tax return preparation
Personal Taxes
We offer a range of personal tax services to individuals to help them manage their tax obligations, maximize deductions, and ensure compliance with tax laws. Here are the common personal tax services we provide:
1. Personal Income Tax Preparation: We assist individuals in preparing and filing their personal income tax returns. This includes the completion of federal and provincial or territorial tax forms, reporting various types of income (employment income, investment income, rental income, etc.), and calculating deductions and credits.
2. Tax Planning and Advice: We provide tax planning strategies to help individuals minimize their tax liabilities legally. we offer advice on tax-efficient investment options, retirement planning, and timing of financial transactions.
3. Tax Return Review: Before submitting tax returns, we thoroughly review them for accuracy and identify potential errors or opportunities for additional deductions or credits.
4. Self-Employment and Business Income: We specialize in helping clients navigate the unique tax considerations related to business income.
5. Investment and Capital Gains Taxation: Assistance with calculating and reporting capital gains and losses from investments, including stocks, bonds, real estate, and other assets.
6. Rental Property Income: Our team can help individuals who earn income from rental properties by ensuring proper reporting, expense deductions, and compliance with relevant tax rules.
7. Estate and Inheritance Tax Planning: Advising individuals on estate planning strategies to minimize taxes on their assets and providing guidance on the tax implications of inheritance or estate distributions.
8. Tax Credits and Deductions: Identifying and claiming all available tax credits and deductions, such as the Canada Child Benefit, tuition credits, medical expense deductions, and more.
9. Non-Resident Tax Services: Assistance for individuals who are non-residents of Canada but have Canadian-source income, helping them understand and meet their tax obligations.
10. Tax Dispute Resolution: We represent individuals in disputes with the Canada Revenue Agency (CRA), assisting with audits, appeals, and negotiations to resolve tax issues.
11. Foreign Income and Reporting: Assisting individuals with income earned abroad, including foreign tax credits, reporting of foreign assets, and compliance with international tax treaties.
12. Filings for Special Situations: Managing tax filings for individuals in unique situations, such as newcomers to Canada, emigrants, or individuals with disabilities eligible for specific tax credits.
13. Tax Compliance and Deadlines: Ensuring individuals meet all tax filing deadlines and stay in compliance with federal and provincial or territorial tax regulations.
14. Year-Round Support: Providing ongoing tax advice and support throughout the year, not just during the tax season.
It's essential to choose an accounting firm or tax professional with expertise in personal taxation and a strong track record of helping individuals with their specific tax needs. Properly managing personal taxes can lead to potential tax savings, compliance with tax laws, and peace of mind.