Accounting & Tax Services in Toronto & GTA

You’re required under law to file your individual taxes every other tax year. Who’s required to file taxes in Canada? If you live in Canada permanently or temporarily and earn a salary or self-employment income, you’re required to file your taxes. When should I file my personal tax returns? The deadline to file your tax return is April 30th, after the end of a tax year. A tax year is January 1st through December 31st. Therefore, you can file your taxes after the tax year ends before April 30th. What happens if I don’t file my taxes by April 30th? You’ll have to pay some interest and penalties. The CRA will charge a late-filing penalty of 5% if you’re late, plus an additional 1% for every month after April 30th until you pay up. They will also charge you extra interest if you still don’t pay the owed tax plus penalty on time after 12 months.

What do I need to file my taxes? Normally, you require your social insurance number and T4 or final payslip. If you’re not familiar with the personal tax preparation and filing process, it’s important to contact a professional accounting firm like FShad CPA for quick assistance. Our CPAs are tax experts who can file your individual taxes, answer important financial questions and potentially save you money.

It’s always in your best interest to comply with your tax obligations in Toronto. We’ll help you evade penalties and overpaying your taxes. When your tax filing deadline is quickly approaching, you’ll need a speedy tax return expert to save you money. Call (844) 982-4700 for individual tax returns today!

Looking for a personal tax accountant in Toronto? FShad CPA is your reliable and affordable tax return assistant to help you prepare your individual taxes and file them on time. Our CPA tax specialists help thousands of Toronto, and the GTA residents comply with their T1 returns obligation during spring before the deadline. We have gained a lot of experience filing personal taxes, making us the best personal tax accountants in Toronto, ON.

As your personal tax accountant, we’ll help you know everything you need to complete a successful filing. First, you need your income slip which you can get from foreign assets, investment income (T5, T3, T600, T5008, T5013, or T5013A), employment income (T4, T4A), debt forgiveness, rental income, self-employment income, registered retirement saving plan income (T4RSP), pension and annuities (T4A, T4A(OAS), T4A(P), T4RIF, T4RSP) and any other income slip (T4E, T4PS, T5007, RC62, RC210).

Our tax experts will also help you enjoy tax deductions that you might not know about if you’re filling the taxes yourself. These tax exemptions include stock options, disability support expenses, child support expenses, ABIL, paid income tax installments, legal fees, moving expenses, and others.

More to deductions, your personal tax accountant from FShad CPA will help you identify the tax credits you’re eligible to claim. These tax credits will reduce the actual amount of tax you owe the government. Tax credits are important since they reduce your net liability. Some of the tax credits you may be eligible to include:

• Charitable donations
• Political contributions (From the federal government or Ontario)
• Adoption expenses
• Medical expenses
• Home Accessibility tax credit
• Child fitness expenses
• Attendant care and nursing home expenses
• Disability tax credit
• Spousal exemption
• Teacher and Early Childhood Educator School Supply tax credit.
• Student loan interest
• Home buyers’ amount credit

The new Goods and Service Tax/Harmonized Sales Tax helps home buyers with low or average income request a tax refund paid on their homes. They receive this tax-free payment quarterly. It lowers the GST they pay on their homes. Our tax experts will help you know if you’re eligible for the tax credit and what you need to do to claim it. Normally, if you’re above 19 years old and have/had a spouse, you can apply for a GST rebate. Also, if you’re a parent and live/lived with your kid, you’re eligible. You’ll need to check with your personal tax accountant in Toronto to see if you’re qualified.

Other conditions set to qualify for the GST/HST new housing rebate include:

• You bout a new house less than $450 000 (You can claim a federal rebate)
• You just bought a new/renovated house in Ontario(You qualify for Ontario GST/HST) or Canada
• The house you bout is for family or residential use only
• You meet the income limits as dictated you the CRA at that time (Usually it depends on your family status but mostly, they qualify low and moderate-income families. Singles can get up to $450 while married couples can get up to $590)
• You must be a Canadian resident
• Ownership to the house was transferred to you after renovations or construction
• You were the first occupant after the house was newly constructed or renovated

If you’re a new homeowner and don’t know how to apply for the GST/HST rebate and claim the money, Contact us at (844) 982-4700, and we’ll assign you a personal tax accountant in Toronto to help you.

We help you identify tax credits that you can subtract from the income tax that you owe the government. They are essential because they help you lower your net liability. Our CPAs are tax experts in Toronto and will help you identify Ontario tax credits you’re eligible to and federal tax credits you can claim.

• Common tax credits include:
• Vehicle expenses credit
• Disability tax credit
• GST Housing rebate credit
• Registered Retirement Savings Plan (RRSP) contributions credit
• Political contribution tax credit
• Medical expenses credit
• Digital media tax credit
• Childcare expenses and family benefits
• Union/professional dues and other employment expenses credit
• Simplified home office deduction credit
• Interest paid on student loans credit

Our Chartered Professional Accountants in Ontario will help you get the most back from the government by filing your tax returns on time and helping you claim the tax credits you deserve. If you live in Ontario, you’re eligible for Ontario tax credits like Healthy Homes Tax Credit and the federal tax credits listed above.

Contact (844) 982-4700, your FShad tax credit expert in Toronto, to help you out.

FShad CPA is your reliable corporate tax accountant in Toronto to help you file your business taxes on time and claim the tax credits and benefits you deserve.

We prepare you small business tax returns, compile the financial report and help you identify legal tax loopholes that you can take advantage of. Our primary goal is to help you comply with the law while keeping your tax returns minimum. We can help reduce your business tax liability by helping you incorporate your business. Whether you’re a non-profit or a tax-exempt corporation, you have to file a T2 tax return before April 30^th. Failure to do so will attract penalties plus monthly interest. For inactive corporations, we provide nil returns filing services to avoid penalties.

Let FShad CPA be your corporate tax accountant in Toronto, ON, and you’ll enjoy services like:

• Tax planning for your business
• Filing your corporate income tax return (T2) on time
• Filing nil returns for inactive businesses
• Preparing and interpreting accounting financial statements to GIFI

Do you have scientific research and experimental company in Canada? The federal government offers tax refunds/credits every year to support your work called the Canadian Scientific Research and Experimental Development Tax Incentive (SR&ED).

Let FShad CPA be your corporate tax accountant to help you claim your SR&ED tax credits on time. We report the SR&ED expenditures and investment tax credit 12 months after your corporation’s income tax returns are due to ensure you get the refund.

To be eligible, your schedules, records, and accounts should be documented appropriately. This is because once the CRA auditors find some inconsistency or inaccuracy in the records, they automatically disqualify your claim. You need a Chattered Professional accountant with experience claiming SR &ED for years to help you out. Call us at (844) 982-4700 to help you claim the SR&ED refund you deserve.