#what are rrsp

[wetslug]

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[six-of-ravens]

so i need to cancel my super expensive "gift from rich grandpa" life insurance policy this year (should've done it ages ago but my insurance agent is my uncle and you know. after my parents extensive financial issues i didn't want them to Judge Me...)

when i told my aunt (from the other side of the family) about that she said "oh hey maybe you'll get a bit of money back since you've been paying into it for 8 years ;)" and i was like oh yay that'd be cool! get a lil money back...at the very least not have to pay a ton every year. and then today dad was like "well you might have to pay a penalty for cancelling" like aaaaggggghhhhhhh don't do this to meeeee

[yarnings]

I don’t want to clog up the post with all sorts of location-specific information, but I saw a good post this morning that pointed out the inherent financial vulnerability with being a stay-at-home-parent, and how social security and pensions mean that if you split with your partner, even if you divide assets, you’ll be at a huge financial disadvantage later in life. And as a stay-at-home parent who has sat down and crunched the numbers, I wanted to throw some advice into the ring.

In Canada there are two great options for retirement savings - RRSPs and TFSAs (before you challenge me on the latter - TFSAs can be better than RRSPs, because you have to pay taxes on money that you take out of your RRSP later in life. If you’re not making much taxable income, like if you’re a grad student so a lot of your income isn’t taxable, you’re likely better off putting your savings in a TFSA and never paying tax on them than putting them in an RRSP, using up your contribution room and then paying taxes on it later in life.)

TFSAs are on a per-person basis. My husband and I have separate ones. We always used to put money in them symmetrically, meaning that I had exactly as much money that he couldn’t touch as he had that I couldn’t touch, but you if you haven’t maxed yours out, you may want to consider a split that puts more money in the non-income earning partner’s account. And if you don’t know exactly what kind of scenarios I’m talking about when I say you have to be careful about taking money out and then putting more money in to a TFSA, please make sure you check with a financial advisor before you take money out.

RRSPs are also on a per-person basis, and you can only contribute within your contribution room (I asked, no we aren’t allowed to use my RRSP contribution room to reduce my husband’s taxes. I know it’s obvious, but I bet I’m not the only one who wondered, just in case.) However, you don’t have to contribute to your own RRSP. Spousal RRSPs exists. (Yes, you need to be married or common-law, it’s not just “anyone I claim as a dependent”.) So to balance out my husband’s pension, he contributes (using his RRSP contribution room) to an RRSP in my name. (Because it’s a spousal RRSP I will apparently be able to take money out after a certain amount of time, I don’t have to wait until I’m 65, which isn’t just useful from weird tax-avoidance reasons that I’m not particularly interested in, but if I suddenly find myself needing an income stream.)

Were the RRSP shenanigans set up to avoid taxes for rich people? Almost certainly. But that’s not a good reason not to take advantage of it to make sure that you have money in your own name!

[intlstudents]

Office Receptionist

Location

Brampton, ON

 

BenefitsPulled from the full job description

Designated paid holidays

RRSP match

Tuition reimbursement

Full job description

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Dawn Foods is a global leader in bakery manufacturing and ingredients distribution. As the partner of choice for inspiring bakery success, we help customers grow their business through meaningful partnerships, research-driven insights and innovations, and products and expertise they can depend on. As a family-owned company, our commitments to our people, products, customers, and corporate values, are all part of our recipe for success.

_

Why work for Dawn Foods?

PEOPLE. PRODUCTS. CUSTOMERS.

Why should you apply? We invest in you!

Industry-leading health insurance after 30 days

Competitive Pay

Generous company retirement benefit contributions

10 Paid Company Holidays

3 weeks of vacation each year

Professional training

Family-owned business over 100 years in service

An opportunity for career advancement, working as part of an empowering workforce

What will you do as an Office Receptionistat Dawn Foods?

Answer all incoming telephone calls, direct appropriately and/or take messages

Meet and greet all visitors and provide assistance as required

Oversee and control all office courier services in accordance with standard operating procedures

Manage incoming and outgoing mail and upkeep of postage equipment

Manage invoices in AP system related to Brampton location

Maintain adequate stock of all office and building supplies and control the supply room.

Assist Customer Service team members when needed.

What Does It Take to be an Office Receptionist at Dawn Foods?

Below are the minimum qualifications to be a fit for this job.

Minimum 1 year of experience in an administrative role

Detail oriented and have the ability to work independently and complete objectives.

High School Diploma or GED.

Ability to multi-task

Maintain confidentiality

Proficient in Microsoft Office, including Excel, Word, PowerPoint, Outlook and Teams.

SAP experience preferred but not required.

Physical Demands & Work Environment

The physical demands described here are representative of those that must be met by a Team Member to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Ability to work in a professional office environment. Will be expected to work onsite.

Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and the ability to focus

Note: The level of physical effort may vary from site to site and in some cases be greater or lesser than documented here.

If this sounds like the opportunity that you have been looking for, please click "Apply.”

About Our Benefits

Dawn is proud to employ the top talent in the baking industry, and we reward our people with competitive compensation packages and award-winning benefit offerings. We also help protect our Team Members’ future financial health with a generous RRSP matching program that provide additional retirement funds and many tools and resources on financial wellness. The contributions start from your first pay. Dawn also encourages professional growth through tuition assistance and educational programs, and we are always searching for ways to improve our industry-leading services and benefits.

Compensation: $41,430 - $62,150 Annual Salary

_

An Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability, pregnancy, sexual orientation, gender identity/gender expression, citizenship status, military or veteran status, genetic information or any other status or condition that is protected by applicable law.

[bracefinancialservices]

🌟 Discover the Power of an RRSP in British Columbia! 🌟

Are you looking to secure your financial future? An RRSP (Registered Retirement Savings Plan) is a fantastic way to save for retirement while enjoying some amazing tax benefits. Here’s what you need to know:

💡 What is an RRSP? An RRSP is a retirement savings account that offers tax-deferred growth on your investments. Contributions you make are tax-deductible, which means you can reduce your taxable income and potentially get a bigger refund! 🎉

📈 Benefits of an RRSP: Tax Savings: Contributions lower your taxable income. Tax-Deferred Growth: Your investments grow without being taxed until withdrawal. Retirement Security: Provides a steady income during retirement.

🔍 How Does It Work? Contribute Regularly: Make regular contributions to maximize your savings. Invest Wisely: Choose from a variety of investment options like Mutual Funds, Bonds, and GIC. Withdraw Smartly: Plan your withdrawals strategically to manage your tax impact.

🏦 Why Choose Brace Financial Services? At Brace Financial, we’re here to guide you every step of the way. Our experts will help you create a personalized RRSP strategy that fits your financial goals. Let's secure your future together! 💪

[scarlettqagain]

Finally sorted my oh so grown up retirement savings through work. Have been paying into it for 7 years. Figured I would look at it but then I realized I didn’t have a clue how to get into it.

Cpl phones and my full legal name later. Yep…It’s a RRSP/DDSP. I bumped up the percentage. See what that does.

Will be 10 yrs with my company this summer. Retirement saving plan says Sept. 1, 2040 is the day I eat fancy cake. Wonder what kind it will be….

[dollfairy]

far be it for me to be glib and flippant to someone's face, especially when they're dealing w heavy shit, but I had to deal w someone I so thoroughly wanted to tell that "that sounds like a you problem"

like okay their mother passed and they're settling the estate and the mom made all four of her children co-liquidators, which in this province means they all have to come to sign (at least once)

and right off the bat, this woman was impatient, getting annoyed when I told her the next appointment was in a week (which is so much sooner than it used to be, and we're right at the RRSP deadline)

and then she starts getting snarky like "well some of us have work to think about" when I proposed the soonest date....she said that to me, a person actively at work, while she is not at work and is standing in front of me

so then I moved to the next extended evening hours and she keeps being snide like "well I don't even know what my hours are going to be in two weeks yet" okay???

since work is such an issue for her it seems, I then go to the next available Saturday, which is only in 2 weeks, and she's still huffing and puffing and saying her brother works Saturdays and he'll have to take off

and she is saying all of this like I am specifically inconveniencing her, and not like she is trying to make an appointment that fits four different adults' very different work schedules and availabilities, as if it's our fault that her mom made them all liquidators and we legally need them all there

[grouchythefish]

Do you have any advice for someone considering a job at Costco.?

