-related aspects are handled proficiently.

By leveraging the expertise of BOMCAS in estate and trust tax services, clients can effectively plan for the future, safeguarding their assets and ensuring their wishes are respected, all while optimizing financial outcomes and compliance with tax laws.

Tax Planning and Consultation

Tax Saving Strategies

Tax planning is a critical service offered by BOMCAS, focusing on minimizing tax liability and maximizing financial savings for clients. The approach involves analyzing various financial scenarios and options to create an optimal strategy tailored to individual needs. BOMCAS excels in employing strategies such as the use of trusts, charitable contributions, and gifting which significantly reduce the taxable income of estates.

For businesses, especially small enterprises, navigating tax obligations can unveil opportunities for enhanced profitability. BOMCAS provides specialized tax planning services that help businesses understand and implement effective tax strategies. This includes advice on deductions and credits that lower tax brackets and overall tax bills, which are crucial for maintaining a healthy bottom line.

Financial Planning

At BOMCAS, financial planning is integrated with tax planning to ensure that all aspects of a client's financial life are aligned with their tax strategy. This holistic approach not only focuses on immediate tax savings but also on long-term financial health. Services include retirement planning, where BOMCAS advises on optimizing returns and minimizing tax liabilities through vehicles like RRSPs and TFSAs.

For individuals and families, BOMCAS helps in maximizing GST/HST credits, which can be a significant benefit for those with lower to modest incomes. The firm ensures clients are well-informed about their eligibility and the potential financial benefits, helping them make informed decisions about their tax situations [7].

BOMCAS is recognized as a leading Edmonton Personal Tax Accountant, providing comprehensive tax and financial planning services that cater to a diverse range of needs, from individual tax filing to complex corporate financial strategies.

Client Testimonials

"Don't just take our word for it; here's what some of our clients had to say about your top Canadian Accountant," begins the testimonial section, highlighting the voices of satisfied clients who have experienced the exceptional services offered by BOMCAS.

Client Experiences

One client shared, "Thanks to the Company in Solving a Difficult Problem!" This statement reflects the problem-solving capabilities of BOMCAS, where complex financial issues are addressed with expertise [14]. Another testimonial emphasizes the breadth of services provided: "Bomcas Edmonton Accounting and Tax Services have done my Personal Tax for the past years. Their Personal Income Tax Accountant are well qualify and experience. For my Corporation they have also done my corporate Tax and bookkeeping. I believe they are one of the Best Accounting and Tax Services in Edmonton Alberta. I would recommend anyone or any corporation to get their Bookkeeping done her and their Personal Income Tax Preparation and Filing and Corporation Taxes done here. They provide all the accounting and tax services your will need in Edmonton. I would say they are a full service accounting firm with professionals that understand Canadian tax laws. I said this because they work in my best interest to get the maximum refund possible. Also i have have get a few audits and they were able to completed all these for me with no problems. All year round I was able to get service and updates ets. The Best Income Tax Services in Edmonton Alberta Canada they are Bomcas Accounting and Tax Services. See you soon".

Real-life Success Stories

At BOMCAS, the team prides itself on providing exceptional accounting and tax services to individuals and businesses in Edmonton and the surrounding areas. The dedicated team of professional accountants is committed to helping clients achieve financial success through personalized and comprehensive financial solutions. One client's reflection encapsulates this commitment: "Here's what our clients have to say about their experiences with BOMCAS". This highlights the real-life success stories emerging from their partnership with BOMCAS, where tailored financial strategies lead to tangible benefits and enhanced financial security for clients.

These testimonials and stories not only underline the proficiency and client-centered approach of BOMCAS but also reinforce their status as a top Edmonton Personal Tax Accountant, dedicated to serving the community with integrity and expertise.

Conclusion

Throughout this comprehensive exploration of BOMCAS's plethora of services, it's evident that their expertise in the realms of personal and corporate taxation, bookkeeping, payroll, GST/HST, and estate and trust tax planning places them at the pinnacle of tax accounting in Edmonton. The detailed walkthrough from personal tax systems to intricate corporate financial management strategies underscores the pivotal role BOMCAS plays in demystifying and navigating the complexities of tax legislation, thereby ensuring compliance and financial optimization for their broad client base.

