Personal Tax Accounting in Toronto
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Personalized Tax Accounting Services
Although the CRA has made it simpler to file your tax return it can still be difficult and confusing to file taxes on your own. The complex filing systems & tax knowledge needed to efficiently file your taxes are hard for most people to keep up with, which means they’re missing out on deductions or credits they deserve.
Our team of personal tax accountants will help you get every deduction and credit you deserve so that you can save money when filing your personal taxes this year.
We have served countless individuals with their individual tax returns in Toronto and have the knowledge and expertise to file your taxes on time and with maximum efficiency.
Submission Of Personal Tax Return
Identifying Qualifying Deductions
Claiming all available tax credits
Personal Tax Accountant in Toronto
What are the benefits of letting us help you file your personal income tax return? What are the advantages of hiring us to prepare your income tax return?
- Missed deductions can cost you money. Our services frequently pay for themselves.
- Spend time with your family rather than worry about tax regulations.
- File your taxes on time and save on fines and interest.
- Have peace of mind knowing that your taxes are taken care of.
What is Included in Our Tax Returns?
You will be assigned one of our professionally qualified personal tax accountants as your dedicated accountant that will assist you with tax planning and filing your personal tax return.
What Our Clients Say
Top Questions Asked About Personal Tax Accounting
Personal tax services are professional financial services provided to individuals to help them manage their income tax obligations and optimize their tax situations.
Take your time to research and choose an accountant in Toronto who aligns with your needs and goals. Start by determining what specific accounting services you require, ensure that the accountant you consider is a certified professional, also ensure that you are comfortable with the pricing.
Choose One Accounting as your tax service provider as we are dedicated to being your trusted partner in navigating the complex world of personal taxation.
The cost of hiring an accountant can vary widely based on several factors, including the services you require, the complexity of your financial situation, your location, and the experience and expertise of the accountant or accounting firm you choose.
Let’s discuss the pricing based on the specific accounting needs and services required.
- You can pay your income tax online through your bank’s website using the Canada Revenue Agency (CRA) as a payee.
- The CRA accepts payments through various third-party online payment service providers like Interac Online, PayPal, or a credit card.
- You can set up a pre-authorized debit agreement with the CRA, allowing them to automatically withdraw the amount you owe from your bank account on a specific date.
- You can pay your taxes in cash at Canada Post outlets that offer the Canada Post Cash and Debit service.
- You can send a cheque or money order payable to the Receiver General for Canada to the CRA.
The deadline for filing individual taxes is April 30th. Employers are required to provide employees with T4 slips by the last day of February. That then gives you March and April to get your return filed.
Whether you live in Canada or live and work in Canada, you have to file a Canadian tax return. This helps identify if you qualify to receive credits and benefit payments.
When you leave Canada temporarily or permanently:
If you are a resident of Canada and you leave temporarily for work, school, a medical procedure, or vacation, then you could be still required to file taxes in Canada depending on whether you are “deemed” a resident of Canada. This is based on how many days you spent in Canada as well as whether you maintain significant ties with Canada.
In case temporarily live in Canada:
If you live in Canada for less than 183 days in a year and do not have significant residential ties in Canada you might not need to file taxes in Canada.
Contact us to help determine your unique tax situation.
The CRA has your T1, but you can get an up-to-date version of it online. If you have a My Account with the Canadian Revenue Agency (CRA), then all versions are accessible to view by visiting the “tax returns” section on their website. This helps keep track and ensure that nothing was missed! You also have access to past years as well if necessary; simply call them at 1 800 959 8281 or send in a request via mail so they will be happy to oblige.
Yes, you can! However, it is quite possible to make errors or miss out on certain deductible expenses. You could end up paying the wrong amount of taxes (too little or too much). This opens you up to CRA penalties or fines.
Yes, the T4 is just a summary of all your payslips. If you have all your payslips for the year you can add them up to get your totals. However, filing is easier with a T4.
The minimum income to file taxes in Canada is not a fixed amount; it depends on various factors, including your age, income sources, and specific tax credits or deductions you may be eligible for. Generally, if you are a Canadian resident, you are required to file a tax return.
The tax rates in Ontario range from 5.05% to 13.16% of income and the combined federal and provincial tax rate is between 20.05% and 53.53%.
A certified tax preparer can submit your tax return online on your behalf.
Our experts can do this by using authorized tax preparation software or by accessing the Canada Revenue Agency’s (CRA) Netfile service. We are here to help you. Book a Free Consultation with us today!
The income tax return is what you submit to the CRA to inform them of your income & taxes due. Notice of Assessment is what CRA sends you after reviewing your submitted tax return to either accept your submission as is or inform you of changes they have made to your calculation and the updated amount of taxes owed.
There are several documents that you need to keep safe during the year and provide to us at year-end for filing your taxes. We can provide you with a secure portal to save documents during the year.
Make use of our checklist to ensure you are keeping all the required document(drop us an email at email@example.com to get a copy of the checklist)
- – T3 Trust income and Designations
- – T4A Covid relief payments / pension / annuity
- – T4E Employment Insurance Benefits
- – T5 Investment income
- – T2202 or T2202A Tuition and Education Amounts