Personal tax Back
How We Help You Save
Navigating the personal taxation labyrinth in Ontario can be overwhelming, with much complexity surrounding federal and provincial tax laws. Having a knowledgeable accountant on side helps you reduce your tax liability while remaining in compliance with ever-changing regulations. There are many ways we support our clients in maximizing their tax savings:1. Strategic Income Tax Planning
Our seasoned accountants are ready to evaluate your financial circumstances and create a customized tax plan. We pinpoint all eligible deductions, credits and exemptions, optimizing your income structure to help minimize your overall tax bill.
2. Maximizing Deductions and Credits
We enable you to take full advantage of all applicable claims, tax credits and deductions – including for medical expenses, tuition and charitable donations – all tailored to your personal financial situation.
3. Capital Gains & Losses Optimization
The correct timing of asset sales and use of exemptions are crucial aspects of a beneficial tax outcome. We can help you minimize tax on gains, make the most of any losses, while strategically managing your capital transactions.
4. Optimizing RRSP Contributions
Saving enough for a comfortable retirement means making informed RRSP contributions and taking advantage of valuable tax deferrals. We’re here to advise you on using your contribution room effectively to achieve and maintain long-term tax efficiency.
5. Income Splitting Opportunities
Do you have family members in lower income brackets than you? We can help you apply income-splitting strategies legally and effectively to distribute income more evenly within the household to ensure you enjoy maximal tax savings.
Enjoy A Stress-Free Tax Season
Engaging an accountant can be one of the most effective ways to reduce your tax load, maximize deductions and credits, while ensuring your financial strategy remains in line with your long-term financial goals. From straightforward tax returns to the complexity of multiple income sources, our professionals are ready to help you save time, lower your tax bills, and stay in compliance. We offer full-service personal tax assistance attuned to each client’s needs.
Our personal tax services:
- Personal Income Tax Return Filings (T1)
- Statement of Business Activities (T2125)
- Tax Planning Strategies
- GST/HST Filings
- CRA Correspondence and Audit Support
We complete hundreds of T1 returns annually for clients across Greater Toronto Area and beyond. Avoid late filing and penalty risks. Engage one of our experienced accountants – preferably in advance of tax season.
Typical Income Sources
As your personal tax accountants, we will guide you in assembling all necessary tax slips and income documents, including:
- Employment Income: T4
- Pension & Annuities: T4A(OAS), T4A(P), T4RIF
- Investment Income: T3, T5
- RRSP Withdrawals: T4RSP
- Other income slips: T4E, T4A, T4PS, T5007, T5008, T5013
- Foreign Income & Assets
- Rental Income
- Self-Employment Income
- Capital Gains or Losses
Identifying Key Deductions
We carefully identify all deductions that may apply to your return, beyond simply filing of income taxes. These commonly include:
- Employment Expenses (T2200)
- Rental Property Expenses
- RRSP Contributions (up to March 1 of the following year)
- Union/Professional Dues
- Childcare Expenses
- Moving Expenses
- Spousal Support Payments (T1157)
- Disability Support Expenses
- Business Investment Losses (ABIL)
- Legal Fees
Inclusion of All Eligible Tax Credits
In accordance with your unique personal tax situation, we ensure all eligible tax credits are applied to your return. These typically include:
- Spousal and Dependant Credits
- Disability Tax Credit (T2201)
- Tuition, Education & Textbook Amounts (T2202A)
- Interest on Student Loans
- Medical Expense Credit
- Caregiver Amount
- Adoption Expense Credit
- Charitable Donations
- Political Contributions (Federal or Ontario)
- Rent or Property Tax Credit
- Income Tax Installments Paid
Our quality commitment
During the busy tax season, our commitment to ensuring our existing clients receive the highest quality of professional services means we may not have capacity to take on new personal tax clients. For best results, engage us long before then.