U.S. tax filing in Canada comes with its own set of complications. Filing two sets of taxes can feel a little overwhelming. Knowing which tax rules affect you and understanding your tax filing options is a lot to stay on top of.
American citizens living in Canada will likely face tax pressure from both the U.S.-based Internal Revenue Service (IRS) and its counterpart in Canada, the Canada Revenue Agency (CRA).
The U.S. is famous for its complex tax laws and the significant penalties for failing to follow them. Working with a tax accountant in Canada to file a US tax return is the best way to ensure full accuracy and compliance. At Filing Taxes, our experienced accountants in Toronto can assist you with the full process, including preparation and filing.
They will help you understand your obligations and their impact on your international tax and wealth planning. With our expertise, you can be confident that you have the best tax plan in place.
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. |
We Make Tax Filing Easy – Just Follow Our Guidelines
If you’re dreading the looming tax season, welcome to Filing Taxes, dedicated to providing you with the best personal tax filing 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 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 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 do not worry; all you have to do is keep an eye on your email. Our expert personal tax accountants 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.
Why Hire a Professional Accountant for Personal Tax Filing in Canada?
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.
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