Personal Taxes

Taxes are what we do.

Not all accountants’ experiences are equal. Some are experienced in audit while others are experienced in controllership work. At our firm, each tax team member has over 10 years of experience working on taxes.

We can prepare various personal tax filings, which include, but not limited to, income tax return, GST/HST return and information returns such as the T1135 Foreign Income Verification Statement.

We are also experienced with the tax implications of individuals in the following situations:

1. Self-employment

Are you self-employed and looking for good tax advice? As self-employed, your tax situation would generally be more complex than someone who an employee. There are various tax issues to consider such as GST/HST, PST, sales taxes in other provinces, timing of revenue recognition, deductibility of various expenses, capital purchases, CPP payable, EI eligibility, etc.

For example, do you know there are two ways of calculating your GST/HST – the Regular Method and the Quick Method? Under certain conditions, particularly if you’re in the services sector and don’t have a lot of expenses, you may benefit from using the Quick Method for accounting for GST/HST instead of the Regular Method.

We help self-employed individuals in various fields such as realtors, mortgage brokers, health professionals (e.g. physiotherapist, chiropractor, counsellors, dentist, physicians), IT and management consultants to maximize their tax savings while minimizing potential CRA audit risks. And if you’re thinking about incorporation but not sure whether it’s right timing, we can provide unbiased advice to help you make an informed decision.

Trust us with your taxes so that you can focus on building your practice or business.

2. Rental Property

Are you thinking of buying a rental property and not sure about the tax implications? Do you know the criteria to determine whether an expenditure is considered an expense or a capital asset? Is the rental property previously your principal residence? Or vice versa, was it a rental property and then it became your principal residence? Are you wondering whether it is beneficial to purchase the property through a corporation?

If your answer is “yes” to any of the above questions, we can help you understand the tax implications and maximize your potential tax savings.

3. Entering Canada

Are you new to Canada? Have you stayed in Canada for 183 days or more in a calendar year? If so, you’re considered a tax resident of Canada, which means you must report on your worldwide income (and not just on Canadian earned income). And if you own assets outside of Canada, there are additional tax issues to consider such as disclosure requirements and tax treaties.

If you’re looking for a trusted tax expert to help you navigate Canada’s tax complexities, please don’t hesitate to contact us.

4. Estate Taxes

Do you have a loved one that has passed away and need help preparing their final income tax return? Or are there assets in the deceased estate that is earning income and/or is being sold? Are you wondering how to distribute your assets in a tax efficient manner upon death?

We can alleviate your tax worries by providing sound advice and preparing the necessary tax filings for estate matters.

5. Non-resident Taxes

Are you a non-resident of Canada (or planning to become one) and own a Canadian property earning rental income? There are more tax complexities such as withholding tax requirements and the S216 tax return. Also, if you then sell the property, there are more tax issues such as obtaining the certificate of compliance and filing the S116 tax return.

We can work with you and your property manager to ensure you are fully tax compliant with CRA and maximizing the tax savings.

6. Voluntary Disclosure Program Application

Did you make a significant error on your previous tax returns? Do you have income (e.g. foreign income) that you’ve omitted in your tax filings? Did you only recently discover that the T1135 Foreign Income Verification Statement is applicable to your past tax returns? Are you late on your tax return for more than a year past due? If so, there is the Voluntary Disclosure Program (VDP) that can potentially waive some or all of the arrears interest and late-filing penalties associated with your errors and omissions, subject to certain conditions.

We’re experienced with filing the VDP application so that you can achieve the best results with CRA. We also work with tax lawyers to handle very complex situations.

We also deal with many other tax situations such as foreign income, foreign taxes paid, cryptocurrency, retroactively claiming the disability tax credit, dealing with CRA, RRSP or TFSA over-contributions, application request for taxpayer relief of interest and penalties, etc.

Whether you’re looking for annual tax filing services or one-time consultation, we’re here to help.

Personal Taxes

Taxes are what we do.

1. Self-employment

2. Rental Property

3. Entering Canada

4. Estate Taxes

5. Non-resident Taxes

6. Voluntary Disclosure Program Application

Our fees start as follows:

Let us take care of your taxes.

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