In encapsulating the virtues and services provided by BOMCAS, it becomes clear why they are esteemed as a leading choice for individuals and businesses alike, seeking to secure their financial integrity and foster growth through informed decisions. BOMCAS is Edmonton Personal Tax Accountant that stands ready to assist with unparalleled professionalism and dedication, reinforcing their commitment to financial excellence and client satisfaction. As we conclude this deep dive into their offerings, the imperative for potential and existing clients to leverage such expertise becomes ever more discernible, inviting them to step into a partnership defined by integrity, innovation, and unsurpassed service quality.

FAQs

1. What distinguishes a tax specialist from a tax accountant? A tax specialist, also known as a tax expert or advisor, primarily focuses on interpreting tax laws and optimizing a company's tax responsibilities. Their role involves strategic tax planning and handling tax disputes, which goes beyond the routine tasks typically associated with tax accountants.

2. How much can top tax accountants earn? The earnings of top tax accountants can vary widely based on factors such as location, experience, and the size of the firm they work for. Specific salary figures are not provided here.

3. Which firm is considered the best for tax accounting services? As of 2025, the best accounting firms for tax services include:

PwC (PricewaterhouseCoopers) LLP, with a score of 8.628.

Deloitte, with a score of 8.471.

Other notable firms ranked include KPMG LLP and several others, each scored and ranked based on their performance and reputation in the field.

4. What is the maximum salary a tax accountant can earn? In India, the salary for a tax accountant can range from ₹ 1.2 Lakhs to ₹ 11.5 Lakhs per year, with an average annual salary of approximately ₹ 5.5 Lakhs. These figures are based on the latest salary data collected from tax accountants.

References

Accounting Firm Canada | BOMCAS

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bomcasltd · 4 months ago

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BOMCAS - Edmonton Personal Tax Accountant

Navigating the complex world of personal and corporate taxation requires expert guidance to ensure compliance and optimize financial outcomes. BOMCAS, a leading Personal Tax Accountant Edmonton, specializes in delivering comprehensive tax solutions tailored to meet the unique needs of individuals and businesses alike. With a deep understanding of tax laws and regulations, BOMCAS stands at the forefront of tax accounting services, helping clients navigate the complexities of filing returns, claiming deductions, and planning for the future. The importance of selecting a proficient tax partner cannot be overstated, as it directly impacts financial health and compliance.

Comprehensive Personal Tax Services

Understanding Personal Tax

Step-by-step Tax Filing Process

Gather Documentation: Collect all relevant financial documents. This includes T4 slips from employers, receipts for eligible deductions and credits, and any other pertinent financial records [1].

Choose Filing Method: Decide whether to file electronically or on paper. Electronic filing using CRA-approved software can expedite the process and typically results in faster refunds [1].

Store Records: Keep all tax-related documents for at least six years from the date of filing. This is important in case the CRA requests further information or in the event of an audit [1].

Corporate Tax Services

Corporate Tax Preparation Service

The process includes the submission of the Alberta corporate income tax return (AT1), which can be filed electronically using certified software. This method not only provides immediate receipt confirmation but also ensures faster processing and convenience [2]. For corporations with gross revenue exceeding $1 million, net filing of the AT1 is mandatory [2].

Compliance and Regulation Expertise

Bookkeeping Services

Detailed Bookkeeping Solutions

Year-end Financial Reporting

Payroll Services

Comprehensive Payroll Services

Efficient Payroll Administration

GST/HST Services

GST/HST Reporting

BOMCAS provides comprehensive services for the reporting and remittance of Goods and Services Tax (GST) and Harmonized Sales Tax (HST), ensuring compliance with current regulations. For GST/HST registrants, starting in 2024, electronic filing of returns is mandatory, except for charities and certain financial institutions. Failure to comply with this requirement may result in penalties, although these can be waived under specific conditions [6]. Additionally, as of June 17, 2024, individuals with a Social Insurance Number starting with 9 can utilize the Business Registration Online service to obtain a business number and GST/HST account instantly, streamlining the registration process [6].