I'm not sure if you mean advice for getting a job there, being sucessful there, or if it's a place you should work so I'm just gonna uhhhh, say a whole bunch of stuff and hopefully something here is what you wanted to know.

Disclaimer: I work at a costco in canada so I'm not sure how much of this is accurate if you live anywhere else. I've heard from people who have worked at other costcos that our location is a fairly relaxed one.

the bad:

compared to other retail jobs I feel much more scrutinized here

it isn't uncommon for people to be let go at the end of their 3 month probation or at the end of their seasonal contract. I've seen a lot of people I thought were good employees get let go.

the training is not great, you do kind of get thrown into things and expected to know things and then get in shit for not knowing things you were never told

If you aren't good at sales, don't work front end or membership because the expectations for marketing are high and you are very pressured to push membership upgrades and credit cards.

Everything goes by seniority so it can take a long time to move up the ranks or get into certain departments or even just get full time unless you apply to stuff that no one else wants to do (like food court)

Every new hire starts part time and at the bottom of the pay scale no matter what experience or education you have.

there is no giving your boss your "availability" you have to have fully open availability or they won't hire you.

The work itself is very rigid in how they want you to do things

most of my "good" things are going to be pay related because that is largely what motivated me to stay

there is SO much drama. So many people have been there 15+ year and they all have weird grudges with each other, and everyone is petty about random stuff, it feels like being in high school a lot of the time.

The good:

minwage where I live is $15/h, starting pay for Costcos here is $17.50

that $17.50 is a base pay and there are a lot of premiums depending on what you are doing: eg. sundays are an extra $4/h, if you are on a forklift you get an extra $2/h, if you are on cash you get an extra $1/h. So very often you're getting more than $17.50

You get a raise every 1000 hours you work

The benefits package is great - health benefits, rrsp matching, life insurance etc, it all kicks in around 6 months in.

if you are willing to learn multiple departments and make it clear to managers that you want to learn and are able to pick up extra shifts you will almost never have to worry about your hours being cut

Because they only promote internally there are opportunities to move up - supervisor pay is $30.50/h and I was able to get contract supervisor in under a year.

even if you never want to move up or get full time or pick up extra hours, just staying there is worthwhile in the long run because the payscale caps out at around $30/h and once you're there around 5+ years you start getting biannual bonuses (currently these are $3000-4000 twice a year)

once you are in you can transfer stores to anywhere in the country without having to start over

free membership for you + 3 family members

trans policies are good and also not good, it's complicated.

its a very active job which is good and also bad. My feet hurt like hell every day for months until my body got used to it but i no longer have the back problems that working at a desk 8 hours a day for 5 years gave me.

honestly I like working there because while I'm there I can just turn my brain off and do the work and once I'm not at work I don't even have to think about it which is a lot healthier for me than most of the salary jobs I had before this.

Sorry this is a lot of text, and also sorry if this wasn't what you were asking for. Feel free to message me if you wanna know anything more specific or just wanna talk about it.

[growfinancialy]

Financial education video lessons. Taxes. Tax Maturity of RRSP Chapter 3 9

Financial education video lessons. Taxes. Tax Maturity of RRSP Chapter 3 9 Good day everyone. Here is all most important video lessons for each topic what you can find in a book for students and customers' from ethics course. This is first course in to finance and insurance industry, essential for beginners. Also will be useful for who decide to buy a course and get a agent license for work financial industry. In any case all the information will be very useful for everyone who decide to study about finance. Here you can find a lot of free audio book, and video lections for start your study quickly. What will be more than enough for beginning. More comprehensive information you can get buy register with us to get the discount for the course, where you can get all the necessary information for get your licenses as soon as possible. More information you can find in other videos. Sorry for the low quality of video and some background noise, videos quite old but all the information still the same. All the videos was recorder live in simple lecture style. Welcome to a world of comprehensive financial education where renowned experts delve deep into the intricacies of finance, delivering insightful lessons, lectures, and tutorials tailored for beginners and students alike. Our curated collection of videos combines expertise from the world's best specialists with clear and understandable illustrations, ensuring that even complex financial concepts are easily grasped. From understanding the basics of budgeting and saving to exploring advanced investment strategies, each lesson is crafted to empower individuals with the knowledge and skills needed to navigate the financial landscape confidently. Join us on this educational journey and unlock the secrets to financial success and prosperity. For joining us: https://registration.wfglaunch.com/ Recruit reference: 302NYC #FinancialEducation, #Financemanagement, #PersonalFinancialtrainer, #InvestingEducation, #howtobecomewealthy, #FinancialLection, #howtobecomerich, #StudyFinanceonline, #howtogeneratemoney, #freefinanciallection, #freeeducation, #financialindustry, #freeEducationalVideos, #freeaudiobooks, #taxcanada, #taxstudy, #taxusa,

[personal-tax-accountant-bomcas]

Top Personal Tax Accountant Edmonton - BOMCAS Services Explained

The following article delves into the variety of services offered by BOMCAS, including specialized assistance for personal tax filing, corporate taxation, bookkeeping, payroll, GST/HST, estate and trust tax planning, and tax consultation. This roadmap is designed to provide potential and existing clients with insights into how BOMCAS stands apart from other accounting firms in Edmonton, framing their expertise within the context of tangible benefits such as streamlined tax filing processes, error reduction, and strategic planning for tax efficiency. Through client testimonials and an exploration of service offerings, this article aims to illustrate why BOMCAS is considered among the top Edmonton Accounting Firms, offering unmatched expertise in the realm of tax accounting services.

Comprehensive Personal Tax Services

Navigating the intricacies of personal tax in Canada can be a complex endeavor, especially for those unfamiliar with the system. BOMCAS, a premier Edmonton Personal Tax Accountant, excels in simplifying this process for its clients, ensuring compliance and maximization of returns.

Understanding Personal Tax

The Canadian tax system operates on a progressive scale, meaning the more you earn, the higher the tax rate you will pay. This system combines both federal and provincial tax rates to calculate the total tax liability. Key components of the system include:

Tax Year and Filing Deadlines: The tax year in Canada runs from January 1 to December 31, with personal income tax returns due by April 30 of the following year. For self-employed individuals, the deadline extends to June 15, although any taxes owed must still be paid by April 30.

Deductions and Credits: A variety of deductions and credits are available that can significantly reduce the amount of tax owed. These include childcare expenses, medical expenses, tuition fees, and contributions to Registered Retirement Savings Plans (RRSPs).

Filing Options: Taxpayers have the choice to file their tax returns electronically through the CRA’s online services or via paper mail. Electronic filing is recommended for its efficiency and quicker processing times.

Step-by-step Tax Filing Process

For those preparing to file their taxes, whether new to the workforce or seasoned earners, understanding the step-by-step process can demystify the experience and ensure all necessary steps are followed:

Gather Documentation: Collect all relevant financial documents. This includes T4 slips from employers, receipts for eligible deductions and credits, and any other pertinent financial records.

Choose Filing Method: Decide whether to file electronically or on paper. Electronic filing using CRA-approved software can expedite the process and typically results in faster refunds.

Understand Taxable Income: It’s crucial to identify all sources of income, as well as understand what deductions and credits you are eligible to claim. This will influence the final amount of tax payable.

