We are currently only accepting new corporate tax clients. Thank you!

personal tax services kelowna

Personal Tax Services

Ruth Fukumoto offers personal tax planning and compliance to take the stress out of tax time. Personal tax services include:

  • Individual tax returns
  • Integrative planning for owners of corporations
  • Self-employed business filings
  • Rental property income
  • Commission income
  • Capital gain tax strategies

Tax Services for Self Employed Individuals

Self-employed entrepreneurs and contractors benefit by hiring professional accounting services in several ways. When tax season arrives, you’ll need an accurate report on your business earnings to ensure you pay the right amount of taxes on those earnings. Did you know commissions are considered self-employed income? Business income tax reporting can be complex, and there are several deductions you can claim, including home office rent (business-use-of-home expenses), meals, travel, advertising and marketing, and website costs. Did you know your Ecommerce website is eligible for design and hosting deductions as the software that helps run your small business? As your representative, I will file your returns online, make payments, determine entitlement to credits, and register your business for direct deposits.

FAQ

Here are some common questions I often get asked!

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Are there any product exemptions for GST?

Yes. Exemptions include two categories – zero percent and exempt from GST. If your business is registered, you can claim an input tax credit for GST paid on expenses. Zero percent supplies may include prescription drugs, certain medical devices, some groceries, fishing and agricultural products and exports. Exempt supplies may include legal aid and educational services, and some health services.

Can you help me if I get reviewed or audited by CRA?

Letters and phone calls from CRA don’t give most people warm fuzzy feelings. There is always a chance that CRA might review or audit your corporation or your personal taxes. The important thing is that you don’t try to ignore them. RDF CPA is here for you and will help you collect information to respond to CRA’s requests. If you give me the authorization to do so, I can communicate and deal with CRA directly on your behalf.

What are your fees?

I don’t buy things without knowing how much it is going to cost. I wouldn’t expect you to either. After I am able to determine the scope, timing and general needs of your business, I will have you agree to fees in advance of the commencement of any work. These fees include typical accounting and tax compliance and my time throughout the year for general accounting and financial questions. I want clients to feel comfortable calling me without fearing a surprise bill. If significant time is needed for detailed analysis or if issues arise that were not originally contemplated, I will discuss those with you as they arise.

Do you have experience with my company’s industry?

Ruth Fukumoto, CPA, CA has over ten years of accounting experience dealing with a large variety of owner-managed businesses. It is important to have an accountant that understands your industry. For example, if you are in construction and trades, your CPA should be knowledgeable about deferred revenue, holdbacks and work in progress. If you are a health professional, accounting for patient and insurance receivables is important. I welcome a phone call or email to discuss your industry!

Should I incorporate my business?

This question requires a discussion about the nature of your business and your professional and personal goals. There are some added annual expenses involved in owning a corporation such as the year end accounting, tax compliance and legal report filings. The main reasons for incorporating are limitation of liability, protection of assets and tax deferral. If you are considering incorporating your business, please give me a call to discuss your situation so we, and your lawyer, can ensure that your corporation is structured in the best way for your needs.

I invite you to call for a friendly no-obligation consultation on how I can help keep your accounting on track and take the stress out of business.