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.
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.
As Canadian citizens, 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.
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 personal and/or estate income tax return(s) to Canada Revenue Agency (CRA). The final return provides the legal representative the amount the deceased owes to CRA. 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 to absolve the Executor from paying anymore tax to CRA. Banka & Company, CPA’s knowledge and expertise will help you through the entire process.
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 complete your bookkeeping for you and file your annual trust tax returns.