Frequently Asked Questions
Find answers to common questions about BOMCAS Canada accounting and tax services. If you do not find the answer you are looking for, contact us directly.
BOMCAS Canada offers a comprehensive range of accounting and tax services, including personal income tax preparation, corporate T2 filing, GST/HST compliance, bookkeeping, payroll administration, financial statement preparation, CRA audit representation, tax planning, and business advisory services.
Yes. BOMCAS Canada serves clients across all 13 Canadian provinces and territories. We offer fully remote services, so geography is never a barrier to getting expert professional help.
Simply contact us by phone, by email at info@bomcas.ca, or by filling out the contact form on our website. We will schedule a free consultation to discuss your needs and explain how we can help.
You will need all T-slips (T4, T5, T3, T4A, T4E, etc.), RRSP contribution receipts, charitable donation receipts, medical expense receipts, childcare receipts, and any other documents related to income or deductions.
The standard deadline is April 30. If you or your spouse or common-law partner are self-employed, the deadline is June 15, but any balance owing is still due by April 30 to avoid interest charges.
The federal general corporate tax rate is 15%. CCPCs benefit from the Small Business Deduction, reducing the rate to 9% on the first $500,000 of active business income. Provincial rates vary, resulting in combined rates of approximately 10-12% for small business income.
Yes. We specialize in late and back tax filing services. We can prepare and file returns for multiple prior years, helping you get back into compliance with the CRA and potentially reducing penalties through the Voluntary Disclosure Program.
The CRA Voluntary Disclosure Program allows taxpayers who have not reported income or have made errors on previous returns to come forward voluntarily and correct their filings, often with reduced or waived penalties. BOMCAS Canada can guide you through the VDP process.
Our fees depend on the complexity of your situation and the scope of work required. We provide transparent fee quotes before beginning any work. Contact us for a free consultation and fee estimate.
Yes. We offer fully remote services for all our accounting and tax offerings. You can send us your documents securely by email or through our secure client portal, and we will prepare your returns or financial statements and file them on your behalf.
We work with all major accounting platforms, including QuickBooks Online, Xero, Sage, and Wave. We can set up and configure these platforms for your business, migrate your data from another system, and provide ongoing support and training.
Yes. We provide comprehensive CRA audit representation services, working with the CRA auditor on your behalf, responding to information requests, preparing documentation, and negotiating settlements where appropriate.
A bookkeeper records day-to-day financial transactions and maintains your financial records. An accountant analyzes those records, prepares financial statements, provides tax advice, and helps with financial planning and decision-making.
Yes. We prepare and file GST/HST returns for businesses of all sizes, claim input tax credits, and assist with CRA audits of GST/HST accounts.
Yes. We offer comprehensive payroll services, including calculation of employee pay, deduction of income tax and statutory deductions, preparation of payroll remittances, issuance of T4 slips, and management of Records of Employment.
More Frequently Asked Questions
A T1 is the personal income tax return filed by individuals in Canada. A T2 is the corporate income tax return filed by corporations. Individuals file T1 returns annually by April 30 (or June 15 if self-employed). Corporations file T2 returns within six months of their fiscal year end.
A Canadian-Controlled Private Corporation (CCPC) is a private corporation that is controlled by Canadian residents. CCPCs benefit from the Small Business Deduction, which reduces the federal corporate tax rate to 9% on the first $500,000 of active business income. CCPCs may also qualify for the Scientific Research and Experimental Development (SR&ED) tax incentive at enhanced rates.
The Home Buyers Plan allows first-time home buyers to withdraw up to $35,000 from their RRSP to purchase or build a qualifying home. The withdrawal is not included in income, but it must be repaid to the RRSP over a 15-year period. BOMCAS Canada can help you understand the HBP rules and plan your RRSP withdrawals and repayments effectively.
The Lifetime Capital Gains Exemption allows eligible individuals to shelter capital gains from the sale of qualifying small business corporation shares, qualified farm property, or qualified fishing property from income tax. The exemption limit for 2024 is $1,016,602 for small business corporation shares and $1,000,000 for farm and fishing property. BOMCAS Canada can help you determine if your shares or property qualify and plan the sale to maximize the benefit of the exemption.
Yes. BOMCAS Canada provides cross-border tax services for Canadians with income from multiple countries. We help you understand your Canadian tax obligations on foreign income, claim foreign tax credits to avoid double taxation, comply with foreign asset reporting requirements (T1135), and navigate the tax treaty provisions that may apply to your situation.
The First Home Savings Account (FHSA) is a new registered account introduced in 2023 that allows first-time home buyers to save up to $40,000 tax-free for the purchase of a first home. Contributions are tax-deductible (like an RRSP), and qualifying withdrawals are tax-free (like a TFSA). BOMCAS Canada can help you understand the FHSA rules and integrate it into your overall financial and tax planning strategy.
BOMCAS Canada takes the confidentiality and security of your personal and financial information very seriously. We use secure, encrypted systems for storing and transmitting client information, and we are bound by professional ethical standards that require us to protect client confidentiality. We will never share your information with any third party without your express consent, except as required by law.
If you receive a letter from the CRA, do not ignore it. CRA correspondence may include requests for information, notices of assessment, notices of reassessment, audit notifications, or collection notices. Contact BOMCAS Canada as soon as possible after receiving CRA correspondence. We can review the letter, explain what it means, and advise you on the appropriate response. Acting promptly is important, as there are often deadlines for responding to CRA correspondence.
About BOMCAS Canada
BOMCAS Canada is a full-service professional accounting firm serving individuals and businesses across all of Canada. Our team of qualified accountants brings decades of combined experience in Canadian personal and corporate tax, bookkeeping, payroll, financial statement preparation, GST/HST compliance, CRA audit representation, and business advisory services.
We are committed to delivering accurate, professional, and genuinely helpful services that make a real difference in our clients' financial lives. We take a client-centred approach to every engagement, taking the time to understand your specific situation, goals, and challenges, and developing customized solutions that address your needs and support your objectives.
Our Service Areas
BOMCAS Canada serves clients in every province and territory across Canada, including Alberta, British Columbia, Ontario, Quebec, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island, Northwest Territories, Nunavut, and Yukon. We offer both in-person services at our Edmonton, Alberta office and fully remote services for clients anywhere in Canada.
Our Commitment to You
When you work with BOMCAS Canada, you can expect responsive communication, transparent pricing, accurate and timely work, and genuine care for your interests. We are not just looking for one-time engagements — we want to be your trusted accounting partner for the long term, growing with you as your needs evolve and your business expands.
Contact BOMCAS Canada today at 780-667-5250 or info@bomcas.ca to schedule your free consultation. We look forward to the opportunity to serve you.
Why Professional Accounting Matters
Many Canadians underestimate the value of professional accounting services. The Canadian tax system is complex and constantly evolving, with new legislation, CRA administrative policies, and court decisions being introduced regularly. A qualified accountant can help you navigate this complexity, identify tax saving opportunities, avoid costly mistakes, and make more informed financial decisions. The cost of professional accounting services is almost always more than offset by the tax savings, penalty avoidance, and time savings that result from working with a qualified professional.
BOMCAS Canada is committed to making professional accounting services accessible to all Canadians. We offer competitive, transparent pricing, flexible service delivery options, and a genuine willingness to work with clients at all stages of their financial journey. Whether you are filing your first tax return or managing a complex corporate structure, BOMCAS Canada has the expertise and the commitment to serve you well.