Preparing your own income tax return can be an overwhelming and confusing task as tax laws and regulations keep changing constantly. It is easy to overlook deductions and credits. Using tax software is not always an easysubstitute as it is not designed to recognize and apply tax knowledge to various scenarios. We assist our clients with the following services:
Tax Planning
Planning is key to minimizing your tax liability. We recommend tax saving strategies to help minimize your total tax liability or defer tax to the future in order to maximize your cash flow and help plan for key life events such as purchasing a house. These are all done within the given tax guidelines.
Corporate Taxes
All corporations and not-for-profit organizations, including inactive companies, are required to file tax returns annually. We assist in filing federal income tax and information returns, including any supplementary schedules, multi-jurisdictional returns and non-profit organization information returns. Our team can assist in filing single and/or multi-year returns. We efile all our returns unless paper copies are required by Canada Revenue Agency
Personal Taxes
Canada Revenue Agency requires individuals to prepare and file individual tax returns annually. Individual tax returns are due on April 30th of the year following the tax year for which the return is being filed. However, if you are self-employed then the filing deadline is June 15th.
We aim to file your returns in a timely manner, at the convenience of your home, to avoid any late filing penalties. The penalty for a late-filing return is 5% of amount owing, if any, plus an additional 1% of the outstanding balance owing for each full month that your return is late, up to a maximum of 12 months. Those penalties can double if you were subject to a late-filing penalty for any of the previous three tax years.
We can also assist in filing non-resident individual tax returns as well as returns for residents with multiple citizenship.
Complexities of returns could range from no income to multiple income source returns that can include employment, self-employment, investment income, rentals and capital transactions.
Tax resolution
Our team at KAP Professionals can assist clients resolve tax disputes in a timely and cost effective manner. This includes preparing and managing various cases and/ or audits such as: sales tax, expense deductibility, penalty and interest reversals, payout plans and other
Other
We can assist clients with special tax related engagements such as New Residential Housing Rebates.