When it comes to safeguarding your financial future, effective tax planning plays a pivotal role. Corporate tax services in Toronto help companies navigate the Canadian complex tax system and ensure compliance with tax regulations. For businesses, tax planning can help give companies a better idea of the overall health of the business – all while reducing hefty tax bills.
Our Range Of Personal Tax Return Services
No matter how simple or complex your tax situation is, we are ready to handle it! We know that many business and personal taxes are intertwined, and our personal tax services in Toronto and Mississauga offer the integration of both services to help further drive efficiencies. Our comprehensive range of services includes:
Who Must File A Personal Income Tax Return(T1) In Canada?
Your tax filing requirements usually depend on three things: your filing status; your gross income; your age.
Even if you have no income, you should still file your taxes before you turn 19. You may be able to access tax credits and benefits, like sales tax credits or childcare support.
The deadline to file personal income taxes is April 30 and even though self-employed Canadians don’t need to file until June 15, if you owe the Canadian Revenue Agency (CRA, formerly known as Revenue Canada) any money, it must be paid no later than April 30 to avoid any penalties.
We Help You Get All Your Eligible Tax Deductions
A tax deduction, sometimes called a tax write-off, is any legitimate expense that can be subtracted from your taxable income.
Tax deductions are a way to reduce your taxable income and, consequently, your tax bill. You must meet the eligibility criteria to claim a tax deduction.
Lowering your taxable income reduces the amount of tax you have to pay. Generally, multiple deductions can lower your income and put you in a lower tax bracket. In Canada, both federal and provincial deductions can help reduce your tax liability.
As your personal tax accountant in Toronto, Filing Taxes will also identify deductions to be included in your personal tax return to minimize your tax liability.
We Help You Claim All Your Eligible Tax Credits
We understand that the hustle and bustle of tax season can create plenty of questions, especially when it comes to which credits you can claim. As your personal tax accountant in Toronto, we will ensure that all tax credits are applied correctly on your personal income tax return to reduce your tax obligation. We’ve listed the most common tax credits used on a T1 return to help you get the most out of your return this tax season.
Slips Required For Personal Tax Filing
Stay organized and get a head start on this tax season with this list of forms and receipts you'll need to file your taxes.
| Slip Type | Description |
|---|---|
| T4 | Statement of Remuneration Paid by Employers: employment or commission income earned during a calendar year. |
| T4E | If you received any employment insurance benefits, please attach the T4E slip. |
| T4A | Statement of Pension, Retirement, Annuity, and Other Income. |
| T5, T600, T5013A | Statement of Investment Income. |
| T3 | Statement of Trust Income Allocations and Designations. |
| T4-COVID-19 | Benefits received – CERB, CRB, CRCB, etc. |
| T5013 | Statement of Partnership Income. |
| T5008 | Statement of Securities Transactions. |
| T4A(P) | Statement of Canada Pension Plan Benefits. |
| T4A(OAS) | Statement of Old Age Security. |
| T4RSP | Statement of RRSP Income. Please inform us if you have a Home Buyers plan, a lifelong learning plan, or withdrawing excess contributions. |
| T4RIF | Statement of Income from a Registered Retirement Income Fund. |
| T5007 | Statement of Benefits – Workers Compensation or Social Assistance benefits. |
| T2202 | Tuition Slips issued by your school, college, or university. |
| Other Income | T4PS, RC62, RC210. |
| Other slips | Schedule of Capital Gains and Losses, Income from Self Employment, Debt Forgiveness. If there is any other slip not mentioned here. |
This will close in 0 seconds
