Personal & Family Taxes

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Families and individuals in Courtenay and Campbell River trust Ashcroft & Associates with their tax returns and tax reviews.

Trust the professionals at Ashcroft & Associates to process your personal tax return quickly, accurately, and putting money back into your pocket by mitigating tax where possible.

Are you Military?

We help many Canadian Air Force, Army and Navy members with everything from tax returns to practical advice.

Are you a Student?

We’ll make sure that you have claimed student deductions and credits so you receive the maximum refunded.

Are you a Newcomer?

Is this your first tax return in Canada? We can help make sure it gets done right and give you the best practices for going forward.

Are you a Small Business?

Life as the sole proprietor can be hectic and confusing. We’ll make sure all your expenses are claimed for the best refund possible.

Are you a Senior?

Taxes for seniors can be complex and the rules change annually. We’ll make sure that you have claimed all the right credits to minimize your tax.

Single or a Family?

Regardless of whether you’re single, married or have a family, we will make sure that the right credits are claimed for your situation.

You can’t get away from paying taxes. It’s one of those facts of adult life, whether you’re single or part of a family; whether you’re an employee, self-employed, sole proprietor of a business or in a partnership.

And yet, every year, the government changes and adds new tax rules. How is the average Canadian supposed to keep up? You might be over-paying—or worse, making mistakes that might trigger an audit.

You’re a busy person with plenty of other responsibilities, and we don’t think you should spend your valuable time figuring out the intricacies of the tax code. Our professionals stay on top of these details so you don’t have to.

While we can do the return for you, we strongly believe you should understand what you’re filing, so we also go through your return with you so you’re clear on your own financial situation.

Did you know?

If you own your own business but are not incorporated, you are considered a sole proprietor—which means—your net income/loss is reported on your personal income tax return.)

FAQs

What are personal taxes in British Columbia and Canada?

A personal or individual income tax is levied as a percentage of a person’s wages and salaries, with some deductions permitted, along with the net income or loss from businesses (proprietor or partnership) and investments. It is typically collected on a pay-as-you-earn basis, with corrections at the end of the year for over- and under-payments.

Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability; these are frequently a method of rewarding income-use-patterns encouraged by the government (home ownership, supporting children and charitable contributions). Tax structures may allow losses from one type of income to be counted against another. For example, a loss from businesses and investments might offset wages before calculating the taxes due.

Should I incorporate my sole-proprietorship?

This seems like a simple question, but the answer depends very much on your personal business situation. There are many pros and cons to incorporating a business in Canada.

Do any of these personal tax situations sound familiar?

Are you missing out on money you’re entitled to?

  • Do you qualify for certain government programs such as MSP subsidy?
  • Do you qualify for the Disability tax credit?
  • What about all the new COVID-19-related benefits?

We can help you understand and apply for these.

Are you paying too much personal income tax?

We’d love to help you make sense of your tax—and we may even be able to find ways to improve it!

No matter how small or large your income and investments, Ashcroft & Associates will ensure your tax return is maximized. We offer affordable, accurate, and prompt tax preparation for you and your family.

Do you need help with back taxes?

  • Are you behind in filing your tax returns?
  • Did you miss this year’s deadline?
  • Or does something seem wrong with your tax return

Let us take a second look. We will be more than happy to review your previous years’ tax returns to see if we can find anything that was missed.

Knowledge is power, or in this case, money in your pocket. Especially in RRSP season.

We encourage all our clients to book an appointment in November to talk about their RRSP contributions and other ways they can prepare for that April 30 personal income tax deadline. A financial advisor can also be very helpful and we can connect you to some excellent advisors in the Valley.

Unlike other tax preparation firms, we’re open year-round. That means we’re always available to help you get a head start on your tax planning and take advantage of strategies that could save you money come tax time.

Personal & family tax services for all stages of life.

The staff at Ashcroft & Associates treat their clients like family—they work hard on your behalf to ensure that you and your family’s taxes and financials are in order. We can handle your tax situation, no matter how large or small, simple or complex.

Here are some of the popular areas of tax services we offer for individuals and families.

Tax Returns

Are you paying more personal income tax than you need to? We’d love to help you make sense of your tax—and we may even be able to find ways to improve it!

No matter how small or large your income and investments, Ashcroft & Associates will ensure your tax return is maximized. We offer affordable and accurate tax preparation for you and your family.

Assessments & Reviews

Every year the Canada Revenue Agency sends some taxpayers a request for more information.

If you have received this letter but you don’t know what to do then contact us and we can explain what is happening and what is required of you in easy-to-understand language.

Death Taxes

There can be up to three different tax returns that can be filed on behalf of a deceased family member in order to lower their taxable income and save them money. This can be a confusing and stressful process. Let us help you through it.

When a loved one has passed, the last thing you want to do is deal with the final tax or trust return. At Ashcroft & Associates, we will make sure that your loved one’s taxes are done accurately and to the best tax advantage for them. When everything has been finalized, we will ensure that a final clearance certificate is obtained.

Clearance certificates are written notices from Canada Revenue Agency that state that taxes owing—and any interest and penalties on those taxes—have been paid by an estate. They are important because if an executor should distribute the assets of an estate before getting a clearance certificate, and not all taxes have been paid, the executor can be personally liable for payment of the taxes out of their own pocket. The final clearance certificate absolves the executor from that liability.

Trust Returns

There are two kinds of trust returns:

Testamentary Trust: Many people will only have to deal with a “testamentary trust,” which is created upon death on behalf of the deceased, as explained above. This type of trust requires an “Estate of” trust return (that is, a final tax return) to be filed. We are experts with this process and can make it much simpler for you if you are the executor. We can also help you set up your estate planning strategies in advance so your family has less to worry about in the case of your death.

Inter Vivos Trust: The other kind is an “inter vivos trust.” This type of trust, often called a family trust, is set up as part of a comprehensive tax planning strategy to help increase tax efficiencies and minimize taxes. We can help you set up a family trust and can help you file your family trust returns.

No matter which type of trust you need, trust the professionals at Ashcroft & Associates to take care of it for you.