Submit the Tax Return: Once all information is compiled and the tax return is completed, submit it to the CRA by the designated deadline. If using electronic filing, responses from the CRA are typically quicker.

Store Records: Keep all tax-related documents for at least six years from the date of filing. This is important in case the CRA requests further information or in the event of an audit.

By leveraging the expertise of BOMCAS, individuals can navigate the tax season with confidence, ensuring all aspects of their tax filing are handled professionally and efficiently. This personalized approach not only simplifies the process but also optimizes financial outcomes, making BOMCAS a top choice for personal tax services in Edmonton.

Corporate Tax Services

Corporate Tax Preparation Service

Corporate tax preparation involves a detailed understanding of both federal and provincial tax laws to ensure compliance and optimize financial outcomes. In Alberta, all incorporated businesses with a permanent establishment are required to pay income tax on the portion of their taxable income allocated to the province. This includes various deductions and credits that can be claimed differently at provincial and federal levels.

The process includes the submission of the Alberta corporate income tax return (AT1), which can be filed electronically using certified software. This method not only provides immediate receipt confirmation but also ensures faster processing and convenience. For corporations with gross revenue exceeding $1 million, net filing of the AT1 is mandatory.

Compliance and Regulation Expertise

Navigating the complexities of corporate tax requires expertise in various compliance and regulatory requirements. The Alberta Corporate Tax Act outlines the specifics of calculating corporate income tax, which includes provisions for the Alberta small business deduction and other incentives like the Innovation Employment Grant (IEG). Starting from January 1, 2021, qualified corporations can claim the IEG, which is equal to 8% of eligible expenditures for scientific research and experimental development carried out in Alberta.

Moreover, compliance extends to ensuring all filings are done accurately and on time. For instance, corporations are required to file an AT1 if they had a permanent establishment in Alberta at any time during the taxation year. Tax preparers must net file all AT1s, ensuring adherence to regulations and avoiding penalties.

By leveraging the expertise of a knowledgeable tax partner like BOMCAS, corporations can navigate these regulations efficiently, ensuring compliance while optimizing their financial strategies. This not only aids in maintaining good standing with tax authorities but also supports strategic financial planning and growth.

Bookkeeping Services

Detailed Bookkeeping Solutions

BOMCAS delivers detailed bookkeeping solutions that cater to the specific needs of businesses in Edmonton. Their services are designed to provide clear and transparent financial visibility, crucial for the success of any growing business. By utilizing powerful cloud bookkeeping software, BOMCAS ensures highly accurate monthly financial statements. The team of experts at BOMCAS handles all financial documentation from balance sheets and cash flow statements to income statements, providing businesses with a comprehensive view of their performance throughout the year.

The process at BOMCAS involves taking receipts, invoices, and day-to-day transactions and converting them into actionable financial information. This meticulous approach allows businesses to make informed decisions based on accurate financial data. Additionally, BOMCAS offers services such as forecasting, budgeting, financing preparations, and covenant monitoring to help businesses navigate the changing landscape and build a sustainable future.

Year-end Financial Reporting

As the fiscal year draws to a close, BOMCAS provides exceptional year-end financial reporting services to ensure businesses are well-prepared for tax season and future financial planning. They offer a variety of year-end services including the preparation of year-end financial statements, both monthly and quarterly, for management reporting. This not only helps in keeping the financials in check but also aids in strategic decision-making.

The year-end services extend to performing periodical analysis of financial statements to identify key trends and variances. BOMCAS's expertise allows them to offer advice on overhead distribution and break-even points, which are crucial for financial optimization. Additionally, their services include internal-control reviews, financial analyses, cash-flow budgeting, and ratio analysis, all tailored to enhance the financial health of the business.

Moreover, BOMCAS goes beyond traditional bookkeeping by providing group consolidated financial statements and specialized reports preparation. These services are invaluable for businesses that require precise and detailed financial information for banks or potential investors. By offering comprehensive insights and strategic advice, BOMCAS ensures that businesses not only meet their compliance requirements but also excel in their financial operations.

Payroll Services

Comprehensive Payroll Services

BOMCAS offers a tailored approach to payroll services, catering specifically to the diverse needs of businesses across various industries. Their expertise extends to handling complex payroll requirements for large corporations in sectors like Energy, Pipeline, and Utilities, as well as providing personalized services to locally owned small businesses [5]. This versatility ensures that each client receives solutions perfectly aligned with their operational demands.

Employer of Record services by BOMCAS streamline the payroll process significantly. Businesses can offload the administrative burden of employment responsibilities, such as managing payroll taxes and ensuring compliance with labor laws, thus freeing up valuable resources to focus on core business activities [5]. This comprehensive service model simplifies client operations and enhances efficiency.

Efficient Payroll Administration

BOMCAS excels in Managed Payroll services, offering reliable support for businesses needing temporary or long-term payroll management solutions. Whether filling in for an absent payroll administrator or taking over the payroll duties entirely, BOMCAS ensures accuracy and timeliness in employee payments, which is crucial for maintaining morale and operational harmony.

A key component of their service is the Payroll Compliance Review, which evaluates a company's payroll processes to identify and eliminate inefficiencies. By streamlining operations and removing redundant procedures, businesses can achieve cost savings and improved productivity, ensuring that their payroll operations contribute positively to their overall success.

Moreover, BOMCAS stays updated with the latest payroll regulations and legislative changes in Canada. This proactive approach not only ensures compliance but also minimizes audit risks, providing peace of mind for business owners concerned about adhering to complex payroll laws.

By leveraging BOMCAS's payroll services, companies can focus more on strategic growth and less on administrative tasks, knowing that their payroll needs are managed effectively and compliantly. This support is integral for businesses aiming to thrive in competitive markets and maintain a satisfied workforce.

GST/HST Services

GST/HST Reporting

BOMCAS provides comprehensive services for the reporting and remittance of Goods and Services Tax (GST) and Harmonized Sales Tax (HST), ensuring compliance with current regulations. For GST/HST registrants, starting in 2024, electronic filing of returns is mandatory, except for charities and certain financial institutions. Failure to comply with this requirement may result in penalties, although these can be waived under specific conditions. Additionally, as of June 17, 2024, individuals with a Social Insurance Number starting with 9 can utilize the Business Registration Online service to obtain a business number and GST/HST account instantly, streamlining the registration process.

Businesses must also determine the appropriate rate to charge, manage receipts and invoices effectively, and learn the procedures for tax collection and remittance. Understanding these elements is crucial for maintaining compliance and optimizing financial strategies. BOMCAS guides clients through these processes, offering expert advice on calculating net tax, completing and filing returns, and understanding all available rebates, including those for housing and errors in GST/HST charges.

Maximizing GST/HST Credits

Maximizing GST/HST credits is pivotal for individuals and families, especially those with low to modest incomes. BOMCAS assists clients in navigating the complexities of these credits, which are designed to offset the GST or HST paid on purchases through tax-free quarterly payments. Eligibility for these credits is determined by net income or family net income, with income thresholds adjusted annually by the Canada Revenue Agency (CRA).

BOMCAS educates clients on the factors that affect the credit amount, such as income, marital status, and number of children. The firm provides assistance in using CRA tools and calculators to estimate the maximum annual payment one might receive, taking into account any additional provincial credits like the Ontario Sales Tax Credit. Clients are also advised on the benefits of opting for direct deposit to receive these credits, ensuring faster and more secure transactions.

Furthermore, BOMCAS emphasizes the importance of staying informed about eligibility for GST/HST credits, especially if there are changes in income or family circumstances. Regular updates from the CRA are crucial for ensuring that clients do not miss out on potential benefits. For families with children, understanding how child benefits interact with GST/HST credits is also vital for comprehensive financial planning.

By leveraging BOMCAS's expertise in GST/HST services, clients can effectively manage their tax obligations and maximize their financial benefits, ensuring a smoother and more beneficial interaction with Canada's tax system.

