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Personal Tax Returns

Planning the best course of action

Personal Tax Returns

Spring is usually the time when most individuals look for a personal tax accountant in Canada. UAH assists in completing and filing personal income tax return or T1 returns for hundreds of Canadians on a yearly basis and has developed extensive experience in completing these returns.

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If you let UAH Chartered Accountant act as your personal tax accountant in Toronto then we will assist you in identifying the tax slips needed to complete your personal tax return.

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As a rule of thumb the following are the sources of income tax slips that are usually seen apart from the personal tax return:

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  1. Employment Income- T4, T4A

  2. Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP

  3. Investment Income- T5, T3, T600, T5008, T5013 OR T5013A 

  4. Foreign Assets

  5. Rental Income

  6. Registered Retirement Savings Plan (RRSP) Income- T4RSP

  7. Schedule of Capital Gains and Losses

  8. Income from Self Employment

  9. Debt Forgiveness

  10. Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210 

As your personal tax accountant, UAH will also identify deductions to be included in your personal tax return.

 

The following is a list of deductions that may be identifiable in your personal tax return:

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  1. Employment Expenses- Form 2200 

  2. Investment Income- T101, T102, T5003, T5004, T1-CP 

  3. Expenses Relating to a Rental Property

  4. Registered Retirement Savings Plan Contributions – up to March 1 of the following fiscal year

  5. Membership Fees, Union and Professional Dues

  6. Moving Expenses

  7. Child Care Expenses

  8. Alimony and Maintenance Payment- T1157

  9. Disability Support Expenses

  10. Allowable Business Investment Losses (ABIL)

  11. Legal Fees

  12. Stock Options

  13. Income Tax Installments Paid

  14. Pension Adjustment Reversal/Past Service Pension Adjustments- T10/T215

  15. Fines, Penalties and Levies

Tax Credits

The government of Canada also gives several tax credits to individuals on their personal tax returns based on their personal situations. As your personal tax accountant in Toronto we will ensure that all tax credits are applied correctly on your personal income tax return.

 

The following is a list of tax credits that are commonly seen used on a T1 return:

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  1. Spousal Exemption

  2. Dependents (born earlier than 1993 in the 2013 tax year)

  3. Disability Amounts- T2201

  4. Adoption Expenses

  5. Tuition, Fees and Education Amounts- T2202 or T2202A

  6. Interest Paid on Student Loans

  7. Medical Expenses

  8. Caregiver Amounts

  9. Charitable Donations- 2013 was the first year of implementation of the first time donors super credit

  10. Federal or Ontario Political Contributions

  11. Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks)

  12. Rent or Property Tax Credit ( specific conditions apply)

  13. Child Fitness Credit (max. $500 per child)

  14. Children’s Arts Tax Credits (max. $500 per child)

Filing tax returns

UAH, your personal tax accountant will also ensure that your personal tax return is filed on time. The filing deadline for an employed Canadian is April 30th, 2014 for the 2013 tax year. If you owe any tax corresponding to the last tax year then you will have to pay any amounts owning by the April 30th deadline. If you are a self-employed individual, the filing deadline to submit your personal income tax return is June 15, 2014 for the 2013 tax year. However, if you have any amounts owing in taxes then you will have to make that payment by April 30th, 2014 deadline but will not be required to file your taxes until the June 15th deadline.

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Interest at prescribed rates will start to accrue after the April 30th deadline if payments are not made on time. Penalties may also start to apply if taxes are not submitted within the proper reporting period.

 

UAH Chartered Accountants will be your personal tax accountant in Toronto and is looking forward to working with you in the near future.

 

Please contact us via email at info@universalaccountshub.com or phone us at 778-300-6183 for all your personal income tax needs, and for your corporate tax returns.

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CONTACT US

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info@Universalaccountshub.com

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778-300-6183

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5515 Boundary Road

Vancouver, BC V5R 0E3

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