Personal Tax Return Preparation and Filing Services in Edmonton
1. T1 Personal Tax Return Preparation and Filing
We provide expert preparation and filing of T1 Personal Tax Returns for Canadian residents, helping individuals report their income accurately, claim eligible deductions, and minimize personal tax liabilities.
2. Departure Tax Planning and Filing
If you’re planning to leave Canada permanently, our specialized departure Tax Planning Edmonton services guide you through every step. We help you complete the necessary forms to report the fair market value of your assets and handle any deemed dispositions. Our team assists with preparing Departure Tax Returns, including:
Form T1161: We help report the fair market value of your assets at departure to ensure compliance with Canadian tax laws.
Form T1243: Our experts support you in reporting deemed dispositions and calculating any capital gains or losses accurately.
Form T2209: We guide you in claiming Foreign Tax Credits (FTCs) to help mitigate double taxation by accounting for foreign taxes paid.
3. Capital Gains Income Reporting (Schedule 3)
Reporting capital gains and losses can be complex. We simplify the process by guiding you through Schedule 3, which is used for reporting gains from the sale of Canadian real estate, marketable securities, and foreign assets.
4. Lifetime Capital Gains Exemption
Our experienced accountants assist in determining your eligibility for the Lifetime Capital Gains Exemption, currently set at $1,250,000, on the sale of qualified small business corporation shares. We help you navigate the qualifications and maximize this tax-saving strategy to retain more profits from your share sales.
5. Rental Income Reporting (Form T776)
For property owners, we offer assistance in reporting rental income using Form T776. Our team ensures that all allowable expenses are correctly deducted, optimizing your tax position and benefits as a landlord.
6. Self-Employed Income Reporting (Form T2125)
We provide comprehensive assistance for sole proprietors in completing Form T2125 to report business income and expenses. Our goal is to maximize eligible deductions and guide you in understanding your tax obligations, while avoiding ineligible expense claims to minimize audit risks.
7. Employment Expenses Deductions (Form T777)
We assist employees in claiming work-related expense deductions through Form T777. Deductions may include home office expenses, vehicle costs, and other job-related supplies. To claim these expenses, your employer must complete and sign Form T2200, Declaration of Conditions of Employment.
8. Moving Expenses (Form T1M)
If you’ve moved for work and meet the CRA’s requirements (a move of at least 40 kilometers closer to your new job), we help you claim eligible moving expenses with Form T1M for valuable tax deductions.
9. Form T1135 Foreign Income Verification Statement
We prepare Form T1135 for Canadian residents with foreign assets exceeding $100,000 during the year. This includes foreign securities, real estate, bonds, and fixed deposits. Our team ensures that your foreign income is reported accurately to maintain compliance with CRA requirements.
Corporate Tax Return (T2) in Edmonton
1. Business Tax Return (T2) Preparation and Filing for Businesses
We specialize in preparing T2 Corporate Income Tax Returns for small and medium-sized businesses across Canada, including freelancers, IT consultants, professionals, online sellers, and real estate investors. Our objective is to help you minimize tax liability while ensuring compliance with all applicable regulations.
2. Corporate Tax Planning
When onboarding new corporate clients, we develop a customized corporate tax plan to maximize deductions, implement income-splitting strategies, and optimize owner compensation (salary versus dividends). We also evaluate the benefits of setting up holding companies or family trusts for enhanced tax efficiency.
3. GST/HST/PST Sales Tax Returns Preparation and Filing
Our team handles the preparation and filing of GST/HST and PST sales tax returns for businesses operating across Canada. With varying provincial sales tax rates and requirements, we ensure accurate and timely filing to keep you compliant.
4. T4 Slip Preparation/Filing and Payroll Services
We prepare T4 slips for shareholders and employees of corporations receiving salaries, optimizing compensation strategies to reduce tax burdens while staying compliant with CRA regulations.
5. T5 Slip Preparation/Filing and Dividends
Our services include the preparation of T5 slips for shareholders receiving dividends. We accurately classify these dividends—eligible, non-eligible, capital dividends, or return of capital—to maximize tax efficiency and compliance.
6. T2 Treaty-Based Corporate Tax Return Preparation and Filing
We specialize in preparing T2 Treaty-Based Tax Returns, including Schedules 91 and 97, for foreign corporations conducting business in Canada without a permanent establishment. This service helps clients avoid unnecessary Canadian income tax.
7. RC1 Business, Payroll, GST/HST, Import, and Export Numbers Registration
We assist businesses with RC1 registration to obtain essential business numbers, GST/HST numbers, and import/export registrations, facilitating smooth entry into the Canadian market for foreign companies.