Estate and Trust Tax Services

Estate Planning

Estate planning is essential for ensuring that one's financial wishes are honored and that loved ones are provided for in an organized and legally sound manner. BOMCAS excels in assisting clients with the creation of comprehensive estate plans, which include Wills, Personal Directives, and Powers of Attorney. These documents are crucial for specifying how one's assets should be handled and who should make decisions in case of incapacity.

A Will is fundamental in estate planning, directing the distribution of assets and the guardianship of minors. It appoints an executor who will manage the estate and ensure that the decedent's wishes are executed. Personal Directives are equally important, designating an agent to make personal and healthcare decisions if the individual becomes unable to do so themselves. This directive activates only upon the determined loss of mental capacity. Additionally, a Power of Attorney allows appointed individuals to manage financial affairs, addressing needs that range from real estate to tax matters.

Estate planning is not just for the wealthy; it's a crucial step for anyone looking to secure their financial legacy and reduce the burden on family members. BOMCAS provides expert guidance through this process, ensuring clarity and peace of mind for clients as they make these important decisions.

Trust Management and Taxation

Trusts offer a flexible way to manage and transfer assets, providing potential tax advantages and ensuring that wealth is distributed according to the settlor's wishes. BOMCAS offers specialized services in managing various types of trusts, including living trusts and family trusts, which can be funded with diverse assets such as cash, real estate, investments, and personal property.

The strategic use of trusts can significantly reduce the tax burden on an estate. For instance, income splitting allows income to be distributed to beneficiaries in lower tax brackets, effectively lowering the overall tax liability. Moreover, trusts can utilize exemptions and deductions such as the capital gains exemption, which can be particularly beneficial for assets like small business corporation shares.

Living trusts, in particular, provide several benefits. They can bypass probate, leading to faster and potentially less costly transfers upon death. They also allow for controlled distribution of assets, which can be crucial for planning the inheritance of minors or managing the care of disabled family members. BOMCAS guides clients through the complexities of trust creation and management, ensuring that all legal and tax-related aspects are handled proficiently.

By leveraging the expertise of BOMCAS in estate and trust tax services, clients can effectively plan for the future, safeguarding their assets and ensuring their wishes are respected, all while optimizing financial outcomes and compliance with tax laws.

Tax Planning and Consultation

Tax Saving Strategies

Tax planning is a critical service offered by BOMCAS, focusing on minimizing tax liability and maximizing financial savings for clients. The approach involves analyzing various financial scenarios and options to create an optimal strategy tailored to individual needs. BOMCAS excels in employing strategies such as the use of trusts, charitable contributions, and gifting which significantly reduce the taxable income of estates.

For businesses, especially small enterprises, navigating tax obligations can unveil opportunities for enhanced profitability. BOMCAS provides specialized tax planning services that help businesses understand and implement effective tax strategies. This includes advice on deductions and credits that lower tax brackets and overall tax bills, which are crucial for maintaining a healthy bottom line.

Financial Planning

At BOMCAS, financial planning is integrated with tax planning to ensure that all aspects of a client's financial life are aligned with their tax strategy. This holistic approach not only focuses on immediate tax savings but also on long-term financial health. Services include retirement planning, where BOMCAS advises on optimizing returns and minimizing tax liabilities through vehicles like RRSPs and TFSAs.

For individuals and families, BOMCAS helps in maximizing GST/HST credits, which can be a significant benefit for those with lower to modest incomes. The firm ensures clients are well-informed about their eligibility and the potential financial benefits, helping them make informed decisions about their tax situations [7].

BOMCAS is recognized as a leading Edmonton Personal Tax Accountant, providing comprehensive tax and financial planning services that cater to a diverse range of needs, from individual tax filing to complex corporate financial strategies.

Client Testimonials

"Don't just take our word for it; here's what some of our clients had to say about your top Canadian Accountant," begins the testimonial section, highlighting the voices of satisfied clients who have experienced the exceptional services offered by BOMCAS.

Client Experiences

One client shared, "Thanks to the Company in Solving a Difficult Problem!" This statement reflects the problem-solving capabilities of BOMCAS, where complex financial issues are addressed with expertise [14]. Another testimonial emphasizes the breadth of services provided: "Bomcas Edmonton Accounting and Tax Services have done my Personal Tax for the past years. Their Personal Income Tax Accountant are well qualify and experience. For my Corporation they have also done my corporate Tax and bookkeeping. I believe they are one of the Best Accounting and Tax Services in Edmonton Alberta. I would recommend anyone or any corporation to get their Bookkeeping done her and their Personal Income Tax Preparation and Filing and Corporation Taxes done here. They provide all the accounting and tax services your will need in Edmonton. I would say they are a full service accounting firm with professionals that understand Canadian tax laws. I said this because they work in my best interest to get the maximum refund possible. Also i have have get a few audits and they were able to completed all these for me with no problems. All year round I was able to get service and updates ets. The Best Income Tax Services in Edmonton Alberta Canada they are Bomcas Accounting and Tax Services. See you soon".

Real-life Success Stories

At BOMCAS, the team prides itself on providing exceptional accounting and tax services to individuals and businesses in Edmonton and the surrounding areas. The dedicated team of professional accountants is committed to helping clients achieve financial success through personalized and comprehensive financial solutions. One client's reflection encapsulates this commitment: "Here's what our clients have to say about their experiences with BOMCAS". This highlights the real-life success stories emerging from their partnership with BOMCAS, where tailored financial strategies lead to tangible benefits and enhanced financial security for clients.

These testimonials and stories not only underline the proficiency and client-centered approach of BOMCAS but also reinforce their status as a top Edmonton Personal Tax Accountant, dedicated to serving the community with integrity and expertise.

Conclusion

Throughout this comprehensive exploration of BOMCAS's plethora of services, it's evident that their expertise in the realms of personal and corporate taxation, bookkeeping, payroll, GST/HST, and estate and trust tax planning places them at the pinnacle of tax accounting in Edmonton. The detailed walkthrough from personal tax systems to intricate corporate financial management strategies underscores the pivotal role BOMCAS plays in demystifying and navigating the complexities of tax legislation, thereby ensuring compliance and financial optimization for their broad client base.

In encapsulating the virtues and services provided by BOMCAS, it becomes clear why they are esteemed as a leading choice for individuals and businesses alike, seeking to secure their financial integrity and foster growth through informed decisions. BOMCAS is Edmonton Personal Tax Accountant that stands ready to assist with unparalleled professionalism and dedication, reinforcing their commitment to financial excellence and client satisfaction. As we conclude this deep dive into their offerings, the imperative for potential and existing clients to leverage such expertise becomes ever more discernible, inviting them to step into a partnership defined by integrity, innovation, and unsurpassed service quality.

FAQs

1. What distinguishes a tax specialist from a tax accountant? A tax specialist, also known as a tax expert or advisor, primarily focuses on interpreting tax laws and optimizing a company's tax responsibilities. Their role involves strategic tax planning and handling tax disputes, which goes beyond the routine tasks typically associated with tax accountants.

2. How much can top tax accountants earn? The earnings of top tax accountants can vary widely based on factors such as location, experience, and the size of the firm they work for. Specific salary figures are not provided here.

3. Which firm is considered the best for tax accounting services? As of 2025, the best accounting firms for tax services include:

PwC (PricewaterhouseCoopers) LLP, with a score of 8.628.

Deloitte, with a score of 8.471.

Other notable firms ranked include KPMG LLP and several others, each scored and ranked based on their performance and reputation in the field.

4. What is the maximum salary a tax accountant can earn? In India, the salary for a tax accountant can range from ₹ 1.2 Lakhs to ₹ 11.5 Lakhs per year, with an average annual salary of approximately ₹ 5.5 Lakhs. These figures are based on the latest salary data collected from tax accountants.

