Canadian Tax System
The Canadian tax system requires residents to pay taxes on their worldwide income, while non-residents are taxed on their Canadian-sourced income. Filing a tax return with the Canada Revenue Agency (CRA) is mandatory for most residents, and individuals in Quebec also need to file with Revenu Quebec for their provincial taxes. These tax returns typically include information about their income, deductions, and other factors that influence their tax liability. By accurately reporting this information, individuals can ensure they are meeting their tax obligations and taking advantage of any available credits or deductions.
Choosing Tax Preparation Services
Individuals with simple tax situations can prepare their own taxes or have them done at a retail tax kiosk for a small fee. However, individuals who want to take advantage of tax savings opportunities and avoid penalties often choose the services of experienced tax accountants. They also choose these services to maintain compliance with the Income Tax Act and ensure accuracy, privacy, transparency, and peace of mind.
The Importance of Experienced Tax Accountants
Individuals with complex tax situations are at a higher risk of encountering problems when relying on inexperienced tax preparers or attempting to prepare their own taxes. These errors can accumulate over time and go unnoticed until the CRA conducts a review or audit, leading to substantial penalties and interest charges.
Therefore, it is crucial to seek the help of experienced tax accountants. They can help you take advantage of tax savings opportunities, avoid penalties, prevent conflicts with the CRA, and ensure compliance with the Income Tax Act.
About Wealth Knight Tax Services
Wealth Knight offers comprehensive tax services to both Canadian residents and non-residents, with a focus on investment, rental, overseas, and intellectual property income. Our services encompass a wide range of tax preparation, including personal income tax, corporate, trust, proprietorship, partnership, and estate and final returns.
In addition to tax preparation services, we also assist with CRA matters including CRA reassessments, notice of objections, reviews, audits, audit appeals, clearance certificates, taxpayer interest and penalty relief.
Project-oriented Approach to Tax Compliance
With a project-oriented approach to tax compliance, we ensure that our clients have peace of mind before and after filing their returns. Our seasoned tax accountants and wealth managers understand the complexities of tax law and regulations and strive to provide accurate and transparent solutions to our clients across Canada and Internationally.
Our project-like approach to tax accounting begins with a meeting to understand the client's unique situation and expectations. We then create a unique tax profile and partially transfer the case to our fully insured and well-trained tax team.
Transparency and Peace of Mind
We ensure that your unique tax situation is given the attention it deserves. We are transparent in our work and keep clients always informed. We examine all tax returns before filing them with the CRA and hold a final meeting to answer any questions. Our Professional Errors and Omission Insurance provides coverage for all work performed at Wealth Knight to reduce the risk of human error.
Our services do not end with the filing of the tax return. Clients who have given us accurate and complete income information are eligible for a 24-month CRA review assistance at no additional charge. We believe in providing peace of mind and support at every stage. Clients can have full peace of mind knowing that Wealth Knight represents them before the CRA to answer any questions and respond to additional information requests. If the situation requires the support of a tax lawyer, we can assist in finding the most qualified legal representatives to ensure the best outcome for our clients.
Trusted Partner in Tax-related Matters
As a trusted partner in all tax-related matters, we strive to provide unparalleled support to our clients. Contact us today to learn more about our project-like approach and to schedule a consultation.
Income Tax Planning Services
If you want to minimize your taxes legally and effectively, consider our
Income Tax Planning Services or read our FAQ on the difference between tax accounting and tax planning.
