Canadian Tax Services

Trust The Experts

Banka & Company, CPA has many years Canadian Tax Services experience helping individuals and businesses with tax returns and financial services. From personal and small business returns to corporations and trust reports, we’ll help you plan, manage and succeed.

Corporate Tax Returns

We prepare annual corporate tax returns (T2) and e-file them for you.

To learn more click here to view our Accounting page

Small Business Tax Returns

We tailor each tax return in order to meet the needs that are best for the individual or small business owners. Our focus is to make sure your tax return is accurate and completed within a timely manner based on information provided by the client.

Personal Tax Returns

As a Canadian citizen it is our responsibility to file an annual tax return. Banka & Company, CPA’s file personal tax returns for a variety of clients. We file basic tax returns for students, seniors, individuals, and families. We also file more complex tax returns such as rental income, capital gains, vacation properties or investments.

Estate Tax Returns

When an individual passes away, the legal representative that is listed on the Will as the Executor or Estate Administrator is required to file a final income tax return(s) to Canada Revenue Agency (CRA). The final return provides the legal representative the amount the deceased owes as the final income tax return. As this is a debt, income tax is paid by the estate first known as “settling the estate”. This action is required before any inheritance is distributed. Once CRA is satisfied with the deceased tax return(s), a notice of assessment is mailed to the legal representative. A clearance certificate can then be acquired in order to distribute property or any funds from the estate. Banka & Company, CPA’s knowledge and expertise will help you through the entire process.

Trust Returns

Trust Tax returns are required for various purposes such as testamentary, inter vivos trusts and disability trusts.  Each type of trust has many variables and different tax implications.  A trust is a fiduciary relationship between two or more persons whereby the trustee holds legal ownership and control of property for the benefit of the beneficiary of the trust.

At Banka & Company, CPA, we can assist you with setting up bookkeeping to keep your trust records or do your bookkeeping for you and file your annual trust tax returns.

Trust Returns – Law Society

Banka & Company, CPA has Chartered Professional Accountants on premises to prepare and file annual Trust Returns for Lawyers. Every practicing lawyer or brokerage firm in British Columbia, Canada is required to complete a trust return for a reporting period of 12 months as set out in the Law Society of British Columbia (LSBC) Rules. Banka & Company, CPA will complete the Trust Returns within the 3 month period. Our processes are handled in an effective and efficient manner in order that you avoid any late filing penalties that could result in suspension of your LSBC membership.

We will compile an accountant’s report for your Law Firm when all information is verified as required in Part 3, Division 7 and 8 of the Law Society Rules;

  • Maintained and kept records for accounts in connection with the law practices as are required
  • In accordance prepare monthly trust reconciliations for each month ending in the reporting 12 month period
  • In compliance maintained an adequate system for recording all financial transactions of the law practice

Trust Returns – Real Estate Brokerage

Every Real Estate Brokerage in British Columbia, Canada is required to complete a trust return for a reporting period of 12 months as set out in The Real Estate Council of British Columbia (the “RECBC”) Rules. Banka & Company, CPA is equipped with Chartered Professional Accountants at its location in Kelowna, BC to prepare and file annual Real Estate Council of British Columbia Accountant’s Report. We will compile an accountant’s report for you when all information has been verified;

  • All books, accounts, and other records that is connected with the Real Estate Brokerage business as per requirement by the Real Estate Services Act and Council Rules have been maintained
  • Brokerage trust accounts and commission trust accounts have been maintained with sufficient funds to discharge its gross trust liabilities as disclosed in their accounts
  • Have prepared monthly trust reconciliations for every month that occurred within the fiscal year

Trust Reports

Trust Tax returns are required for various purposes such as testamentary, inter vivos trusts and disability trusts.  Each type of trust has many variables and different tax implications.  A trust is a fiduciary relationship between two or more persons whereby the trustee holds legal ownership and control of property for the benefit of the beneficiary of the trust.

At Banka & Company, CPA, we can assist you with setting up bookkeeping to keep your trust records or do your bookkeeping for you and file your annual trust tax returns.

Trust Reports – Law Society

Banka & Company, CPA has Chartered Professional Accountants on premises to prepare and file annual Trust Reports for Lawyers. Every practicing lawyer or brokerage firm in British Columbia, Canada is required to complete a trust report for a reporting period of 12 months as set out in the Law Society of British Columbia (LSBC) Rules. Banka & Company, CPA will complete the Trust Reports within the 3 month period. Our processes are handled in an effective and efficient manner in order that you avoid any late filing penalties that could result in suspension of your LSBC membership.

We will compile an accountant’s report for your Law Firm when all information is verified as required in Part 3, Division 7 and 8 of the Law Society Rules;

  • Maintained and kept records for accounts in connection with the law practices as are required
  • In accordance prepare monthly trust reconciliations for each month ending in the reporting 12 month period
  • In compliance maintained an adequate system for recording all financial transactions of the law practice

Trust Reports – Real Estate Brokerage

Every Real Estate Brokerage in British Columbia, Canada is required to complete a trust report for a reporting period of 12 months as set out in The Real Estate Council of British Columbia (the “RECBC”) Rules. Banka & Company, CPA is equipped with Chartered Professional Accountants at its location in Kelowna, BC to prepare and file annual Real Estate Council of British Columbia Accountant’s Report. We will compile an accountant’s report for you when all information has been verified;

  • All books, accounts, and other records that is connected with the Real Estate Brokerage business as per requirement by the Real Estate Services Act and Council Rules have been maintained
  • Brokerage trust accounts and commission trust accounts have been maintained with sufficient funds to discharge its gross trust liabilities as disclosed in their accounts
  • Have prepared monthly trust reconciliations for every month that occurred within the fiscal year

ACCOUNTING, TAX & FINANCIAL ADVISORY SERVICES

At Banka & Company, CPA we help clients Plan, Manage, and Succeed