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Personal and Individual Tax Preparation

Do you, like many other Canadians, find yourself scrambling in March and April to compile and organize your tax documents?

More and more Canadians are turning to personal tax preparation to help simplify their year-end tax filing.

At Accountor CPA, we work with clients across Canada to provide personal tax preparation to ensure you get the most out of your money. Meet your deadlines, fulfil your tax obligations, and minimize your tax payable with our effective tax preparation strategies.

Ready to simplify your tax season? Let’s start with a custom free consultation from our tax experts.

Take control of your tax filing with individual tax preparation in a Canadian city near you.

What Is Personal Tax Preparation?

Personal tax preparation is a key aspect of tax filing that many individuals overlook or think is superfluous when it comes to personal taxes. However, good personal tax preparation companies can help you stay on top of your finances more smoothly and ultimately minimize your tax burden at year-end.

Tax preparation itself refers to the organization and compilation of relevant tax documents. This includes T1s, T4s, and T5s, tax owed or refunds expected, expenses and receipts, and other documentation of income received that tax year.

Tax preparation experts use these documents and information to file your taxes and provide advice for further simplifying your finances and minimizing your tax obligations. Whereas tax filing itself refers to submitting relevant paperwork and calculations to the CRA (Canada Revenue Agency), personal tax preparation includes the work, organization, and analysis beforehand to help you keep more of your money.

Tax Prep Services You Can Trust

Tax preparation is key to long term financial growth and success. Income tax preparation allows you to plan for paying tax owed without incurring interest penalties, make sound financial investments to benefit your family, and reach your financial goals sooner. Most importantly, perhaps, effective personal tax planning means you have a smooth, stress-free tax filing period!

At Accountor CPA, we are dedicated to providing each client and their family with scalable, fully customizable tax prep services. We work closely with our clients fully remotely for their convenience, so we are able to meet, answer questions, and provide advice at any time that suits you.

Our personal tax preparation services include:

  • Individual income tax and benefits returns for individuals
  • Income tax returns for couples and families
  • Income tax services for students
  • Private tax preparation for self-employed persons
  • Personal, corporate, and business tax preparing for individuals with foreign income, investment income, and/or rental income
  • Personal tax return services for new immigrants or emigrants from Canada
  • Non-resident income tax services
  • Personal tax consulting and advising for non-residents and dual residents of Canada
  • Income tax preparation services for deceased individuals
  • Back filing personal income tax
  • Voluntary Tax Disclosure and Tax Appeals
  • Filing amendments as necessary
  • Liaising with CRA and other officials as necessary
  • Individual tax planning
  • Tax compliance
  • Asset protection
  • Integration of small business taxes to drive efficiencies
  • Providing personal tax advice and consulting throughout the year for you and your family

Let’s start with a free consultation from a tax expert at Accountor CPA.

Personal Tax Preparation Checklist

What are the first steps to effective tax preparation?

When you work with Accountor CPA, we handle your tax prep for you from our tax preparation offices. You provide the necessary documents, we organize them and prepare them for eventual filing when the deadline approaches.

The items needed for tax preparation will differ from person to person. An example of some of the documents and information that a tax accountant may as you for to begin tax preparation is below.

Please note, the tax preparation checklist items apply both to you, your spouse, and your dependents.

Type

Document/Information

General

Name, Date of Birth, Social Insurance Number

General

Net Income

CRA Documents

Installment payments made to the CRA

CRA Documents

Notice of Assessment from last year’s return

Income

T4, T4A, T4E, T5

Income

Tips, gratuities, capital gains, rental income, other income

Income

Self-employment income reported on T2125

Expenses

Charitable donations, medical expenses, child care expenses, student loan interest, tuition slips, moving expenses

Expenses

Employment expenses

Expenses

Other relevant receipts

These are some of the most common items on the personal tax preparation checklist. Some individuals will not need all of these, while other individuals will have other required documents.

Missing something? Our tax experts are here to find out if there are important receipts, expenses, or income statements missing from your portfolio that would influence your tax filing. We know what to look for and how to help you find all the documents you need.

What is the Deadline for Filing Personal Taxes?

