Personal Tax Preparation

tax preparation

Personal Tax Preparation Services in Canada

We collaborate extensively with our clients to comprehend their unique needs and modify our strategies depending on their circumstances. Our partners and staff take a proactive, hands-on approach. We closely monitor new legislation to ascertain how it will impact individual financial objectives and offer ongoing advice.

Planning and preparing income tax return can get complicated. It requires skills and knowledge to claim your eligible expenses and credits (for instance, medical, tuition, and disability) which reduce your tax liabilities and maximize your income tax return. In line with these factors, it is advantageous to have us manage your taxes so you can reduce your tax liability and avoid paying too much.

Who is required to file a Personal tax return?

As per CRA, the following categories of people are required to file a Personal tax return:
  • People living in Canada permanently
  • Includes groups like:
    • Canadian residents,
    • immigrants or newcomers,
    • indigenous people, and
    • filing for deceased people
  • People living in Canada temporarily
  • Includes groups like:
    • International students (see below),
    • non-residents of Canada with rental income,
    • deemed residents, and
    • seasonal workers
  • People who left Canada temporarily or permanently

Are you a student?

Being a student, it is highly likely that your mind is preoccupied with thoughts like acing your exams or arranging a party at a friend’s place the coming weekend. You might as well be under the impression that being a full-time student you are exempt from filing your taxes.

However, the reality is if you fall under the category of ‘deemed residents’, you are obliged to file your taxes.

You become a resident of Canada for income tax purposes when you establish significant residential ties in Canada. You usually establish these ties on the date you arrive in Canada.

For example- If you landed in Canada on December 30th, 2022, you are required to file student tax return for the 2022 tax year.

Our student tax return services have you covered from the tax aspect. Depending on the circumstances, we will help you with the following:

  • Claim your tuition credits
  • Claim eligible deductions like student loan interest
  • Represent you with CRA, in case of disputes/audits
student tax return preparation

When to file your Personal tax return?

The deadline for most Canadians to file their income tax and benefit return for 2022 is April 30, 2023. Filing a return before the deadline will allow an individual to avoid interruptions to any refund, benefit or credit payments that he/she may be eligible for. Interestingly April 30, 2023, is a Sunday, hence, a taxpayer’s return will be considered filed on time if the Canada Revenue Agency (CRA) receives it, or it is postmarked, on or before May 1, 2023.

When to pay the Personal Income Tax owing?

If a taxpayer owes money to the CRA, his/her payment will also be considered on time if the CRA receives it, or a Canadian financial institution processes it, on or before May 1, 2023.

In case a taxpayer or their spouse or common-law partner are self-employed, they have until June 15, 2023, to file their return. However, if they owe money, their payment is due on April 30, 2023. Further, their payment will be considered on time if the CRA receives it, or a Canadian financial institution processes it, on or before May 1, 2023.

Please reach out to us to book your consultation, or in simpler terms to maximize your refunds and to avoid interest and penalties.

Our services under Personal Tax

Tax experts at Toronto Tax Boutique operate seamlessly to provide businesses with effective tax preparation & management. Our Personal tax preparation services include:

  • Employment Income- T4, T4A
  • Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
  • Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
  • Rental Income
  • Registered Retirement Savings Plan (RRSP) Income- T4RSP
  • Schedule of Capital Gains and Losses
  • Income from Self Employment
  • Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210

Further, based on the nature of your file, our experts also assess the possible deductions to be included in your personal tax return. The list of deductions that may appear on your tax return are as follows (including these but not limited to):

  • Employment Expenses- Form 2200
  • Investment Income- T101, T102, T5003, T5004, T1-CP
  • Expenses Relating to a Rental Property
  • Registered Retirement Savings Plan Contributions – up to March 1 of the following fiscal year
  • Membership Fees, Union and Professional Dues
  • Moving Expenses
  • Child Care Expenses
  • Disability Support Expenses
  • Allowable Business Investment Losses (ABIL)
  • Legal Fees
  • Stock Options
  • Income Tax Installments Paid
  • Pension Adjustment Reversal/Past Service Pension Adjustments- T10/T215
  • Fines, Penalties and Levies

Also, CRA outlays the list of several tax credits to individuals on their personal tax returns based on their circumstances. The list of tax credits that may appear on your T1 return are as follows (including these but not limited to):

  • Spousal Exemption
  • Dependents
  • Disability Amounts- T2201
  • Adoption Expenses
  • Tuition, Fees and Education Amounts- T2202 or T2202A
  • Interest Paid on Student Loans
  • Medical Expenses
  • Caregiver Amounts
  • Charitable Donations-
  • Federal or Ontario Political Contributions
  • Rent or Property Tax Credit (specific conditions apply)

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To reduce your personal tax burden, contact us today to get started.

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