Schell & Associates provides personal tax services for clients across Victoria, Duncan, Sidney, Nanaimo, Vancouver Island, BC.
Preparing your income tax return can be a daunting task that can leave you with more questions than answers. Our return preparation process is designed to ensure accuracy with every step. We give personalized service on a one-on-one basis to individuals and owner operators of businesses with a view of minimizing your taxes.
Schell & Associates take pride in giving all our clients a great deal of “personal attention”. We value our clients and want to contribute to their success. Your issues are important to us and we have the skilled resources to address all your needs.
We work hard to build long lasting relationships with all of our clients. Schell and Associates Team will establish a starting point for your tax basis. We will then expand and utilize this information for effective planning to minimize your taxes. Almost everything you do in life, starting from marriage to buying your first home has tax consequences. We will help you to determine your financial situation and provide solutions.
- Preparation of personal tax returns
- Sole proprietorships and partnerships
- Home-based businesses
- Late filed returns or amended returns
- Setting up accurate record keeping systems
- Year-round consultations
- Guidance through complex rules
- Minimizing taxes
- Goods & Services Taxation (GST) and Harmonized Sales (HST)
- Estate planning and wealth management strategies
- Retirement planning
- Business and Rental Property Returns
The tax implications of purchasing additional properties or of renting property can sometimes be confusing. There are two principal taxes that must be considered: capital gains tax and income tax. Income tax is payable on the net income from a rental property.
The way in which property is purchased, and what occurs at the time of purchase, can mean a difference of $1000’s of dollars each year in tax refunds on the same property. It can pay for itself many times over by having an accountant who is experienced in dealing with rental properties.
In order to maximize the return on a rental property it is often necessary to restructure your affairs. We can give advice on the structure that is right for you.