_IGP7586 (1).jpg
 

KJ Wall & Associates Ltd

CHARTERED PROFESSIONAL ACCOUNTANT

 
 
En_cpa_sig_blk_Sole.gif
 

Services

BOOKKEEPING 

Monthly/Quarterly/Annual data entry

  • Post income and expense activity
  • Reconcile bank and credit card accounts 
  • Prepare GST/HST, PST and WCB returns 
  • Prepare payroll and payroll tax remittance forms
  • Review of your own bookkeeping to ensure accuracy and completeness

 

FINANCIAL STATEMENTS

Compilation Engagements (Notice to Reader)

  • Prepare working paper file as required by CPA-BC standards
  • Make necessary adjusting journal entries as well as bookkeeping corrections and suggestions
  • Compile information provided into financial statements (Balance Sheet and Statement of Income and Retained Earnings)

 

TAX RETURNS AND INFORMATION REPORTS

(Minimum 1 hour charge)

Personal Tax Returns (T1s)

  • Prepare and efile the tax return and related schedules
  • Assist with CRA queries (pre- and post-assessment reviews)
  • Review Notice of Assessment to ensure the return is accepted as filed

- Due April 30 for most taxpayers; June 15 for most self-employed taxpayers

Corporate Tax Returns (T2s)

  • Prepare and efile the tax return and related schedules, including GIFI 
  • Review Notice of Assessment to ensure the return is accepted as filed 

- Due 6 months after the Corporation’s year end

Trust Tax Returns (T3s)

  • Prepare the Trust return and T3 slips for beneficiaries
  • Review Notice of Assessment to ensure return is accepted as filed 

- Due 90 days after the Trust’s year end

 

Statements of Remuneration Paid Returns (T4s for employment income) 

  • Report employment income, taxable benefits and payroll deductions 

- Summary and slips due February 28th (Feb 29th in leap years)

Statements of Investment Income Returns (T5s) 

  • Report dividends, interest, royalties, capital gains dividends 

- Summary and slips due February 28th (Feb 29th in leap years)

 

Statements of Contract Payment Returns (T5018s)

  • Report payments by construction businesses to subcontractors for construction and related services 

- Summary and slips due within 6 months of either fiscal or calendar year end, depending on filing period chosen.

 

Client Portal

Please use our e-Courier client portal to send or retrieve confidential information and attachments. Simply click on the e-courier logo below to go to our portal and enter your log-in credentials.

e-courier is a Canadian company, using servers based in Canada. Your data is encrypted while in transit and storage.

If you do not already have a guest log-in, please contact us and we will set up your account

Tax Checklist

What information is required to complete a 2018 personal tax return? 

Carry Forward Information

  • Copy of the 2017 tax return and the Notice of Assessment from Canada Revenue Agency (CRA) if prepared personally or by another firm

Personal Information 

  • Home address and phone number

  • Names, birth dates, and Social Insurance Numbers of spouse and all dependants

  • Marital status at December 31, 2018, and the date of any change in that status during the year

  • Details of any medical condition that may qualify you or a dependant for the Disability Tax Credit

Principal Residence Exemption

Starting in 2016, the sale of your home is only totally or partially free of capital gains tax if you report the disposition on your tax return and claim the exemption for each year you qualify.  If you sold your home in 2018, you need to report the address, the year you purchased the home, and the proceeds of disposition.

Most Common Tax Slips

  • T3s, if you received investment income from a trust or mutual fund (release deadline of March 31st)

  • T4s, if you were employed

  • T4RSPs, if you withdrew funds from your Registered Retirement Savings Plan

  • T4RIFs, if you withdrew funds from your Registered Retirement Funds

  • T4Es, if you received Employment Insurance benefits

  • T4As, for various other sources of income

  • T4A(P)s, if you received Canada Pension Plan benefits

  • T4A(OAS)s, if you received Old Age Security benefits

  • T5s, if you earned interest or dividend income from a bank or corporation

  • T5007s, if you received WCB benefits

  • T5013s, if you have investments in partnerships

  • T2202As or Tuition Fee Certificates, if you paid tuition in 2018

  • RRSP contribution receipt, if you made contributions to your RRSP after February 28, 2018 or before March 1st, 2019.  Please advise if you are required to make any repayments to your Home Buyer’s or Life Long Learner’s plan.

  • Union or professional dues receipts

  • Official charitable donation receipts 

  • Federal and Provincial political contribution receipts 

Other Income/Expenses

  • A schedule of business/professional income and expenses, if you are self-employed

  • A list of employment expenses (you need a signed T2200 from your employer stating that you were required to incur these expenses)

  • A schedule of home office expenses, if used for employment or business, and the size of the space in relation to the home

  • A schedule of automobile expenses if required for employment or business, as well as the number of kilometers for both business and total driving

  • Verification if you and/or your spouse purchased a home in 2018, as a first-time home buyer, for the Home Buyers Tax Credit. 

  • A schedule of rental income and expenses, if you own a rental property. Include the Statement of Adjustments from your lawyer or notary for any properties acquired or sold in the year. 

