Personal tax season in Canada gets into full swing from January to April so does the search for personal tax accountants in Toronto. For over a decade Filing Taxes, has been successfully helping clients with their Canadian personal tax returns or T1 returns. As a trusted tax partner for thousands of individuals across Canada, our professional team prides itself on having significant experience both with the CRA and with the rules and requirements of personal tax return preparation.
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 Toronto and Mississauga offer the integration of both services to help further drive efficiencies. Our comprehensive range of services includes:
If you’re dreading the looming tax season, welcome to Filing Taxes, dedicated to providing you with the best personal tax return service in Canada including Toronto and Mississauga primarily. We offer our expertise to assist you in making the personal tax filing process as smooth as possible. To ensure you get high-quality services we have a defined procedure:
New clients will need to complete our intake forms and established clientele can complete an update form to ensure all necessary tax details are up to date.
We have compiled the checklist so that you can compile the information needed for your personal income tax return preparation. Using our checklist will ensure your income tax return is completed faster and with fewer inquiries and follow-up calls. Next, you can provide your information.
Once you provide your documents, you'll receive a thank you email from our administrative assistant letting you know that your info has been received and your tax return is underway.
Your provided information for your personal tax return will be reviewed by one of our experienced tax accountants or by a Chartered Professional Accountant depending on its complexity. They'll review all of the information you've been providing and see if gaps still exist and if there are any tax planning options or audit risks that need to be assessed.
Emails, phone calls, and inquiries can all be expected. Your dedicated income tax accountant will contact you for more information. This is us reviewing your tax documents, looking for additional write-offs, and analyzing your tax risks. This step is crucial to ensure your personal income tax return is completed accurately.
If no further information is needed a Chartered Professional Accountant will email you with a draft summary of your personal income tax return and send you a list of recommendations. This ensures your information is accurate based on the information you provided.
If you are happy with your personal income tax return, you'll sign your e-signature package pay your invoice, and have your income tax return e-filed. Once signed and paid we'll e-file your personal income tax return immediately.
It appears to be an exhausting process and a lot to keep track of! But not to worry, all you have to do is keep an eye on your email. We'll take care of the process and guide you through each step. We have a documented and organized workflow that will keep you (and us) on track.
Our team, with an eye for detail, ensures precise filing of your tax return with the CRA. Under our watchful eyes, you can rest assured that your tax return will be prepared meticulously.
| Slip Type | Description |
|---|---|
| T4 | If you earned any employment or commission income during the year, please provide Employment Income slips from all employers. |
| 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. |
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.
Please send the below information slips, as applicable to you.
The client must provide a list of all information slips to ensure accuracy and completeness. In case we have the authorization, and the data is downloaded from CRA’s website even then a list of slips must be provided to us as some of the slips are not always available online. This is quite common in the earlier months of the tax season. Following are the sources of income tax slips that are usually seen apart from the personal tax return:
CRA has categorized tax deductions into different groups:
Family, childcare, and caregivers
|
Education
|
Investment, Pension, and savings plans
|
Employment – Form 2200
|
Disability
|
Provincial and territorial tax and credits for individuals |
A tax deduction, sometimes referred to as 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 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.
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.
Wading through tax records and filling out your personal tax return is a daunting task – one that can be frustrating and eat up more hours that you must devote to it.
Many individuals often miss out on valid deductions or make incorrect claims, leading to unfavorable financial outcomes. Canadian tax laws can be intricate and multifaceted, making it challenging for many to fully grasp their tax duties.
Anyone can file an individual tax return, but it takes a professional to make sure you gain back everything you’re owed.
Tax experts help you spot opportunities, maintain compliance, and deliver proactive long-term tax planning. There are several benefits to working with personal tax specialists over filing your own income taxes.
We have extensive knowledge of the tax laws and regulations in Canada and are always up to date with any changes that may occur, ensuring that you receive the most accurate assistance in completing the T1 tax returns.
Our squad of professional accountants diligently reviews each case with the utmost care and accuracy against the current tax landscape. Our personal tax team strives to offer you tailored, tax-efficient solutions to cover all aspects of your personal tax requirements.
We dive deeper than traditional tax services, intertwining tax planning with your broader life objectives and long-term aspirations. We take the time to understand your distinct financial circumstances and goals, devising a tailored tax strategy that respects your nuances, and moving away from the generic, one-size-fits-all model.
At Filing Taxes, we recognize that tax topics are inherently complex and often daunting. We're committed to delivering practical, actionable insights, cutting through the jargon. We strive to make the usually intimidating subject of tax more accessible and manageable.
Pre-emptive measures for optimal tax results, as opposed to merely responding to tax issues after the fact. That's why we offer an extensive range of Strategic Tax Planning services, extending beyond the routine 'tax time' compliance obligations, to keep you ahead, reduce unexpected events, and optimize your personal tax status.
Get The Tax Return You're Entitled To. We guarantee Maximum tax situation optimization so that you do not have to pay extra tax dollars which you should not have. Our goal is to get you the maximum refund by doing a thorough tax return optimization to get you the deductions and credits applicable to you so that you have peace of mind that you have filed an accurate personal tax return.
We have trusted professional accountants offering online and in-person services. Our professional tax accountants offer in person services in Toronto and Mississauga. However our professionals can also assist you with your personal tax return requirements remotely from the comfort of your home utilizing the Filing Taxes secure document transfer portal. We accept clients from Canada and worldwide.
We aim to make tax season less taxing for you. Our goal is to simplify the process of filing taxes, making it quick and hassle-free, giving you back the time you need for your life. We'll handle all the nitty-gritty, allowing you to enjoy peace of mind.
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