References

Accounting Firm Canada | BOMCAS

[wetslug]

finance bros. what % of my monthly income should go automatically to my RRSP and/or TFSA. i dont know what these things mean and im scared

[six-of-ravens]

okay, mild "what I've done over the 2 days I wasn't blabbing my whole life online" update bc I drank "high caffeine" tea at 8:30pm and. usually caffeine doesn't affect me but NOW IT IS:

yesterday was boring, most interesting thing was that I finally refilled my prescription and then went to Michaels as a reward (got a spiderweb tablecloth and tea towels at a steep discount) and then hit one of those stupid little concrete curb-median things in the parking lot and undid all the good work the dealership did in realigning my wheels.

beat Portal and started Portal 2!

the zucchini cake was a SUCCESS! I still have literally three quarters of that zucchini left though. apparently you can freeze grated zucchini though, so I might do that and then I can make more cake/cupcakes/muffins/whatever later on

mom's birthday went well, I got encouragement from the family to at least talk to my uncle/someone at his office about cancelling my life insurance so that was.... unexpected but good. Having a family member as an insurance agent is sometimes convenient but sometimes awkward and intimidating

I am also slowly being convinced to start an RRSP instead of a TFSA for my retirement. my aunt is finally explaining it in a way that makes sense (also: tax. breaks. taaaaax breaks. tax breaks.)

started Hummingbird Salamander and I'm enjoying it immensely

Aunt wants to do the same hike I did with a friend back in 2020, which will be nice bc when the friend and I went it was a) super busy so it was hard to take photos and b) raining off and on and therefore not very pleasant. She also wants to go see the suspension bridge nearby which we missed for some reason on our hike (I think I was confused about how to get to it) so that'll be fun. I am extremely worried about bears though, since a couple of seasoned backwoods hikers were attacked and killed a few weeks ago even though they did everything "right" when the bear approached.

and finally, they were selling frozen "leg of mutton" in the grocery store today and I almost said "wow, they sell murder weapons now?!" out loud. which would've been just so great since there was a very suspicious security guard marching around (for no reason I could tell, except maybe to arrest me for referencing the Roald Dahl murder mystery).

[bomcasltd]

BOMCAS - Edmonton Personal Tax Accountant

Navigating the complex world of personal and corporate taxation requires expert guidance to ensure compliance and optimize financial outcomes. BOMCAS, a leading Personal Tax Accountant Edmonton, specializes in delivering comprehensive tax solutions tailored to meet the unique needs of individuals and businesses alike. With a deep understanding of tax laws and regulations, BOMCAS stands at the forefront of tax accounting services, helping clients navigate the complexities of filing returns, claiming deductions, and planning for the future. The importance of selecting a proficient tax partner cannot be overstated, as it directly impacts financial health and compliance.

The following article delves into the variety of services offered by BOMCAS, including specialized assistance for personal tax filing, corporate taxation, bookkeeping, payroll, GST/HST, estate and trust tax planning, and tax consultation. This roadmap is designed to provide potential and existing clients with insights into how BOMCAS stands apart from other accounting firms in Edmonton, framing their expertise within the context of tangible benefits such as streamlined tax filing processes, error reduction, and strategic planning for tax efficiency. Through client testimonials and an exploration of service offerings, this article aims to illustrate why BOMCAS is considered among the top Edmonton Accounting Firms, offering unmatched expertise in the realm of tax accounting services.

Comprehensive Personal Tax Services

Navigating the intricacies of personal tax in Canada can be a complex endeavor, especially for those unfamiliar with the system. BOMCAS, a premier Edmonton Personal Tax Accountant, excels in simplifying this process for its clients, ensuring compliance and maximization of returns.

Understanding Personal Tax

The Canadian tax system operates on a progressive scale, meaning the more you earn, the higher the tax rate you will pay. This system combines both federal and provincial tax rates to calculate the total tax liability [1]. Key components of the system include:

Tax Year and Filing Deadlines: The tax year in Canada runs from January 1 to December 31, with personal income tax returns due by April 30 of the following year. For self-employed individuals, the deadline extends to June 15, although any taxes owed must still be paid by April 30 [1].

Deductions and Credits: A variety of deductions and credits are available that can significantly reduce the amount of tax owed. These include childcare expenses, medical expenses, tuition fees, and contributions to Registered Retirement Savings Plans (RRSPs) [1].

Filing Options: Taxpayers have the choice to file their tax returns electronically through the CRA’s online services or via paper mail. Electronic filing is recommended for its efficiency and quicker processing times [1].

Step-by-step Tax Filing Process

For those preparing to file their taxes, whether new to the workforce or seasoned earners, understanding the step-by-step process can demystify the experience and ensure all necessary steps are followed:

Gather Documentation: Collect all relevant financial documents. This includes T4 slips from employers, receipts for eligible deductions and credits, and any other pertinent financial records [1].

Choose Filing Method: Decide whether to file electronically or on paper. Electronic filing using CRA-approved software can expedite the process and typically results in faster refunds [1].

Understand Taxable Income: It’s crucial to identify all sources of income, as well as understand what deductions and credits you are eligible to claim. This will influence the final amount of tax payable [1].

Submit the Tax Return: Once all information is compiled and the tax return is completed, submit it to the CRA by the designated deadline. If using electronic filing, responses from the CRA are typically quicker [1].

Store Records: Keep all tax-related documents for at least six years from the date of filing. This is important in case the CRA requests further information or in the event of an audit [1].

By leveraging the expertise of BOMCAS, individuals can navigate the tax season with confidence, ensuring all aspects of their tax filing are handled professionally and efficiently. This personalized approach not only simplifies the process but also optimizes financial outcomes, making BOMCAS a top choice for personal tax services in Edmonton.

Corporate Tax Services

Corporate Tax Preparation Service

Corporate tax preparation involves a detailed understanding of both federal and provincial tax laws to ensure compliance and optimize financial outcomes. In Alberta, all incorporated businesses with a permanent establishment are required to pay income tax on the portion of their taxable income allocated to the province. This includes various deductions and credits that can be claimed differently at provincial and federal levels [2].

The process includes the submission of the Alberta corporate income tax return (AT1), which can be filed electronically using certified software. This method not only provides immediate receipt confirmation but also ensures faster processing and convenience [2]. For corporations with gross revenue exceeding $1 million, net filing of the AT1 is mandatory [2].

Compliance and Regulation Expertise

Navigating the complexities of corporate tax requires expertise in various compliance and regulatory requirements. The Alberta Corporate Tax Act outlines the specifics of calculating corporate income tax, which includes provisions for the Alberta small business deduction and other incentives like the Innovation Employment Grant (IEG). Starting from January 1, 2021, qualified corporations can claim the IEG, which is equal to 8% of eligible expenditures for scientific research and experimental development carried out in Alberta [2].

Moreover, compliance extends to ensuring all filings are done accurately and on time. For instance, corporations are required to file an AT1 if they had a permanent establishment in Alberta at any time during the taxation year. Tax preparers must net file all AT1s, ensuring adherence to regulations and avoiding penalties [2].

By leveraging the expertise of a knowledgeable tax partner like BOMCAS, corporations can navigate these regulations efficiently, ensuring compliance while optimizing their financial strategies. This not only aids in maintaining good standing with tax authorities but also supports strategic financial planning and growth.

Bookkeeping Services

Detailed Bookkeeping Solutions

BOMCAS delivers detailed bookkeeping solutions that cater to the specific needs of businesses in Edmonton. Their services are designed to provide clear and transparent financial visibility, crucial for the success of any growing business. By utilizing powerful cloud bookkeeping software, BOMCAS ensures highly accurate monthly financial statements. The team of experts at BOMCAS handles all financial documentation from balance sheets and cash flow statements to income statements, providing businesses with a comprehensive view of their performance throughout the year [3].

