Perssonal Income Tax & Accounting Services in Richmond

We understand the complexities of the tax system and how it impacts your financial situation. This would allow us to advise you on the strategies to best meet your goals. Your tax strategies may include income splitting, use of tax credits or your investments.

Different financial decisions can impact their tax situation, the team at Ada Chan CPA will provide advice on strategies to legally reduce tax liability and objectives.

We are obligated to ensure your tax returns are filed correctly and in compliance with the Canada Revenue Agency’s rules and regulations. This will include declarations of any foreign income, self employment income, capital gains and other financial / tax situations.

The team at Ada Chan CPA will review past tax returns for new clients to identify any missed opportunities or mistakes and file adjustments if necessary.

If the CRA decides to review or audit your tax returns, the team at Ada Chan CPA can assist in gathering necessary documentation, answering queries, and helping you through the process.

Major life events, such as marriage, buying a home, having children, or retirement, can have tax implications. Ada Chan CPA can advise on these scenarios, and how to best maximize your allowable credits. We can also advise you on the best strategies to partake prior to any major life events so you will be prepared to maximize your deductions and tax credits.

For individuals with investments, accountants can provide advice on the tax implications and available tax-saving strategies related to interest, dividends, capital gains, and more.

Residents of Canada who earn income outside of Canada, the team at Ada Chan CPA can assist in properly reporting this income and understanding the tax implications.

If you operate a business whether through self-employment, partnerships or through a corporation we can assist in reviewing your business income and financial statements to make sure your deductions and credits are compliant. The team at Ada Chan CPA also specializes in Small Business Accounting Services. We would be happy to assist you with your Business Tax Compliance.

The team at Ada Chan CPA will work with individuals to help them understand and claim various tax credits and deductions available to them, such as the Home Buyers’ Amount, Canada Child Benefit, credits for charitable donations and other possible credits. We will always strive to help you understand and maximize your income based on your goals.

We can provide you with insights on the tax aspects of retirement planning, such as contributions to and withdrawals from Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). We will consult with you and advise the appropriate times to withdraw from any of these accounts.

Our team at Ada Chan CPA will help you understand the tax implications in relation to buying, selling and renting real estate, this includes understanding that your primary residence’s exemption from tax implications and how your real estate rentals whether short term or long term will have an impact on your tax reporting.