Why Choose Us for Your Personal Income Tax Return Needs?
The individual tax return, also known as the T1, is an essential annual requirement for all residents of Canada (study and work permits holders, permanent residents and citizens). At our firm, we specialize in handling Personal Income Tax Return filings, ensuring accuracy and compliance with all deadlines. Whether you’re self-employed, a contractor, or an employee, we help simplify the process of tax return filing for individuals, ensuring you maximize any applicable (eligible) benefits and credits.
Types of Our Personal Tax Filing Services
We offer a comprehensive range of Personal Tax Filing services, including but not limited to:
- Individual tax return preparation and filing
- Assistance for self-employed individuals, contractors, and those with more complex tax situations, such as capital gains and rental income
- Specialized services for newcomers and those eligible for credits such as GST, grocery rebates, and more.
How to Get individual tax return Services from Us
To get started with your individual tax return, simply contact us to book a consultation. Our experts will guide you through every step of the process, ensuring that all your personal tax needs are met efficiently and professionally. Whether you’re filing a straightforward personal tax return or need assistance with more complex tax situations, we’re here to help.
Our Commitment to Maximizing Your Tax Refund
At our firm, we are committed to maximizing your tax refund by ensuring all eligible deductions and credits are applied to your individual tax return. Common incomes that must be reported on your T1 include employment income, rental income, capital gains, and more. With our personalized approach, you can trust that we will optimize your tax return, considering all eligible credits and benefits such as:
GST credit
- You could get up to $519 if you are single. $680 if you are married or have a common-law partner. $179 for each child under 19 years of age.
- To claim the GST credits, new comers should download and complete the form RC151 and mail it to CRA:
Rental credit
- Starting for the 2023 tax year, a renter’s tax credit based on annual income has been introduced. For 2023 this tax credit will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $60,000 or less. Individuals and families with an adjusted income greater than $60,000 and less than $80,000 may receive a reduced amount, Read more:
Child Care Benefit
- If you live with a child under 18 years old age, and you are responsible taking care of your child, and if you are a temporary, permanent resident or a Canadian resident and you live in Canada for over 18 months (after you received your SIN), you are eligible to get childcare benefit. New comers should download and complete the form RC66 and mail it to CRA:
Disability tax credit
- If you have a special medical condition, you may be qualify for a Disability Tax Credit (DTC) you will need an specific form completed and certified by your family physician and you need to send it to CRA, after receiving CRA approval, you will be qualify for a group of benefits. You may find the list of the medical condition by clicking the link:
First time home buyer
- If you purchased a home as a first home buyer, you’ll have a credit of up to $10,000.00. Please see the following link for more information:
Employment Expenses
- For those who are employees (like remote workers, inspectors, etc.) and got the form T2200 from their employer, they can claim some particular expenses based on their form.
Childcare Expenses
Professional Fess
- such as licences, permits, professional insurances
Donations
Medical Expenses
Tuition Fees
Etc.
Why Timely Personal Tax Filing Matters?
Filing your personal income tax return on time ensures that you avoid late penalties and interest charges. For Canadians, the deadline is April 30 of the following year, but self-employed individuals have until June 15. It’s crucial to file your taxes on time if you owe money, as all balances must be paid by April 30. Timely personal tax filing also ensures you remain eligible for important benefits like the GST credit and childcare benefits.
FAQ
A T1 is the official individual tax return form that residents of Canada must complete and file with the Canada Revenue Agency (CRA) each year. It reports your income from all sources, including employment, self-employment, and investments, as well as deductions and credits.
For most individuals, the filing deadline for Personal Tax Filing is April 30 of the following year. If you’re self-employed, you have until June 15, but any taxes owed must still be paid by April 30.
You must report all types of income, such as employment income, social assistance, rental income, capital gains, interest income, and dividends, among others. If you’re unsure, we can help you navigate the full list of income sources relevant to your individual tax return.
Missing the Personal Income Tax Return deadline can result in penalties and interest charges on any unpaid taxes. Even if you can’t pay the full amount by the due date, it’s important to file your return on time to avoid additional fees.
Filing your individual tax return may make you eligible for benefits like the GST credit, carbon rebates, childcare benefits, student loan, etc. We can help ensure you’re receiving all the benefits you qualify for based on your unique situation.
Yes, filing a return on behalf of a family member, including a deceased person, is possible. Contact us, and we’ll provide you with the necessary steps to file their individual tax return and address any specific circumstances.