The process at BOMCAS involves taking receipts, invoices, and day-to-day transactions and converting them into actionable financial information. This meticulous approach allows businesses to make informed decisions based on accurate financial data. Additionally, BOMCAS offers services such as forecasting, budgeting, financing preparations, and covenant monitoring to help businesses navigate the changing landscape and build a sustainable future [3].

Year-end Financial Reporting

As the fiscal year draws to a close, BOMCAS provides exceptional year-end financial reporting services to ensure businesses are well-prepared for tax season and future financial planning. They offer a variety of year-end services including the preparation of year-end financial statements, both monthly and quarterly, for management reporting. This not only helps in keeping the financials in check but also aids in strategic decision-making [4].

The year-end services extend to performing periodical analysis of financial statements to identify key trends and variances. BOMCAS's expertise allows them to offer advice on overhead distribution and break-even points, which are crucial for financial optimization. Additionally, their services include internal-control reviews, financial analyses, cash-flow budgeting, and ratio analysis, all tailored to enhance the financial health of the business [4].

Moreover, BOMCAS goes beyond traditional bookkeeping by providing group consolidated financial statements and specialized reports preparation. These services are invaluable for businesses that require precise and detailed financial information for banks or potential investors. By offering comprehensive insights and strategic advice, BOMCAS ensures that businesses not only meet their compliance requirements but also excel in their financial operations [4].

Payroll Services

Comprehensive Payroll Services

BOMCAS offers a tailored approach to payroll services, catering specifically to the diverse needs of businesses across various industries. Their expertise extends to handling complex payroll requirements for large corporations in sectors like Energy, Pipeline, and Utilities, as well as providing personalized services to locally owned small businesses [5]. This versatility ensures that each client receives solutions perfectly aligned with their operational demands.

Employer of Record services by BOMCAS streamline the payroll process significantly. Businesses can offload the administrative burden of employment responsibilities, such as managing payroll taxes and ensuring compliance with labor laws, thus freeing up valuable resources to focus on core business activities [5]. This comprehensive service model simplifies client operations and enhances efficiency.

Efficient Payroll Administration

BOMCAS excels in Managed Payroll services, offering reliable support for businesses needing temporary or long-term payroll management solutions. Whether filling in for an absent payroll administrator or taking over the payroll duties entirely, BOMCAS ensures accuracy and timeliness in employee payments, which is crucial for maintaining morale and operational harmony [5].

A key component of their service is the Payroll Compliance Review, which evaluates a company's payroll processes to identify and eliminate inefficiencies. By streamlining operations and removing redundant procedures, businesses can achieve cost savings and improved productivity, ensuring that their payroll operations contribute positively to their overall success [5].

Moreover, BOMCAS stays updated with the latest payroll regulations and legislative changes in Canada. This proactive approach not only ensures compliance but also minimizes audit risks, providing peace of mind for business owners concerned about adhering to complex payroll laws [5].

By leveraging BOMCAS's payroll services, companies can focus more on strategic growth and less on administrative tasks, knowing that their payroll needs are managed effectively and compliantly. This support is integral for businesses aiming to thrive in competitive markets and maintain a satisfied workforce.

GST/HST Services

GST/HST Reporting

BOMCAS provides comprehensive services for the reporting and remittance of Goods and Services Tax (GST) and Harmonized Sales Tax (HST), ensuring compliance with current regulations. For GST/HST registrants, starting in 2024, electronic filing of returns is mandatory, except for charities and certain financial institutions. Failure to comply with this requirement may result in penalties, although these can be waived under specific conditions [6]. Additionally, as of June 17, 2024, individuals with a Social Insurance Number starting with 9 can utilize the Business Registration Online service to obtain a business number and GST/HST account instantly, streamlining the registration process [6].

Businesses must also determine the appropriate rate to charge, manage receipts and invoices effectively, and learn the procedures for tax collection and remittance [6]. Understanding these elements is crucial for maintaining compliance and optimizing financial strategies. BOMCAS guides clients through these processes, offering expert advice on calculating net tax, completing and filing returns, and understanding all available rebates, including those for housing and errors in GST/HST charges [6].

Maximizing GST/HST Credits

Maximizing GST/HST credits is pivotal for individuals and families, especially those with low to modest incomes. BOMCAS assists clients in navigating the complexities of these credits, which are designed to offset the GST or HST paid on purchases through tax-free quarterly payments. Eligibility for these credits is determined by net income or family net income, with income thresholds adjusted annually by the Canada Revenue Agency (CRA) [7].

BOMCAS educates clients on the factors that affect the credit amount, such as income, marital status, and number of children. The firm provides assistance in using CRA tools and calculators to estimate the maximum annual payment one might receive, taking into account any additional provincial credits like the Ontario Sales Tax Credit [7]. Clients are also advised on the benefits of opting for direct deposit to receive these credits, ensuring faster and more secure transactions [7].

Furthermore, BOMCAS emphasizes the importance of staying informed about eligibility for GST/HST credits, especially if there are changes in income or family circumstances. Regular updates from the CRA are crucial for ensuring that clients do not miss out on potential benefits. For families with children, understanding how child benefits interact with GST/HST credits is also vital for comprehensive financial planning [7].

By leveraging BOMCAS's expertise in GST/HST services, clients can effectively manage their tax obligations and maximize their financial benefits, ensuring a smoother and more beneficial interaction with Canada's tax system.

Estate and Trust Tax Services

Estate Planning

Estate planning is essential for ensuring that one's financial wishes are honored and that loved ones are provided for in an organized and legally sound manner. BOMCAS excels in assisting clients with the creation of comprehensive estate plans, which include Wills, Personal Directives, and Powers of Attorney. These documents are crucial for specifying how one's assets should be handled and who should make decisions in case of incapacity [8].

A Will is fundamental in estate planning, directing the distribution of assets and the guardianship of minors. It appoints an executor who will manage the estate and ensure that the decedent's wishes are executed [8]. Personal Directives are equally important, designating an agent to make personal and healthcare decisions if the individual becomes unable to do so themselves. This directive activates only upon the determined loss of mental capacity [8]. Additionally, a Power of Attorney allows appointed individuals to manage financial affairs, addressing needs that range from real estate to tax matters [8].

Estate planning is not just for the wealthy; it's a crucial step for anyone looking to secure their financial legacy and reduce the burden on family members. BOMCAS provides expert guidance through this process, ensuring clarity and peace of mind for clients as they make these important decisions [9].

Trust Management and Taxation

Trusts offer a flexible way to manage and transfer assets, providing potential tax advantages and ensuring that wealth is distributed according to the settlor's wishes. BOMCAS offers specialized services in managing various types of trusts, including living trusts and family trusts, which can be funded with diverse assets such as cash, real estate, investments, and personal property [10][11].

The strategic use of trusts can significantly reduce the tax burden on an estate. For instance, income splitting allows income to be distributed to beneficiaries in lower tax brackets, effectively lowering the overall tax liability. Moreover, trusts can utilize exemptions and deductions such as the capital gains exemption, which can be particularly beneficial for assets like small business corporation shares [11].

Living trusts, in particular, provide several benefits. They can bypass probate, leading to faster and potentially less costly transfers upon death. They also allow for controlled distribution of assets, which can be crucial for planning the inheritance of minors or managing the care of disabled family members. BOMCAS guides clients through the complexities of trust creation and management, ensuring that all legal and tax-related aspects are handled proficiently [10].

By leveraging the expertise of BOMCAS in estate and trust tax services, clients can effectively plan for the future, safeguarding their assets and ensuring their wishes are respected, all while optimizing financial outcomes and compliance with tax laws.