Businesses must also determine the appropriate rate to charge, manage receipts and invoices effectively, and learn the procedures for tax collection and remittance [6]. Understanding these elements is crucial for maintaining compliance and optimizing financial strategies. BOMCAS guides clients through these processes, offering expert advice on calculating net tax, completing and filing returns, and understanding all available rebates, including those for housing and errors in GST/HST charges [6].

Maximizing GST/HST Credits

BOMCAS educates clients on the factors that affect the credit amount, such as income, marital status, and number of children. The firm provides assistance in using CRA tools and calculators to estimate the maximum annual payment one might receive, taking into account any additional provincial credits like the Ontario Sales Tax Credit [7]. Clients are also advised on the benefits of opting for direct deposit to receive these credits, ensuring faster and more secure transactions [7].

Estate and Trust Tax Services

Estate Planning

A Will is fundamental in estate planning, directing the distribution of assets and the guardianship of minors. It appoints an executor who will manage the estate and ensure that the decedent's wishes are executed [8]. Personal Directives are equally important, designating an agent to make personal and healthcare decisions if the individual becomes unable to do so themselves. This directive activates only upon the determined loss of mental capacity [8]. Additionally, a Power of Attorney allows appointed individuals to manage financial affairs, addressing needs that range from real estate to tax matters [8].

Trust Management and Taxation

Tax Planning and Consultation

Tax Saving Strategies

Tax planning is a critical service offered by BOMCAS, focusing on minimizing tax liability and maximizing financial savings for clients. The approach involves analyzing various financial scenarios and options to create an optimal strategy tailored to individual needs [12]. BOMCAS excels in employing strategies such as the use of trusts, charitable contributions, and gifting which significantly reduce the taxable income of estates [12].

Financial Planning

Client Testimonials

Client Experiences

Real-life Success Stories

At BOMCAS, the team prides itself on providing exceptional accounting and tax services to individuals and businesses in Edmonton and the surrounding areas. The dedicated team of professional accountants is committed to helping clients achieve financial success through personalized and comprehensive financial solutions. One client's reflection encapsulates this commitment: "Here's what our clients have to say about their experiences with BOMCAS" [15]. This highlights the real-life success stories emerging from their partnership with BOMCAS, where tailored financial strategies lead to tangible benefits and enhanced financial security for clients.

Conclusion

FAQs

3. Which firm is considered the best for tax accounting services? As of 2025, the best accounting firms for tax services include:

PwC (PricewaterhouseCoopers) LLP, with a score of 8.628.

Deloitte, with a score of 8.471.

Other notable firms ranked include KPMG LLP and several others, each scored and ranked based on their performance and reputation in the field.

References

Accounting Firm Canada | BOMCAS

0 notes

rkprofessional10 · 1 year ago

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Rk Professional - best accounting firm in edmonton

Welcome to RK Professional, your trusted partner for all your accounting and financial company Edmonton. At RK Professional, we are committed to delivering exceptional accounting and financial services to individuals and businesses alike. With a dedicated team of skilled professionals, we provide a wide range of financial solutions tailored to your unique requirements.

Our Mission

At RK Professional, our mission is to empower our clients to achieve their financial goals by providing expert accounting and financial guidance. We strive to make complex financial matters simple and transparent, enabling our clients to make informed decisions that lead to their financial success.

Our Services

RK Professional offers a comprehensive suite of accounting and financial services, including:

Tax Preparation: Our team of experienced professionals will help you navigate the intricacies of tax regulations, ensuring you maximize your returns while remaining fully compliant.

Business Accounting: We provide full-service accounting solutions for businesses of all sizes. From bookkeeping and financial statement preparation to budgeting and financial analysis, we've got you covered.

Personal Financial Planning: Our experts will work with you to create a personalized financial plan that aligns with your goals, whether it's saving for your children's education, planning for retirement, or managing your investments.