The personal tax filing due date for the previous year’s taxes is April 30th. As long as you file and pay any tax owed by then, you will not incur any penalties or interest. If April 30th falls on a weekend, the official due date is pushed to the following business day.

If you, your spouse, or your common law partner are self-employed, you have until June 15th to file your tax returns, however, any balance owed must still be paid by April 30th. To avoid incurring interest or penalties on your tax owed, it is advised to complete your self-employed tax return by April 30th.

Working with a tax accountant helps ensure that you meet your tax filing deadlines with the right tax preparation. Avoid late filing penalties and interest when you work with an expert.

Benefits of Accountor CPA’s Tax Preparation Toronto and Beyond

Accountor CPA is proudly Canadian and offers our tax prep services to individuals across the country. Our head office is located in Toronto, but our tax experts live and work in cities throughout Canada to provide you with the best tax preparation possible.

Most accounting firms offer tax filing services. We pride ourselves on offering not only year-end filing services for individuals, but also year-round tax preparation to help with tax planning and growing your financial future.

The benefits of working with the tax preparation experts at Accountor CPA include:

  • Fully organized and easily digestible tax and financial documents
  • Reduce the taxes and costs you pay
  • Find eligible tax credits you may have missed
  • Get higher tax refunds and maximize your earnings
  • Minimize the risk of making errors in your tax return
  • Avoid missing deadlines for filing and payment
  • Use the benefits of our state-of-the-art tax preparation software
  • Income tax planning and analysis to find the optimal scenario for your tax return
  • Get financial planning and custom tax strategies for you and your family
  • Get advice about how major financial decisions will affect your income tax at year-end
  • In the event of an audit, have the support of a personal tax CPA to liaise with the Canadian Revenue Agency
  • Remove the stress that comes with prepping and filing income tax yourself
  • Get invaluable advice for simplifying your tax obligations and making smart financial decisions

Ready to get started? Contact us for a free consultation to learn how our personal tax preparation can set you and your family up for success this year.

Personal Tax Preparation Software

Good tax preparation is all about financial organization. Ensuring that you are using effective tax preparation software year round to keep track of various expenses, receipts, and income will ensure that come tax time, you are fully prepared!

The best personal tax filing software depends on the person. What are your financial goals? What type of income and expenses do you have? Do you have a family or dependents? What are you saving for? How are your finances organized? Each person has a different answer to each question and each tax preparation software provides different functions to help someone achieve their goals through sound tax planning.

At Accountor CPA, we are dedicated to providing customizable and fully scalable personal tax preparation services that suit your needs right now and as they grow. We use many types of tax preparation software programs depending on what you need and will always use the software that best corresponds to your unique financial situation.

With good tax preparation software comes better predictability and more cash flow for you and your family.

Cost of Tax Preparation

The cost of tax preparation differs depending on the person and their unique situation. Someone who is self-employed will have different needs than someone with one T4, and will also differ from someone with multiple T4s. Also affecting the fees for tax preparation are factors like number of dependents, marital status, home ownership, investments, education received during the tax year, and eligible tax credits.

When you work with a tax accountant for personal tax preparation, you can ensure that your tax documents and information are well-organized and prepared for year-end. Going at it alone can lead to a last minute scramble for documents, leading to erroneous calculations, mistakes, or missed deadlines. These consequences can result in hefty fines and penalties.

To avoid this, it is always recommended to file a personal tax return with a CPA (Chartered Professional Accountant) with tax specialization. In most cases, the rates of tax preparation will be far lower than the cost of an audit or interest payments.

Work With the Tax Preparation Experts

Get better financial control with tax preparation from the professionals at Accountor CPA. We understand the headaches and stress of tax filing and seek to remove this pressure from you.

Our team of CPAs (Chartered Professional Accountants) with tax specializations and years of experience working with the CRA are here to help you simplify your tax filing and minimize your tax obligation with effective tax prep.

Keep more of your hard earned money and self employed revenue for you and your family’s future and leave the personal tax preparation to us. Contact us for a free virtual consultation to learn how our Canada tax preparation services can help benefit you.

Start achieving your financial goals today!