Tax Planning and Consultation

Tax Saving Strategies

Tax planning is a critical service offered by BOMCAS, focusing on minimizing tax liability and maximizing financial savings for clients. The approach involves analyzing various financial scenarios and options to create an optimal strategy tailored to individual needs [12]. BOMCAS excels in employing strategies such as the use of trusts, charitable contributions, and gifting which significantly reduce the taxable income of estates [12].

For businesses, especially small enterprises, navigating tax obligations can unveil opportunities for enhanced profitability. BOMCAS provides specialized tax planning services that help businesses understand and implement effective tax strategies. This includes advice on deductions and credits that lower tax brackets and overall tax bills, which are crucial for maintaining a healthy bottom line [13][12].

Financial Planning

At BOMCAS, financial planning is integrated with tax planning to ensure that all aspects of a client's financial life are aligned with their tax strategy. This holistic approach not only focuses on immediate tax savings but also on long-term financial health. Services include retirement planning, where BOMCAS advises on optimizing returns and minimizing tax liabilities through vehicles like RRSPs and TFSAs [13].

For individuals and families, BOMCAS helps in maximizing GST/HST credits, which can be a significant benefit for those with lower to modest incomes. The firm ensures clients are well-informed about their eligibility and the potential financial benefits, helping them make informed decisions about their tax situations [7].

BOMCAS is recognized as a leading Edmonton Personal Tax Accountant, providing comprehensive tax and financial planning services that cater to a diverse range of needs, from individual tax filing to complex corporate financial strategies.

Client Testimonials

"Don't just take our word for it; here's what some of our clients had to say about your top Canadian Accountant," begins the testimonial section, highlighting the voices of satisfied clients who have experienced the exceptional services offered by BOMCAS [14].

Client Experiences

One client shared, "Thanks to the Company in Solving a Difficult Problem!" This statement reflects the problem-solving capabilities of BOMCAS, where complex financial issues are addressed with expertise [14]. Another testimonial emphasizes the breadth of services provided: "Bomcas Edmonton Accounting and Tax Services have done my Personal Tax for the past years. Their Personal Income Tax Accountant are well qualify and experience. For my Corporation they have also done my corporate Tax and bookkeeping. I believe they are one of the Best Accounting and Tax Services in Edmonton Alberta. I would recommend anyone or any corporation to get their Bookkeeping done her and their Personal Income Tax Preparation and Filing and Corporation Taxes done here. They provide all the accounting and tax services your will need in Edmonton. I would say they are a full service accounting firm with professionals that understand Canadian tax laws. I said this because they work in my best interest to get the maximum refund possible. Also i have have get a few audits and they were able to completed all these for me with no problems. All year round I was able to get service and updates ets. The Best Income Tax Services in Edmonton Alberta Canada they are Bomcas Accounting and Tax Services. See you soon" [14].

Real-life Success Stories

At BOMCAS, the team prides itself on providing exceptional accounting and tax services to individuals and businesses in Edmonton and the surrounding areas. The dedicated team of professional accountants is committed to helping clients achieve financial success through personalized and comprehensive financial solutions. One client's reflection encapsulates this commitment: "Here's what our clients have to say about their experiences with BOMCAS" [15]. This highlights the real-life success stories emerging from their partnership with BOMCAS, where tailored financial strategies lead to tangible benefits and enhanced financial security for clients.

These testimonials and stories not only underline the proficiency and client-centered approach of BOMCAS but also reinforce their status as a top Edmonton Personal Tax Accountant, dedicated to serving the community with integrity and expertise.

Conclusion

Throughout this comprehensive exploration of BOMCAS's plethora of services, it's evident that their expertise in the realms of personal and corporate taxation, bookkeeping, payroll, GST/HST, and estate and trust tax planning places them at the pinnacle of tax accounting in Edmonton. The detailed walkthrough from personal tax systems to intricate corporate financial management strategies underscores the pivotal role BOMCAS plays in demystifying and navigating the complexities of tax legislation, thereby ensuring compliance and financial optimization for their broad client base.

In encapsulating the virtues and services provided by BOMCAS, it becomes clear why they are esteemed as a leading choice for individuals and businesses alike, seeking to secure their financial integrity and foster growth through informed decisions. BOMCAS is Edmonton Personal Tax Accountant that stands ready to assist with unparalleled professionalism and dedication, reinforcing their commitment to financial excellence and client satisfaction. As we conclude this deep dive into their offerings, the imperative for potential and existing clients to leverage such expertise becomes ever more discernible, inviting them to step into a partnership defined by integrity, innovation, and unsurpassed service quality.

FAQs

1. What distinguishes a tax specialist from a tax accountant? A tax specialist, also known as a tax expert or advisor, primarily focuses on interpreting tax laws and optimizing a company's tax responsibilities. Their role involves strategic tax planning and handling tax disputes, which goes beyond the routine tasks typically associated with tax accountants.

2. How much can top tax accountants earn? The earnings of top tax accountants can vary widely based on factors such as location, experience, and the size of the firm they work for. Specific salary figures are not provided here.

3. Which firm is considered the best for tax accounting services? As of 2025, the best accounting firms for tax services include:

PwC (PricewaterhouseCoopers) LLP, with a score of 8.628.

Deloitte, with a score of 8.471.

Other notable firms ranked include KPMG LLP and several others, each scored and ranked based on their performance and reputation in the field.

4. What is the maximum salary a tax accountant can earn? In India, the salary for a tax accountant can range from ₹ 1.2 Lakhs to ₹ 11.5 Lakhs per year, with an average annual salary of approximately ₹ 5.5 Lakhs. These figures are based on the latest salary data collected from tax accountants.

References

Accounting Firm Canada | BOMCAS

[otter1962crystalball]

The Addiction Lingers Like a Painful Reminder

June 17, 2024

Happy 17th day of Pride, everyone. Today, I am writing about how Dean’s addiction continued to affect me and how it almost destroyed me.

I wrote yesterday that I had to get my lawyer to move things along. Since Dean was on title, it made it more complicated to get resolution. This meant that finding an end would take more than a year. During that time, my life became a nightmare.

Dean quickly kept the outside access doors barred. He also nailed boards against the door that I used to use to go downstairs. I had to basically have his permission to access my washer and dryer or any of my storage items. I’m not sure what Dean did, but my washer refused to work. It was broken. With resignation, I bought a new pair of washer and dryer. I had to make sure that I had access to have them installed, which happened, but I couldn’t use them often enough.

My evenings after work consisted of watching the stream of men coming and going from the basement. He also now had a “boyfriend” who was staying with him in the basement. This guy was nasty to me. There was no way I could convince Dean to leave - even though I told him that he hadn’t paid anything for almost a year. He and his boyfriend would sit there stoned and sneered at me until I broke down in tears or left in desperation.

One day, I went to the workshop side of the basement and knocked. Dean wasn’t there or in the other side so I tried the door and found it unlocked. When I walked in, I was dumbstruck. There was trash everywhere and needles strewn all over. There were tin foil spoons with burned crystal all over the place. There was a sleeping bag in the closet with some stranger’s clothes. The sling was hung where he had installed it as well. As I approached the sling area, I noticed that Dean had used a knife to tear open a heating vent to let heat in as there was no heat on that side. The workshop reeked of drugs, body odour and shit. There were also the beginnings of a crystal meth making kit. I took pictures of everything and left. That was the last time that I had access to the basement. I would never know what was going on down there.

Yes, I called the police and told them about the crystal meth lab, but no one cared. No policeman ever came to my door. I would sit up at nights worried that the house would blow up, killing me and my pets, along with Dean and who ever was down there. Men still came to my door so much that I stopped answering the door. There were even times when Dean would not leave the house. We used texting to communicate and the sound that my phone made when a text from Dean came in, made me literally sick to my stomach to hear. I had to change the sound for my own sanity. There were several times when there was not a sound in the basement for days one end, but I knew that Dean was there. Sometimes he wouldn’t answer my texts. I could hear the text coming in on his phone through the floor but no answer. At least three times in that year, I thought that Dean had died of an overdose in my basement. Just when I was about to break down the door, he would be there to confront me. The last time he mumbled about needing money so he could go to the Downtown East Side of Vancouver to get some heroin. It seemed he was now addicted to that as well. His friend who got him addicted disappeared so I never found out what happened to him. He most likely died of his cancer.

