We're already familiar with you, your business, and your strategy
We make it faster, easier, and less painful to manage your personal taxes
Tax complexity is a fact of life. Zenally's tax advisors have the depth of technical knowledge necessary to cut through that complexity.
We provide personal tax planning, preparation, and filing for our business clients and their families.
Please check out our new resource section: Alberta Personal Tax Checklist, for items that apply to various circumstances.
Achieving business and personal goals at the same time requires a coordinated examination of your whole situation, with regular reviews.
One example is the Tax on Split Income (TOSI) regulations.
Formerly, business owners could reduce family taxes by paying family members salaries or dividends, even if they didn't work in the business. Changes to TOSI regulations made this unattractive in many cases. We helped our clients update their strategies, to minimize their tax in spite of the TOSI changes.
No tax plan can be carved in stone.
By monitoring tax regulations and reviewing your strategy regularly, we can help reduce both your personal and business taxes.
Tax planning helps you and your business minimize the taxes paid overall. The most effective strategies are achieved by considering business and personal goals at the same time.
We'll help you formulate a tax plan to minimize your taxes and give you peace of mind.
There are many specifics to cover, such as TFSAs, RRSPs, RESPs, and tax credits. We'll answer all your questions and give you experienced advice, so that you can make well-informed decisions and reduce your tax bill.
As your strategists, we already have most of the information required to file your tax return. By understanding your overall goals, we can ensure your return accurately reflects your strategy.
Are you an owner-manager needing advice on remuneration? Concerned about minimizing taxes for your whole family? Interested in retirement planning?
Individual circumstances require tailored strategies
Everyone at our Red Deer and Innisfail accounting offices digs for tax credits, deductions, and eligible expenses like a miner digging for nuggets. We are serious about reducing your tax bill!
Our services include:
Our income tax services are all-inclusive. Working with your personal tax strategy, we prepare and file your annual tax return. Our goal is to ensure you receive the maximum deductions and tax credits to which you're entitled.
We are mindful of changes in regulations throughout the year and advise you of strategy changes to take advantage of new opportunities. Our partner-led team will:
We focus on helping our business clients with their financial strategies, accounting, and tax needs.
We don't offer personal tax filing as a standalone service.
That said, we still do care about your tax requirements. In our resource section, you'll find a personal tax checklist with a number of items that could apply to your particular situation.
At Zenally, we handle accounting and tax needs for our clients' businesses, and we're often involved in their personal financial planning. It makes sense that we would complete their personal tax returns. After all, we already have much of the background information we need.
Having the same tax service provider prepare both your personal and business tax returns offers several advantages:
There can be blind spots if different providers prepare your business and personal taxes.
If you own a proprietorship or participate in a business partnership, it can be easy to miss out on deductions. When you're working hard on your business, it's all too easy for the lines to blur between your personal and business spending.
We'll dig until we're sure you aren't being taxed personally for expenditures you could charge to your business. Examples are business use-of-home expenses, business-related travel, meals with clients, and automobile use. The rules for claiming these expenses can be a little convoluted, but our bookkeepers will make sure you come out on top.
The CRA lists common deductable business expenses for parterships and proprietorships.
If you own a corporation, our professionals will also check for missed deductions on your behalf.
Your personal year-end is always the calendar year-end: December 31. Your business year-end could be in any month. Having a different personal and business year-end can create tax-saving opportunities, but there are several accounting implications:
It's also important for accountants to prepare personal income tax returns for both spouses.
This provides a more holistic approach to the family's income taxes, allowing for the optimization of income and expense splitting for the benefit of the family unit. There are several opportunities to split or share income and expenses, including:
By taking advantage of these opportunities, families can save on taxes and keep more of their hard-earned money.
We have a comprehensive understanding of Canadian and Albertan tax regulations. We're also familiar with the propensities of the CRA and know the situations that can trigger audits. We will help you comply with the regulations while avoiding those situations.
Accurate tax filings reduce the risk of the CRA challenging items reported on your personal tax return.
If you are audited, be assured: we will represent you diligently.
Rest easy knowing you have Alberta CPAs working hard to reduce your tax bill.
Chartered Professional Accountants LLP
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516 Laura Avenue
Red Deer County, AB
5031 49 Street
Chartered Professional Accountants LLP
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DISCLAIMER: Any accounting, business, or tax advice contained on this website is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion.
If you are interested in talking more about any topic on our website or specifically how the information would likely impact you, we'd be happy to chat.