Personal Tax Return

Personal Income TaxPreparing personal tax returns can be complex, especially considering the changes in personal tax laws that are constantly taking place.  If prepared incorrectly, you could be missing out on tax credits or tax deductions, resulting in more tax than you should be paying.

We can prepare all type of personal tax return, including for employees, sole proprietors, investors, non-residents, rental income and more.

Some of the deductions and credits to be considered include:

1. RRSP

    • How much and when to contribute?
    • Should I get a loan to contribute to RRSP?
    • Can I withdraw funds from RRSP and what the consequences are?
    • Is a Spousal RRSP better alternative?
    • Should I contribute to RRSP or to TFSA?
    • When should I stop contributing to RRSP?

2. Annual union dues and professional fees (membership in professional organizations: doctors, engineers, accountants).

3. Child care expenses.

    • What are the limitations?
    • Can a spouse with the higher income claim child care expenses?
    • What about overnight camps?

4. Did you move to get a job or start a business?

5. Did you have an investment loan?

6. Did you use your car in employment, or your residence as a primary place to earn employment income?

7. Did you have any non-reimbursed medical expenses?

    • Can I claim expenses from previous year?
    • What about medical expenses of dependents (children under 18, or  senior dependents living with you)?

8. Donations

    • Do I have to claim donations in the year they were issued?
    • Can I claim my spouse’s donations?

9. Tuition fees

    • Can I claim tuition fees for my child or spouse?
    • What about schools abroad?

These are only some items that should be considered.

Please contact us at info@taxgta.com to discuss how we can help you to take a full advantage of the tax system. Please subscribe the newsletter to receive the free tax tips and advice.