When it comes to taxes, most people find themselves feeling overwhelmed. FShad CPA has been helping Canadians file their personal income tax returns and T1’s for years now with an emphasis on professionalism that ensures the highest level of customer service available in Toronto & the GTA!
Reliable Personal Tax Accounting Services in Toronto
FShad Chartered Accountants will help you manage your taxes and produce a comprehensive tax return. We identify the sources of income for which we provide slips so that it is easier to complete any personal returns. When it comes to income tax slips, the following are some of the most common sources:
- Employment Income- T4, T4A
- Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
- Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
- Foreign Assets
- Rental Income
- Registered Retirement Savings Plan (RRSP) Income- T4RSP
- Schedule of Capital Gains and Losses
- Income from Self Employment
- Debt Forgiveness
- Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210
Type Of Tax Deductions
As your personal tax accountant in Toronto, FShad CPA will also identify deductions to be included on your return. The following are some deductions you might want to claim on your tax return:
- 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
- Alimony and Maintenance Payment- T1157
- 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
Tax Credits
The government of Canada also gives several tax credits to individuals on their personal taxes. As your tax accountant, we will make sure that all the applicable ones are applied in a way which benefits you on your personal income tax return. The following are some tax credits that you might see on your T1 return:
- Spousal Exemption
- Dependents (born earlier than 1993 in the 2013 tax year)
- Disability Amounts- T2201
- Adoption Expenses
- Tuition, Fees and Education Amounts- T2202 or T2202A
- Interest Paid on Student Loans
- Medical Expenses
- Caregiver Amounts
- Charitable Donations- 2013 was the first year of implementation of the first time donors super credit
- Federal or Ontario Political Contributions
- Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks)
- Rent or Property Tax Credit ( specific conditions apply)
- Child Fitness Credit (max. $500 per child)
- Children’s Arts Tax Credits (max. $500 per child)
Filing tax returns
FShad CPA, your personal tax accountant in Toronto will also ensure that you are compliant with all filing deadlines. If you’re a self-employed individual, the filing deadline to submit your personal income tax return is June 15th 2022. However if have any amounts owing in taxes then the deadline is April 30th 2022.
Why Choose FShad CPA Accounting Professionals
FShad Chartered Professional Accountants is the number one choice for all of your financial needs. We understand that you have unique requirements and will not let them go unmet! Our goal at FShad CPA, is to provide dependable service with an attention to detail which can’t be found elsewhere in our industry. Contact us today for a professional and reliable accounting needs!