Auditing Services: We offer thorough audit services to ensure the accuracy and integrity of your financial records, giving you confidence in your financial statements.

Business Consulting: RK Professional provides strategic business consulting services to help your company grow and thrive. We offer insights and strategies to enhance your financial performance.

Why Choose RK Professional?

Experience: With years of experience in the field, our team has a deep understanding of the accounting and financial landscape in Edmonton.

Client-Centric Approach: We believe in building strong, long-term relationships with our clients. Your success is our success, and we're committed to helping you achieve your financial goals.

Expertise: Our team is composed of highly skilled professionals with a commitment to staying updated with the latest industry trends and tax regulations.

Customized Solutions: We recognize that every client is unique. That's why we tailor our services to meet your specific needs and objectives.

Ethical Standards: At RK Professional, we uphold the highest ethical standards, ensuring the integrity of your financial data and transactions.

Ready to take control of your finances or elevate your business to the next level? Contact RK Professional today to schedule a consultation. We look forward to becoming your trusted partner in all your accounting and financial endeavors.

Experience the difference with RK Professional. Your financial success is our priority.

#accountingcompanyedmonton #accountingfirm #bookkeepingservice

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college-girl199328 · 2 years ago

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Pressure is building for Canada to send some of its Leopard 2 battle tanks to Ukraine. This is after Germany decided to provide heavy weapons and allow other countries to do the same.

German Chancellor Olaf Scholz announced his government's decision on Wednesday following weeks of hesitation. This created impatience among his country's allies, as Berlin would send 14 of its Leopard 2A6 tanks.

Scholz's announcement came shortly before U.S. President Joe Biden revealed plans to send 31 M1 Abrams tanks to Ukraine. This opened a potential floodgate following weeks of pleas by Ukrainian President Volodymyr Zelenskyy.

The goal is for Germany and its allies to provide Ukraine with 88 of the German-made Leopards, which would make up two battalions, and work alongside the U.S.-made Abrams in launching counteroffensives against Russian forces.

Yet while Poland has already promised to send Leopards if Germany agreed, and other European nations such as Finland and Spain have indicated a willingness to do the same, Canada's Prime Minister Justin Trudeau was more circumspect on Wednesday.

"Canada has stepped up significantly and without hesitation to support the Ukrainian people, and Ukraine itself," he said at a news conference marking the end of a three-day cabinet retreat in Hamilton.

"We will continue to be there to give whatever support we can to Ukraine. I won't be making any announcements today. But I can tell you we are looking very, very closely at what more we can do to support Ukraine."

The Canadian Armed Forces has 112 Leopard 2s in its inventory in a number of different variations. Those include 82 designed for combat and 30 for recovering disabled vehicles.

Retired lieutenant-general and former Canadian Army commander Jean-Marc Lanthier said in an interview that any donation will almost certainly need to balance the needs and benefits of Ukraine against the potential impact on Canada's military.

"Getting rid of any tanks -- because we have so few, and so few that are actively working -- would have an immediate impact on the level of readiness of the Army," said Lanthier, who served as an armor officer.

"Is that something that should stop us from sending tanks? I think we have moral responsibility in terms of the immediate needs of the Ukrainian Armed Forces and the Ukrainian people."

Canada bought its Leopards from Germany during the war in Afghanistan. They are organized into squadrons of 19 tanks each, with two squadrons in Edmonton and a third at CFB Gagetown, N.B.

"And normally you keep a bunch of them at a depot ready to be deployed, but that's not something we're doing necessarily because we don't have the numbers," said Lanthier.

Added to the pressure is the fact that only about half of Canada's Leopards are operational on any given day. This is due to maintenance and repair requirements for the surprisingly complex vehicles, he added.

Department of National Defence spokesman Andrew McKelvey would not comment Wednesday on what percentage of the military's Leopard 2s are currently operational. He would not comment on how many are out of service for maintenance and other reasons.

