Tax Preparation Service

We Provide The Best Customized Offshoring Services

At Karma Embrace, where we specialize in delivering tailored Tax services exclusively for CPAs, Accountants and Tax professionals. We have a seasoned and well-trained team of specialists that have carved out a place for themselves in the subject of taxation and whose expertise is incomparable.

Explore our comprehensive Outsourced Tax Preparation services designed to enhance your business operations.

Our Tax Preparation Services comprise of:

T1 (Individual) Tax Returns:

Personal Income Reporting: Comprehensive reporting of all sources of income, including employment income, investment income, rental income, and self-employment income, Dividend Income etc.

Deduction Optimization: Identifying and maximizing deductions such as RRSP contributions, childcare expenses, medical expenses, and other eligible deductions to minimize tax liabilities.

Tax Credits: Ensuring eligibility and claiming tax credits such as the Canada Child Benefit (CCB), GST/HST credits, tuition credits, and other applicable credits to reduce taxes payable.

Capital Gains and Losses: Calculating capital gains and losses on the disposal of assets, ensuring compliance with CRA guidelines and optimizing tax outcomes.

Foreign Income Reporting: Proper reporting of foreign income, foreign assets, and compliance with reporting requirements for foreign assets exceeding specified thresholds.

T2 (Corporate) Tax Returns:

Financial Statements Preparation: Compilation of financial statements in accordance with Canadian accounting standards (ASPE or IFRS), ensuring accuracy and compliance.

Corporate Income Tax Calculation: Calculation of taxable income, deductions, and credits applicable to corporations, including small business deductions and investment tax credits.

Filing Requirements: Preparation and electronic filing of T2 tax returns with the CRA, ensuring compliance with filing deadlines and regulations.

Tax Planning: Strategic tax planning to optimize corporate tax outcomes, including dividend planning, shareholder loans, and other tax-efficient strategies.

T3 (Trust) Tax Returns:

Trust Income Allocation: Detailed allocation and reporting of trust income, capital gains, and other distributions to beneficiaries.

Trustee Reporting Obligations: Compliance with trust reporting requirements, including filing of T3 returns and issuance of T3 slips to beneficiaries.

Tax Minimization Strategies: Implementing tax-efficient strategies for trusts, including income splitting among beneficiaries and utilizing available deductions and credits.

Benefits of Partnering with US:

Customized Solutions Client-Centric Focus Industry-Specific Knowledge

At Karma Embrace, we recognize that every organization has unique challenges, goals, and operational nuances. Our commitment to delivering customized solutions means we take the time to understand your specific needs and tailor our services accordingly.

Whether you require specialized audit procedures, detailed financial analysis, or strategic management consulting, we collaborate closely with your team to develop solutions that align precisely with your objectives.

At Karma Embrace, our clients are at the heart of everything we do. We prioritize your satisfaction, understanding that our success is measured by your success. Our client-centric approach goes beyond delivering exceptional services; it encompasses building lasting relationships based on trust, transparency, and proactive communication.

We are committed to exceeding your expectations. Through continuous improvement and feedback loops, we strive to deliver service excellence that adds tangible value to your business operations.

At Karma Embrace, you benefit from our deep industry expertise and specialized knowledge across various sectors. We understand the unique challenges and opportunities facing different industries, allowing us to offer informed insights and tailored solutions that drive competitive advantage and operational excellence.

Our consultants possess in-depth knowledge of industry-specific regulations, trends, and best practices. This expertise enables us to develop strategies and solutions that are not only compliant but also optimized for your industry environment.