In Small Business
& Personal Accounting.
Tax Return Preparation
Cran & Co., CPA files tax returns for people across multiple professions, from government employees, to service industry employees, to construction trades such as plumbers and framers, to restaurant owners, real estate agents, lawyers and land developers.
No matter your occupation we can prepare your individual personal tax return and assist you on any issues you may be experiencing with the Canada Revenue Agency. Let us make you tax compliant and tax efficient.
We find Your Best Tax Position
When filing a personal tax return with the Canada Revenue Agency you need to maximize your tax refund by effectively structuring your finances and taking advantage of any applicable Federal and BC tax credits. We work to minimize your taxable income and maximize your tax refund.
We Help Families Prosper
Many family’s largest expense is income tax, so we work to reduce the tax burden on families by maximizing all of your family related tax deductions and tax credits such as the Children’s Fitness Tax Credit, Children’s Art Tax Credit, the child amount or the First-Time Home Buyers’ Tax Credit.
Plan For Your Children’s Future
As a standard part of our tax filing process we will happily advise you on RESP contributions and education grants such as Canada Education Savings Grant (CESG) so that you can give your kids a great start with their post-secondary education fund.
We Make Retirement Planning Easy
Whether you want to work as long as you can or aim for early retirement we can create a retirement plan that meets your needs. We can advise you on RRSP contribution amounts, RRSP deadlines, spousal contributions, annuities or even the potential of your workplace pension fund and how all of these elements will work with the Canada Pension Plan and Old Age Security (OAS) so that you will know that you are prepared for life after work.
If you need a tutorial our helpful staff can also explain the difference between terms like an RRIF, RRSP and TFSA so you have a full understanding of your retirement portfolio.
Get Advise On Your Investment Income
Understanding the tax implications of your investment portfolio can be crucial for your long-term financial wellbeing. We can assist you in structuring your investments so that you can minimize tax and keep your portfolio working to its full potential.
Have A Tax Efficient Transition to Retirement
If you are in retirement or just planning to retire then we want you to receive the full benefit of the tax-reducing options available to you, such as splitting your pension income with your spouse through the elected split pension amount.
Contact us today and we will gladly evaluate your position and give you a full understanding of the financial implications of retirement including: spousal pensions, CRA pension splitting, the Canada Pension Plan, Old Age Security (OAS), Annuities, RRIFs, RRSPs, TFSA’s and how best to access all of these resources to optimize your tax filing position.
Rental Income Made Easy
Becoming a Landlord may seem easy on the surface but there are a number of factors that can get complicated quickly, from depreciation of assets, to understanding how to apply expenses such as travel to your rental property, and most importantly understanding when depreciating a building could actually disallow a major tax exemption and lead to capital gains. Let us help you with your rental income.
Purchasing Or Selling A House
Whether you are buying your first home, upgrading for a young family or downgrading for retirement, we can ensure that you will be able to benefit from any Federal and BC tax credits such as the First-Time Home Buyers’ Tax Credit. We can also advise you on how to draw from your RRSP to take advantage of The Home Buyers’ Plan (HBP).
If you hold multiple real estate assets we can advise you on the tax consequences of selling properties and any resulting capital gain, and the taxes inherent within.
Help Through Hard Times By Handling Estate Taxes
When a loved one passes away you may find yourself taking on the complexities of someone else’s financial situation at a very emotional time. What you could really use is some simplicity. We complete the estate’s tax return and we can advise you on the best structure and strategy for reducing taxes payable on the estate’s assets.
Dealing With An Audit Or Other CRA Issue
Call us for assistance now if you are in a position of opposition with The Canada Revenue Agency, such as an audit or if have received a demand to file or information request that you don’t understand.
The best way to go into an audit is with the confidence that comes with filing a personal tax return, which is compliant with the Income Tax Act. If you have filed your own tax return or hired a non-professional accountant to file your personal tax return, and you think an error has been made, or CRA has reassessed you, then contact us. We will be able to deal with CRA on your behalf and get you back to compliance and tax efficiency with as little stress as possible.