Personal Tax Preparation

Personal Tax Preparation Services in Canada

We closely collaborate with our customers so as to get their particular requirements, adjusting our plans according to their unique circumstances. Our associates and workers have a proactive, practical standpoint by monitoring new laws that might affect financial objectives and giving constant counseling.

Tax planning and preparation can be complex, requiring expertise to claim eligible expenses and credits (such as medical, tuition, and disability) to minimize tax liabilities and maximize returns. By entrusting us with your tax preparation, you can reduce your tax liability and ensure you don’t overpay.

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

  • Canadian Residents,

  • Immigrants or Newcomers,

  • Indigenous People, and;

  • Filing for Deceased people

People living in Canada temporarily

  • 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?

As a student, you may be focused on getting better grades in school or planning for an epic weekend party at your friend’s house. You might think that being a full-time student exempts you from filing taxes. However, if you are considered a 'deemed resident' of Canada, you are required to file your taxes.

You are deemed a resident of Canada for income tax purposes when you establish significant residential ties in Canada. Typically, these ties are established on the date you arrive in Canada. For instance, if you arrived in Canada on December 30th, 2022, you must file a student tax return for the 2022 tax year.

Our student tax return services are here to assist you with everything related to tax. Depending on your circumstances, we can offer you:

Claim your tuition credits

Claim eligible deductions like student loan interest

Represent you with CRA, in case of disputes/audits

When to file your Personal tax return?

We closely collaborate with our customers so as to get their particular requirements, adjusting our plans according to their unique circumstances. Our associates and workers have a proactive, practical standpoint by monitoring new laws that might affect financial objectives and giving constant counseling.

Tax planning and preparation can be complex, requiring expertise to claim eligible expenses and credits (such as medical, tuition, and disability) to minimize tax liabilities and maximize returns. By entrusting us with your tax preparation, you can reduce your tax liability and ensure you don’t overpay.

When to pay the Personal Income Tax owing?

We closely collaborate with our customers so as to get their particular requirements, adjusting our plans according to their unique circumstances. Our associates and workers have a proactive, practical standpoint by monitoring new laws that might affect financial objectives and giving constant counseling.

Tax planning and preparation can be complex, requiring expertise to claim eligible expenses and credits (such as medical, tuition, and disability) to minimize tax liabilities and maximize returns. By entrusting us with your tax preparation, you can reduce your tax liability and ensure you don’t overpay.

Our services under Personal Tax

Tax experts at Canadian Tax Group work seamlessly to deliver effective tax preparation and management services for businesses.

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

list of deductions

Based on the nature of your file, our experts also assess the possible deductions to be included in your personal tax return.

  • 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

list of tax credits that may appear

on your T1 return

CRA outlays the list of several tax credits to individuals on their personal tax returns based on their circumstances.

  • 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

list of deductions

Based on the nature of your file, our experts also assess the possible deductions to be included in your personal tax return.

  • 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

list of tax credits that may appear

on your T1 return

CRA outlays the list of several tax credits to individuals on their personal tax returns based on their circumstances.

  • 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

FAQS

How can I file my taxes with Canadian Tax Group Inc.?

Filing your taxes with Canadian Tax Group Inc. is easy and convenient. Simply visit our website and create an account if you haven't already. From there, you can access our user-friendly online platform, where you'll be guided through the tax filing process step by step. Our platform is designed to make it as straightforward as possible, and if you ever have questions or need assistance, our expert team is just a message or a phone call away. We're here to support you throughout the entire process.

What documents do I need to provide for tax preparation?

To prepare your taxes accurately, we need various documents, including W-2s, 1099s, receipts for deductible expenses, mortgage interest statements, and records of other income or investments. Please also bring your previous year's tax return for reference.

How can I be sure my tax return is accurate?

Our team of experienced professionals follows meticulous procedures to ensure accuracy. We stay updated with the latest tax laws and double-check every return. Additionally, our services include a review process to catch any potential errors before submission.

What should I do if I receive a tax audit notice?

If you receive a tax audit notice, contact us immediately. Our experts will guide you through the process, help you understand the notice, and represent you during the audit to ensure your interests are protected.

How can tax planning benefit me or my business?

Tax planning helps you make informed financial decisions throughout the year, potentially reducing your tax liability and maximizing savings. Our personalized tax planning services ensure that you take advantage of all available deductions, credits, and strategies tailored to your unique situation.

Can you help me if I need an extension to file my taxes?

Absolutely. We offer hassle-free tax extension services to ensure you meet IRS deadlines. We handle all the necessary paperwork and submit your extension request, giving you extra time to prepare your tax return accurately and avoid penalties.