"Tank maintenance is similar to aircraft maintenance, and the status of the fleet at any given moment depends on a comprehensive maintenance, repair, and overhaul schedule, which is tied to specific requirements for training or operational employment," he said.

"For operational security reasons we cannot specify how many Leopard 2s are being maintained at any given time or give an indication of their maintenance schedule."

The question facing the government will ultimately be whether the benefit of sending tanks to Ukraine outweighs the impact on the military, Lanthier said. If it does, another question will be whether those tanks will be replaced -- and if so, how quickly.

"If we deem that we want to retain that capability that tanks give us in terms of a modern, battle-capable army, we need tanks," he said. "If we accept that, then anything we give has to be replaced."

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Buying Foreign Property - What Are Some of the Problems?

Buying Foreign Property:

No matter where you are considering buying a foreign holiday home, investment property or eventual retirement home, there are some universal points to consider. While we sell condos and villas in the lovely Dominican Republic, the following points are good ones to consider no matter where you are considering buying:

The Dominican Republic offers an excellent balance of weather, services, community, etc., but also incorporates the following, which are key:

Security: 95% of our clients will never make the DR their permanent home. Even if this is their home base, they will keep property in Canada or the US. We all have families that we will visit periodically and many go home from May through October. Any property has to have good security and a management company that looks after it in your absence. This includes housekeeping, gardening/pool care, general maintenance, bill payments, etc. You know how it is, the second you go on holidays, that's when something goes wrong with your house. Both condos and houses should have this services - we call it "lock up and leave". Rental management: Most of our clients are using their properties to generate income or at least pay for themselves when they are not using them. This is a wonderful thing and helps make foreign houses for sale in edmonton alberta property possible. Choose a country that has a great tourist market, that way you can be ensured of holiday renters, who pay hotel rates per night to rent your place. Also choose a subdivision that handles it all for you. Make sure they have international marketing of the rental units and ask to see actual numbers of rental income versus expenses before you buy. Some of our developers actually offer a rental guarantee. The DR is the #1 Caribbean tourist area, so we enjoy 60-85% yearly occupancy rates. When we did our initial research on where to buy, this was a big factor. Belize, Costa Rica, etc. could not boast these numbers. If you want to rent, this is really important. Government: Ensure that the government is very tied to the US and Canada via free trade agreements, investment, etc. This ensures that it will continue to develop for its people and will maintain a solid democracy. Research corruption. Some countries are pretty scary investments due to the government and drug trade. Ensure the government is foreign investment friendly, there are no restrictions on living there (strange visa requirements), and that your property is registered to you. Titles: As above, do not buy if it is in a bank trust, a life lease, etc. Ask if your title is in your name and registered to you. Make sure your lawyer speaks English and ask to see an English version of your contract. Find a reputable realtor who understands the market you are coming from. Sometimes terminology is different and can be confusing. Just a little example: what Americans call an escrow account, Candians call a trust account. If you say escrow to a Canadian, they just look at you like "huh?" Community: If you plan to spend any amounts of time in the country you choose, and not just use the property as an investment, ensure there is a large community of like minded people. The beach is great, and weather is wonderful, but you will get lonely. As an example, my husband likes to watch hockey (we are Canadian ), so he goes to one of the local bars during play offs and watches it on the big screen with 20 other Canadian and American guys. Women particularly need to have a community of other women they can be friends with, or life can be lonely. Where we live, there are so many people from Canada and the US, that it makes it really easy. Even if people come and go, they are welcome to join in the community at bbq's, events, etc. Also, when you have a large community, it makes adjustment to the area easier, you learn where to shop, buy furniture, etc. Medical: Ensure there is excellent medical services close by. As we get older, this becomes more important. Taxes: Make sure your new country is not planning on taxing the heck out of you. Check on property taxes, inheritance taxes, etc. Distance to Airport: I keep hearing about people in Costa Rica that land and then have a three hour drive to their property. Besides being a painful process, this will be very difficult to sell later. Resale: See how long property is sitting on the market. The whole world had an economic downturn last year, but if traditionally properties take 2 years to sell, that's a problem.

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