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Tax Services To Resolves The Ever-Changing Tax Law
Tax planning refers to the process of organizing your financial affairs in a way that minimizes your tax liability. In Canada, tax planning is an important aspect of financial planning, as the tax law is complex and can be difficult to navigate.
Tax Services
We offer transparent tax planning and tax filling services to small businesses and individuals. Lancy Zhang Inc. is registered with Canada Revenue Agency as a Taxpayer Representative Accounting Firm for representing clients on CRA reviews, audits, litigation, appeals for assessments, and other tax matters.
Our tax professionals are certain to have a massive knowledge, combined with practical, commercial and industry experience. Our tax preparation services include personal and estate tax services, business, and corporate tax services, prior year returns, tax management and consultations.
Our team at Lancy Zhang Inc. knows how important it is to file your tax returns on time and stay on top of the tax deadlines. Ensure that you follow the Canada Revenue Agency (CRA) by utilizing our comprehensive tax services. In addition to providing you with a team of tax professionals well-versed in the ever-changing tax laws and regulations, we also help you minimize your tax obligations while maximizing your tax benefits. A wide range of tax services are available to meet the needs of individuals and businesses, including the following:
Tax Preparation
Tax preparation in Canada refers to the process of preparing and filing federal, and provincial tax returns. This process can be complex, especially for individuals and businesses with multiple sources of income or significant deductions.
To prepare their taxes, individuals and businesses may use a variety of resources, including tax software, online tax preparation services, or professional tax preparers. Taxpayers may also choose to prepare their own taxes using tax forms and instructions provided by the Canada Revenue Agency (CRA). Here we follow simple steps:
Gathering tax documents
Taxpayers will need to gather all of the necessary
tax documents.
Claiming deductions and credits
Taxpayers may be able to claim deductions and credits to reduce
their taxable income and lower their tax bill. Examples of Common deduction would include RRSP/RPP/PRPP, Child care expense, Union & professional dues, and moving expense , mortgage interest, and business expenses.
Calculating income
Taxpayers will need to calculate their total income, including all sources of taxable income such as
wages, salaries, and self-employment income.
Filing the tax return
Once all of the necessary information has been gathered and calculations have been made,
we help taxpayers to file their tax return using a variety of methods, including mailing a paper return or filing electronically using tax software or online service.
Our team is fully assured of the deadlines for filing their tax returns and to accurately report your income and claim deductions and credits to avoid potential penalties or audits.
Tax Planning
At Lancy Zhang Inc. our seasoned professionals use a number of strategies that can be used for tax planning in Canada. Some of these strategies include:
Maximizing deductions
Under a professional umbrella, you can reduce your taxable income and lower
your tax bill by claiming all eligible deductions. Some common deductions include RRSP/RPP/PRPP, Child care expense, Union & professional dues, and moving expense.
Using tax credits
Tax credits are more valuable than deductions because they directly reduce
your tax liability, rather than just reducing your taxable income. There are a number of tax credits available in Canada.
Deferring income
If you expect to be in a higher tax bracket in the future, you may be able to defer some of your
income until a later tax year in order to take advantage of a lower tax rate.
Maximizing retirement contributions
By maximizing your contributions to these accounts,
you can reduce your taxable income and lower your tax bill.
Tax Resolution
Our tax resolution specialists will work with you to help you resolve any tax issues you may be facing.
Tax resolution in Canada refers to the process of resolving tax-related issues with the Canada Revenue Agency (CRA). These issues can include unpaid taxes, tax debts, audits, or other disputes. There are several options available for taxpayers seeking to resolve tax-related issues. These options may include:
Penalties or Interest waive
Taxpayers who have received penalties for failing to file their taxes or pay their taxes on time may be able to request
a penalty or Interest waive. This can be done if the taxpayer can show that they had a good reason for not filing or paying their taxes on time.
Audit representation
Taxpayers who are being audited by the CRA may choose to hire a tax professional
to represent them during the audit process. A tax professional can help taxpayer understand their rights and responsibilities during an audit and negotiate with the CRA on their behalf.
It is important for taxpayers to act quickly to resolve tax-related issues, as ignoring them can result in additional penalties and interest. Taxpayers who are unable to resolve their issues on their own may want to consider seeking help from a tax professional or a tax resolution specialist.
Payment Arrangement
Taxpayers may be able to set up a payment plan with the CRA to pay off their tax debts over time.
These plans may be available to taxpayers who are unable to pay their taxes in full but are able to make regular payments.
Offering Comprehensive Professional Help In Tax Matters
We offer comprehensive tax services to ensure that you comply with the Internal Revenue Service (CRA). Our experienced team of tax professionals is well-versed in the ever-changing laws and regulations, helping you maximize your tax benefits and minimize your tax liability. Here is why getting our services can save your day:
- Up-To-Date Tax Solutions
- Minimize Your Tax Liability
- Timely Tax Filing
Corporation Tax Returns
We have the knowledge and the expertise to structure your corporation strategically to minimize its taxes obligations. Our corporate tax planning and preparation services are tailored to suit the needs of each unique client. To keep you compliant, we prepare and file GST, PST and corporate income tax returns to meet your filling obligations and deadlines.
Where clients are sole proprietor or private business owners, when undertaking the corporate income taxes returns, we will have a word with you and go over the financials with you beyond the tax returns.
Personal Income Tax Returns
Lancy Zhang Inc. CPA, CGA is fluent in the intricacies of personal tax returns. Our tax services for individuals are designed to provide you with a smooth process without any of the stress commonly associated with taxes. By working thoroughly with you, our tax professionals can help ensure that you have the best tax plan for your particular needs. That’s our strong suit.
Non-Resident Tax
As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depends on the type of income you receive.
We provide tax services for non-resident to apply Certificate of Compliance or filling non-resident tax returns if you have to pay tax or want to claim a refund.
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