  • A schedule of original costs and sale proceeds for any rental or recreational properties sold during the year 

  • Interest expense on loans if the proceeds were used to earn investment income (but not for investments held in your RRSP/TFSA)

  • Investment counsel fees and accounting fees related to non-registered investment accounts 

  • Taxable spousal or child support payments received/paid 

  • Child care expenses incurred to earn employment or business income (receipts must indicate the business name or the name and SIN of the individual providing care)

  • Moving expenses if you moved more than 40 kms to start a new job or business

  • Medical expenses for family (eye wear, dental, prescriptions, private medical premiums, chiro [not provincial MSP]...)

  • A statement of interest paid on Federal or Provincial student loans

  • Expenses related to the adoption of a child during the year

  • Your spouse, child's or grandchild's tuition receipt if they do not need the credits to reduce their own taxable income (back of form must be completed and signed by student) 

  • If you sold non-registered investments in the year, you need to report your proceeds, your adjusted cost base and any related selling costs.  This information may be provided on your investment statements. You may need to review historical records. These transactions will not be reported on T3 or T5 slips, but may be reported on T5008 slips or T5008 statements.

  • As a Canadian resident, you have to report both Canadian and foreign source income. Please provide details of any foreign income, converted to Canadian dollars

  • You may be eligible for an additional tax credit if you are a volunteer firefighter, volunteer ambulance technician, volunteer emergency service worker or a volunteer search and rescue worker, who completed at least 200 hours of eligible service in the year

  • You may be eligible for an additional tax credit if you are a paid BC teacher or teaching assistant who carried out at least 10 unpaid hours of extracurricular coaching activity in 2018.  The extracurricular activities must be performed after school hours or on a weekend, and can include sports, arts and many other activities, as long as the coaching or supervising is unpaid.

Other Information

  • Please provide CRA's statement of instalment payments paid during 2018 if you made quarterly personal instalments

  • If you own specified foreign property with a cost of more than $100,000 Canadian, certain details must be disclosed in a separate filing.  http://www.cra-arc.gc.ca/E/pbg/tf/t1135/README.html

  • You must indicate whether or not you are a Canadian citizen. As a citizen, you can elect to allow CRA to provide your name, address and date of birth to Elections Canada to update your information on the National Register of Electors. Please advise whether you grant this permission

  • If you would like to replace mail from CRA with their Online Mail Service, please provide the email account to which you would like CRA to send email notification when you have mail to download

  • If you want to start or change Direct Deposit of your tax refund, bring a copy of a cheque for the bank account to be used. CRA is planning to stop issuing refund cheques in the near future.

  • If you would like CRA to be able to withdraw your tax payment directly from your bank account, bring a copy of a cheque for the bank account to be used.


Calendar

MONTHLY

  • Payroll remittances are due the 15th of each month for regular remitters

  • Corporate tax instalments, if required, are due the last day of the month

QUARTERLY

  • Personal tax instalments, if required, are due the 15th of March, June, September, and December

ANNUALLY 

  • Feb. 28 (Feb. 29th in leap years) – Information returns for wages, interest and dividends (T4s and T5s)

  • March 1 – Final day to make RRSP contributions for previous calendar year

  • March 31 (March 30th in leap years) – Trust tax returns (T3s) for inter vivos trusts (established by living persons) and other calendar year trusts

  • April 30 – Personal tax returns (T1s) and final tax payment for most individuals (see June 15 for exceptions)

  • June 15 – Personal tax returns (T1s) for self-employed individuals and their spouses (payment is still due April 30)

  • June 30 – Corporate tax returns (T2s) for companies with a December 31st year end

VARYING

  • Corporate tax returns are due six months after the fiscal year end (tax payment is due two months after the year end or, if the company qualifies for the small business deduction, three months)

  • Testamentary trusts (established by a will) are due within 90 days of the fiscal year end

  • Notices of Objection to corporate tax assessments must be filed within 90 days.

Policies

The office is usually open Monday through Friday, from 9:00 to 5:30.

Evening and weekend appointments are available during tax season (March and April).  Call 604-987-9515 to make arrangements or use the make appointment button on the calendar page.

Government forms (GST/HST, PST, WCB, PD7A) must be provided at least one week in advance of the filing deadline.

Invoices will be issued monthly or for less frequent projects, as work progresses. Invoices are due upon receipt and may be paid by cash, cheque or Interac e-transfers.  The company is also a registered vendor with Central 1 Credit Union and can be added in the Pay Bills option of your online banking for credit union members.

Support provided to clients by phone and email will be billed the same as support provided in person.

To view K.J. Wall & Associates' privacy policy (PDF document), please click on this link.

 

Contact Us

Name *
Name

Please note: Effective June 20th 2016, our old @kjwall-cga.com email addresses are no longer valid and messages are not being forwarded to us. If you are an existing client and have been using an @kjwall-cga.com email address to contact us, simply replace '@kjwall-cga.com' part with @kjwcpa.com in the email address you had been using before.