8. Section 85 Rollover Tax Planning, Preparation, and Filing
We handle the preparation of CRA Form T2057 and associated asset/share transfer agreements for Section 85 rollovers, allowing for tax-free transfers of assets or shares to Canadian corporations—ideal for reorganizing assets or setting up holding companies.
9. Succession Planning
We offer expert advice on succession planning to ensure a smooth, tax-efficient business transition to heirs. Our strategies, such as Estate Freezes and the creation of family trusts, help safeguard your legacy.
10. Voluntary Disclosure Program (VDP) Applications
We prepare and file VDP applications for individuals who have underreported income or failed to submit required tax forms, ensuring eligibility through thorough pre-assessment for a high success rate.
11. T3 Trust Return Preparation and Planning
Our comprehensive T3 trust return services cover family trusts, estates, and bare trusts, ensuring accurate filings and optimal tax outcomes.
12. T2054 Election for a Capital Dividend
We assist with T2054 Elections for distributing tax-free capital dividends from the Capital Dividend Account (CDA). Our service includes preparing T2054 forms and T2SCH89, securing accurate CDA balance requests.
Cross-Border Tax Services
1. Preparation of US and Canadian Personal Tax Returns
We help individuals navigate the complexities of filing tax returns in both the US and Canada accurately.
2. Cross-Border Tax Planning
We provide strategic advice tailored to clients’ needs for managing cross-border tax obligations effectively.
3. US Business Tax Returns Preparation
We specialize in preparing tax returns for US partnerships and corporations, including real estate partnerships, ensuring compliance and tax optimization.
4. US 1040 Non-Resident Income Tax Return Preparation
We prepare and file US 1040 Non-Resident returns for Canadians earning income from employment (W2), business (Schedule C), rental (Schedule E), and capital gains (Schedule D). We also assist Canadian sellers of US real estate with Forms 8288-A and 8288-B.
5. US 1040 Income Tax Returns for Residents
We prepare US 1040 returns for US citizens living in Canada and Canadians residing permanently in the US, completing foreign tax credit forms T2209 and 1116 to avoid double taxation.
6. Application for ITIN (Form W7)
We assist Canadian residents with obtaining US Individual Taxpayer Identification Numbers (ITINs), commonly required for those with US rental properties or US tax filing obligations.
7. US EIN Application (Form SS-4)
We prepare Form SS-4 for businesses needing a US Employer Identification Number (EIN), aiding Canadians in owning or operating US entities such as LLCs or corporations.
8. US 1065 Partnership Return Preparation
We prepare US 1065 returns and K1 slips for Canadian investors in US partnerships, ensuring accurate and timely filings.
9. US 1120-F Treaty-Based Corporate Tax Returns
We prepare 1120-F returns for Canadian corporations engaged in US business without permanent establishments and file Form 8833 to claim treaty benefits.
10. US 1120 Corporate Tax Returns
Our services cover the preparation of Form 1120 for US corporations, assisting Canadian businesses with expanding operations to the US market.
11. W8-BEN and W8-BEN-E Forms
We prepare these forms for Canadian sole proprietors and corporations to prevent unnecessary 30% US tax withholding on payments.
12. US FBAR and Form 8938 Preparation
We assist with filing FBAR and Form 8938 to comply with IRS requirements for reporting foreign financial accounts and specified assets.
Non-Resident Services in Edmonton
At Tax Return Filers Ltd., we specialize in helping non-residents manage their Canadian tax obligations efficiently. If you are a non-resident with income from Canadian sources, it is essential to file the correct tax returns and benefit from potential tax reductions.
Filing Section 216 or Section 217 Tax Returns
Non-residents who earn rental income from Canadian properties or receive pension and other eligible income can file under Section 216 or Section 217. Filing these returns allows you to report your Canadian income and may help you reduce the tax payable compared to non-resident withholding tax rates.
Certificate of Compliance under Section 116
If you are a non-resident selling a property in Canada, obtaining a Certificate of Compliance under Section 116 is crucial. Without this certificate, the buyer’s lawyer can legally withhold up to 50% of the gross sales price. Tax Return Filers Ltd. assists clients in navigating this process to secure the certificate from the Canada Revenue Agency (CRA), ensuring compliance and timely access to your proceeds.
Trust Tax Return Filers Ltd. in Edmonton to handle your non-resident tax filings with expertise and precision. Contact us to simplify your tax obligations.