The day came when we had a Discovery Meeting between my lawyer and I on one side of the table and Dean and his lawyer on the other side. The judge sat at the end of the table. My lawyer presented my offer and a request that the house be put in my name. His counter offer was spousal support as we were common in law before the break up. He also wanted future profits to come in if I sold the house. The judge told Dean that he should take my offer and that the future profits were not valid. In the end I had to take a large chunk of my RRSP’s (retirement savings for my American friends) to pay off Dean. I then had to budget for spousal payments for the next year. I was in a real financial bind. Vancouver, even back in 2007-2008, was extremely expensive. 

For me, the house was all that I had left. With the agreement signed and a date to move out, the whole process began, but it was even more hellish for me. With the house being signed over to me, the bank had to renegotiate the mortgage with me. The application came through and I had to wait for the bank’s agreement. One evening, my bank manager called and said that they couldn’t give me a mortgage on my own based on my teacher’s wages. I climbed into bed and cried myself to sleep.

The next morning, I dragged myself to school. Instead of going into my classroom, I went to the counsellor’s room and he was there. He welcomed me in as it was customary to hang out in his room. I sat down on the couch and stared straight ahead. I’ll call him “Harry” and he asked me what was wrong. I remember staring straight ahead and saying that I was leaving and not coming back. Harry asked me several times and I said the same thing. I broke down and sobbed for a long time. The bell rang, so Harry called the Vice Principal to cover my class until I was ready. Harry finally clued in to what I was saying about not coming back. I wasn’t going to come back to school because I wasn’t going to continue living. Harry was a professional and handled the situation well. He called up the Principal and explained what was going on as I continued to cry uncontrollably. She came to the room and said that she would call a substitute in to cover my class. Harry went down to my class with me to pick up my things. The students were quietly reading for the Vice Principal. I couldn’t even say goodbye to them. I just looked at the floor after picking up my belongings and headed back to the counsellor’s room.

Harry told me that he had called an ambulance and that they would come and take me to an emergency clinic. Twenty minutes later, the ambulance arrived at the front of the school and Harry led me out to the waiting attendants who put me in the back of the ambulance. I remember little of the ride, other than they seemed to be going all over the place. I don’t even know how long it took to get to the clinic where I was to see a doctor.

Inside, I met with a doctor and he asked me if I wanted to take my life. I said yes because I had no reason to live. My mind was a foggy mess and what little I remember seeing was through bloodshot eyes that constantly became blurry from the tears that wouldn’t stop. The doctor told me that the ambulance would take me to the hospital for processing. I asked him what would happen if I refused. He said that I could refuse, but the police would come for me. Harry was there with me and he convinced me to get into the ambulance - without even knowing who was going to take care of my pets - Dean couldn’t even if he wanted to.

I’m going to stop there as I realize that there is still so much to tell. I will continue the story tomorrow. For Pride, I am celebrating life itself. If you’ve ever considered taking your own life, then you must know how desperate and lost I was. If you know someone who might take their life, listen to them and take it seriously. It could save their life.

Carpe diem, everyone. Appreciate your life, please.

[bracefinancialservices]

🌟 Ready to secure your future? 🌟

Planning for retirement in Canada is essential to ensure you enjoy your golden years stress-free! Here are some top strategies to consider:

Start Early 📅: The sooner you start saving, the more time your money has to grow. Compounding interest is your best friend!

Maximize Your RRSP & TFSA 💰: Take advantage of Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) for tax-efficient savings.

Diversify Investments 📈: Spread your investments across different asset classes to reduce risk and enhance returns.

Know Your Pension Plans 🏢: Understand what’s available through your employer and the Canadian Pension Plan (CPP) to better plan your savings.

Set Clear Goals 🎯: Define what kind of retirement you want and how much it will cost. This will guide your savings and investment decisions.

Review Regularly 🔍: Life changes, and so should your retirement plan. Review and adjust your strategies as needed.

Consider Healthcare Costs 🏥: Factor in potential healthcare expenses and consider long-term care insurance to cover unexpected costs.

Remember, planning today means peace of mind tomorrow! 🌞✨

Tejinder Pal Singh: +17786823036 Manmeet Kour: +17789899401

[tkfinancegroup]

Why You Need a Mortgage Professional When Buying a Home

When a person buys a home, they need a mortgage professional to help them with the home loan process. They work with individuals on submitting all the right documentation, helping them understand their different mortgage options and addressing any complications.

They also help people find a lender willing to offer them a professional mortgage loan, for example, one that allows for a flexible debt-to-income ratio and excludes deferred student loans.

1.        They’re unbiased

You wouldn’t invest in stock without talking to a financial professional, and you shouldn’t buy a home without first speaking to your mortgage broker. They’re an invaluable source of information for homebuyers, especially since mortgage criteria has tightened in recent years.

A good mortgage professional will explain all your options and be able to find the best mortgage for you. They will also be up to date on any new changes in the industry, which could save you money.

It’s important to find a mortgage professional who works independently. If they’re working with a lender, they might be encouraged to cross-sell other bank products like credit cards, insurance and RRSPs. A true independent mortgage broker will only offer mortgage advice and won’t be distracted by incentives to sell you something other than what’s best for you. This is why it’s best to search online reviews and ask for referrals from real estate agents and other trusted sources.

2.        They’re knowledgeable

Mortgage professionals are a big part of making real estate transactions work for consumers. They help homeowners investment property navigate the complexities of mortgage financing, offering guidance and advice on how to improve credit scores, save money for a down payment, secure mortgage pre-approval and more.

A trusted mortgage professional will have a deep understanding of the housing market, mortgage regulations and loan options. They’ll be able to provide borrowers with information on a variety of lenders and loans that might meet their needs, and they’ll take the time to explain the various costs associated with each option.

Mortgage brokers also have the ability to offer borrowers more choices because they are independent financial professionals with access to multiple lenders. This gives them the ability to provide borrowers with more competitive quotes and may result in impactful australian finance group savings through fee waivers or better loan rates.

3.        They’re responsive

Mortgage professionals need to be responsive in order to build trust with their clients and demonstrate that they understand and respect the home-buying process. They should be punctual with responses and always follow up on their promises. This can be difficult when the industry is busy, but it’s necessary to meet client expectations and ensure that they have a positive experience.

Mortgage pros should also be proactive in managing their online reputation. They should fill out their business profiles on review sites, and they should also encourage happy customers to leave reviews. This can help them stand out in a competitive market.

Lastly, mortgage professional should use email campaigns to stay in touch with potential leads and share valuable information about the mortgage industry. They can also send personalized messages to their list of prospects based on their location, interests and homebuying stage. This can help them grow their business and improve the chances that they convert leads into satisfied clients.

4.        They have a good reputation

You wouldn’t invest in a new car without talking to an auto dealer, so why would you get a mortgage without consulting a mortgage professional? Mortgage professionals have a deep understanding of the market and regulations, and offer tailored advice for your unique situation. They can guide you through the process, from finding the right lender to structuring your loan solution. They can also help you avoid pitfalls, such as costly mistakes like paying off debt too quickly or taking out a loan that exceeds your income limits.

Mortgage professionals rely on reviews and testimonials to build their reputation, attract new clients, and grow their business. They can control their online image by monitoring review sites, search engine rankings, and social media to respond to positive and negative feedback promptly and professionally.

They can also stay connected with their audience by sharing useful content on social media and in email campaigns. This shows that they are experts and helps them stand out from their competitors.