We are fully qualified and experienced in preparing the following tax returns:
- Personal (T1)
- Corporate (T2)
- Trust (T3)
- T4 and T5
- Special Returns
Filing a personal (T1) Tax Return?
It is that time of the year again, your email is flooded with marketing material, there are ads on tv and on the sidewalk from companies promising to get you the “maximum refund”. However, you might still be wondering what a tax return is, and why do you have to file one?
What is a personal (T1) Tax Return?
Canada operates on a self-reporting tax system. Therefore, every year, you have to report your income from all worldwide sources and determine if you owe the government tax.
- You must file a tax return if you owe taxes or if the Canada Revenue Agency (CRA) asks you to
- Even if you do not owe tax, it’s a good idea to file your return, as you may be entitled to a refund or Canada Child Benefits as well as refundable credits such as the Climate Action Incentive, the Medical Expense Supplement, the Working Income Tax Benefit, GST/HST credits, the School Supply Credit and Provincial Credits such as the Trillium Benefit, the Ontario Senior Homeowners’ Property Tax Grant
- Even if you do not qualify for refunds or credits, filing your personal tax return can increase your RRSP contribution room or establish credits such as tuition, student loan interest or donations, which can be carried-forward to a future year
- There are instances where an individual could owe the government. Filing a tax return allows you determine the amount owned. Failure to file a tax returns could lead to penalties and interest
- For permanent residents, filling your tax returns is a requirement for Citizenship application
We can help with all aspects of your personal tax return. Whether you are a sole-proprietor, have employment expenses or a rental property, we’ve got you covered. If you sold or started renting out a property, the rules can get extremely complicated. Are you properly splitting your pension income in the most tax efficient way? Are you properly reporting all of your investment income, gains and deductions? Have you claimed all the credits and deductions that you are entitled to? We can help you with these questions as well as other aspect of your personal tax filing. Call us!
Whatever your personal situation, it is important to ensure that you file your tax return correctly. If you know you owe tax, and don’t have the funds to pay, you should still file the tax return on time. Otherwise, you’ll be charged unnecessary penalties and interest. Please contact us if you have any questions, and we will be able to put you on the right path.