Personal Tax Services
Our firm has extensive experience in personal income tax return services. We can help you with basic or more complicated tax returns including Property Investment, Bookkeeping services and Business start-up planning: We specialize in Salary/Commissioned Individuals able to claim Employment Expenses, Proprietors or Partners who run their own Business and Individuals with complex investment or pension incomes.
We take into consideration your personal and business tax planning needs, and look for tax planning strategies that help you Keep What's Yours! Our educated staff have many years of education and experience to provide you with the expertise needed to best serve you.
Louis Picco can help you with any personal tax situation, and we specialize in preparing the best personal tax return for you.
Personal Tax Return Checklist
Our Personal Tax Services:
- Business start-up planning and advice (typically new entrepreneur)
- Preparation of financial statements
- Personal tax for family (to maximize combined personal + business tax savings)
- Tax management advisory services
- Property Investment
- Protection of financial assets
Do you have a question or want to speak to a professional about our accounting services?
Call us today at 604 998 0545 to discuss how Louis Picco Inc can help you with our range of accounting services.
An entrepreneur calls on us to help him carefully build his business from the ground up
In 2011, Mr. D made a bold leap, and went out on his own as an engineering consultant. He’d attracted two promising contracts, and wanted to try his hand as an entrepreneur.
He had multiple questions about what seemed like an overwhelming process. Meeting regularly, over the period of a month, we handled them all.
Sole proprietorship, or incorporate right off the bat?
If you have your own business, you know this question well. There are many differences between the two, but when it comes to taxes, sole proprietorships include all of your earnings in your year-end tax returns, whereas incorporating allows you to leave any excess earnings in your business, where they’ll be subject to a much lower tax rate (13.5%).
So when does it make sense to incorporate?
Based on Mr. D’s projected earnings, and the fact that we could set up share splitting with his wife and 20-year-old daughter, we advised him to incorporate.
What’s the best banking structure?
Jamie was going to be doing international business and wanted to be careful about setting up his banking accounts.
We connected him to a trusted advisor at and internationally renowned banking organization, and helped him explain his needs for his business.
How does GST work, and how do I get set up to file?
This is where we started to really step in. We set up a GST account with CRA directly, and helped Mr. D to understand how to collect and bill his clients GST.
What do I do about bookkeeping, payroll, and other administrative tasks?
After creating Mr. D's company's initial accounts structure (Chart of Accounts), we offered to either continue his bookkeeping ourselves, or train him and his wife on some easy-to-use accounting software to help them manage it themselves.
He opted to keep us on hand for the first year, so Mr. D could focus on what he does best – engineering.
Today, Mr. D’s wife has stepped back from working full time and is managing much more of the accounting and management of the business.
Mr. D is flourishing, and we remain on hand to support him with whatever he needs.
Our advice to incorporate from the beginning has also paid off – for the past two years Mr. D’s family has paid considerably less tax than in previous years.
Have a million questions about setting up your business? Contact us to set up a complimentary consultation