Canadian Personal Income Tax Filing
Preparing & filing personal income taxes is a part of life in Canada, but it needn’t be a burden. Our personal income tax accountants keep track of the constantly evolving rules and regulations surrounding taxation, making sure your taxes are prepared & filed with all the “I’s” dotted and “T’s” crossed, and that you get the most favourable tax situation possible. The expert accountants at Smith & West will ensure that you do not miss out on any tax deductions while remaining fully compliant.
Let us handle preparing and filing your tax returns so you can free up time and lower the stress in your life. Contact us today to talk with one of our personal income tax experts in Ottawa.
Why Your Small Business Needs a Tax Accountant in Ottawa
Accounting is a crucial business function when beginning a small firm. It gives business owners the clearest insight into the performance of their operations. Additionally, for tax and regulatory reasons, entrepreneurs must maintain a wealth of records of their small businesses.
- Forecast Business Outlook
Entrepreneurs typically draft a business strategy that contains financial reports, an economic outlook, and projected expenditures. Lenders and investors rely largely on this accounting information to make sure that the business owner has a clear understanding of the expected financial results.
- Plan Budget
Making a budget is a crucial accounting task when beginning a small business. Budgets lay out the costs associated with various business activities. Businesses may set aside money for recruiting staff, marketing plans, stock purchases, and other forms of business expenses. Entrepreneurs can save money by adhering to a budget and avoiding spending it on non-essential business expenditures.
- Determine Revenue and Profits
Most often, a business will gauge its profitability through accounting. Businesses must determine how effectively they are employing their resources to produce services as well as how the cost of their inventory compares to their profit margin.
- Gain Insight
Small businesses may seek guidance from a certified public accountant. They offer a wealth of education, expertise, or skill when assisting entrepreneurs in arranging their business accounting processes. Business owners may also want expert advice when submitting tax returns and making sure all business-related expenses are covered at year’s end.
Grow Your Business With an Ottawa Small Business
Our team of chartered professional accountants at Smith & West develops tailored strategies to meet the requirements of your company. We do this by using in-depth expertise of the most recent CRA laws. You can trust that we always have your best interest and bottom line in mind. We’ll work with you to integrate tax consulting and advising services into the bigger financial picture of your small business.
Why Choose Smith & West as Your Accounting Firm
We are your trusted team for accounting, tax, & consulting with integrity, quality, and professionalism.
Our Personal Income Tax Preparation Services
No matter the source of your personal income, we can help you prepare and file your income tax with the Canada Revenue Agency (CRA). This includes accurately preparing and filing any of the following tax forms:
- Employment Income (T4, T4A)
- Pension and Annuities (T4A, T4A(OAS), T4A(P), T4RIF, T4RSP)
- Investment Income (T5, T3, T600, T5008, T5013 or T5013A)
- Registered Retirement Savings Plan (RRSP) Income- (T4RSP)
- Income from Self Employment
- Other Income (T4E, T4PS, T5007, RC62, RC210)
- Foreign Assets
- Rental Income
- Schedule of Capital Gains and Losses
- Debt Forgiveness
Contact us today to find out more about Smith & West’s personal income tax preparation services.