Canada taxes most residents on their worldwide income, and taxes non-residents on their Canadian sourced income. Filing a tax return with the Canada Revenue Agency (CRA) is mainly a requirement.
Individuals with very simple tax situations can pay a small fee to prepare their taxes at the retail tax kiosks or prepare their own taxes. Well informed high-net-worth individuals, on the other hand, choose experienced tax accountants for the transparency, privacy, accuracy, and peace of mind they offer.
Problems often arise when individuals with complex tax situations rely on inexperienced and undereducated tax preparers or prepare their own taxes. The errors and issues created by this often accumulate and go unnoticed for years. The period of peace finally ends when the Canada Revenue Agency (CRA) goes through the taxpayer's current and past tax returns, sends the taxpayer a review/audit letter, or issues a Notice of Re-Assessment with hefty penalties and interests. Other times, the taxpayers learn about their overpaid taxes and missed tax saving opportunities when it is too late.
Experienced tax accountants can assist individuals, corporations, and trusts to benefit from tax savings opportunities, avoid penalties, and prevent battles with the CRA while keeping their clients fully compliant with the Income Tax Act.
Our tax accountants offer a full range of tax services to Canadian residents and non-residents. We specialize in investment, rental, overseas, and intellectual property income, and we assist with completing the following returns:
• Personal Income Tax Preparation
• Corporate Return
• Trust Return
• Proprietorship Return
• Partnership Return
• Estate and Final ReturnsProject-Like Approach
We have developed a project-like tax accounting approach to ensure a high-value tax preparation service for clients with unique tax situations and expectations. Therefore, meeting potential clients prior to accepting their businesses is an important step toward understanding their circumstances and perceptions of Canadian tax system, communicating the aspects of our services, and setting expectations. If we agree on full collaboration, we then prepare your unique tax profile and partially transfer your case to our fully insured and well-trained tax team.Transparency and Accuracy
We work transparently and diligently with our clients to keep them informed of documents prepared and filed on their behalf. We examine tax returns prepared by our team before filing them with CRA; we never file a tax return without a final meeting and answering questions you may have. Therefore, all tax returns must adhere to our highest standards. Additionally, our Professional Errors and Omission Insurance provides coverage for every work performed at Wealth Knight to further reduce risks associated with human errors.Peace of Mind and Support at Every Stage
At Wealth Knight, taxation service does not end with submitting clients’ return to CRA. Clients who have given us accurate and complete income information are eligible for a 24-month CRA review assistance at no additional charge. We represent our clients before CRA to answer questions and respond to additional information requests. Thus, our clients can have full peace of mind before and after filing their tax returns. In addition, we can determine if the situation requires the support of a tax lawyer and can help with finding the most qualified legal representatives.
If you would like to minimize your taxes legally and successfully, consider our income tax planning services