Vancouver Tax Preparation
Are you a resident of British Columbia? Have you resided in British Columbia even on the last day of the taxable year? Do you work in British Columbia? Have you worked in BC within the tax year? If you answered yes to any of the questions, you are obligated by law to pay your income tax for the taxable year. As such, you have to do it as soon as possible or on the deadline itself in order to avoid penalties and other interests for late filing. So how do you go about your Vancouver tax preparation?
Filing your income tax return is not a difficult task. All you have to do is file the provincial income tax with the Canada Revenue Agency (CRA). The provincial income tax return is part of your federal income tax return. Calculating your income tax is made easy with forms to help you calculate the amount of money you owe the government of Canada. This form is included in the federal T1 Income Tax Return. If you run into a little dilemma regarding the federal and the provincial income tax returns, do not worry. The CRA gives assistance and guidance in Vancouver tax preparation, specifically in completing both forms.
However, Vancouver tax preparation for a good number of us in the population is a big problem what with all the numbers and figures included. If filing income tax returns is difficult for you, you can hire the services of a professional tax preparer. The tax professional will just need your financial information and put the numbers in the proper place, and you’re good to go! Bookkeepers and accountants are well-versed in taxation and the tax rates so the timid taxpayer does not have to lift a finger to file his income tax.
But be reminded, accountants and bookkeepers who do your Vancouver tax preparation for you charge a good sum. Other tax preparers may charge you $150 dollars for one income tax return while others may charge up to $350 for business returns. This should not keep you from hiring a tax professional’s services, though. If peace of mind just costs $150, then grab it! It’s worth the price if you avoid delays in filing your income tax for the year.
You also have to consider the deadline for filing your income tax. In this sense, tax preparation must be done well before the deadline. In Canada, tax returns should be filed before April 30 or on the day itself to prevent additional interest and a penalty for late filing.