Tax & Accounting FAQ

Question 1

Are you currently accepting new clients?

Accepted Answer

Yes — we are actively welcoming new clients. We'd love to learn about your situation and explain how we can help. Contact us to schedule a free initial consultation with no obligation.

Question 2

What should I bring to my first appointment?

Accepted Answer

For a personal tax appointment, bring your T4s, T5s, RRSP contribution receipts, any charitable donation receipts, medical expense receipts, and your prior-year Notice of Assessment if available. For a business appointment, bring your bank statements, receipts, and any prior financial statements. Tom will let you know if anything specific is needed for your situation.

Question 3

Do you offer a free initial consultation?

Accepted Answer

Yes. We offer a free, no-obligation initial consultation so you can ask questions, describe your situation, and decide whether we're the right fit — before committing to anything.

Question 4

When is the personal tax filing deadline in Canada?

Accepted Answer

The standard deadline for personal tax returns in Canada is April 30. If you or your spouse are self-employed, the filing deadline is June 15 — however, any balance owing is still due by April 30 to avoid interest charges.

Question 5

What happens if I file my taxes late?

Accepted Answer

If you owe taxes and file late, CRA charges a late-filing penalty of 5% of the balance owing, plus 1% per month for up to 12 months. If you've been penalized for late filing before, the penalty can be higher. Filing on time — even if you can't pay — avoids the penalty.

Question 6

Can you help if I have multiple years of unfiled returns?

Accepted Answer

Yes. Tom has experience helping clients get caught up on multiple years of unfiled returns. In some cases, the CRA Voluntary Disclosure Program may be available to reduce penalties. Contact us to discuss your situation.

Question 7

Do I need to report foreign income on my Canadian tax return?

Accepted Answer

Yes. Canadian residents are taxed on their worldwide income, including income earned outside Canada. Foreign tax credits are available to prevent double taxation. Tom can help ensure your foreign income is reported correctly.

Question 8

Should I incorporate my small business?

Accepted Answer

Incorporation can offer significant tax advantages — particularly the small business deduction, which reduces the corporate tax rate on the first $500,000 of active business income. It also provides limited liability protection. Whether it makes sense depends on your income level, personal circumstances, and business goals. Tom can walk you through the analysis.

Question 9

When is the corporate tax return due?

Accepted Answer

A T2 corporate tax return is due six months after the end of your corporation's fiscal year. Any balance owing is due two months after year-end (or three months for eligible small corporations). Tom can help you plan ahead to avoid interest and penalties.

Question 10

Do you handle GST/HST registration and filing?

Accepted Answer

Yes. Tom can advise on when GST/HST registration is required, handle the registration process, and prepare and file your GST/HST returns on a monthly, quarterly, or annual basis depending on your situation.

Question 11

Where is your office located?

Accepted Answer

We are located at #207, 6323 Bowness Road NW, Calgary, Alberta T3B 0E4 — right along the historic main street of Bowness in northwest Calgary. Tom has been a resident of the Bowness community for many years.

Question 12

What are your office hours?

Accepted Answer

Our office is open Monday to Friday, 9:00 AM to 5:00 PM. After-hours appointments are available by arrangement — just let us know when you contact us.

Question 13

How long has Tom Bell been in practice?

Accepted Answer

Tom has been serving the Calgary area for over 29 years, with extensive corporate accounting experience in industry before opening his Bowness practice. His loyal clients return year after year because of the personalized service and genuine care he provides.

Question 14

What does CPA, CGA mean?

Accepted Answer

CPA stands for Chartered Professional Accountant — Canada's premier accounting designation. CGA (Certified General Accountant) is a legacy designation that merged into CPA Canada. Tom holds both, reflecting his deep experience and professional standing.

Practical Tax Tips for Canadians

Keep Your Receipts Year-Round

Understand the RRSP Deadline

Pay Yourself a Salary or Dividend Strategically

File On Time Even If You Can't Pay

Common Questions, Answered

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