Most Canadian citizens are required to file a personal tax return each year. If an individual makes money in Canada and owes money to the CRA, then they likely are required to file each year.
Personal tax return filing in Canada differs slightly between provinces and territories, with different deductions, tax credits, calculations, and reporting required. Even a simple tax return can be difficult to navigate and to fill out. It is imperative that you gather relevant tax forms and information and file an accurate tax return before the applicable deadline.
Tax regulations and deduction eligibility can change each year, and it can be difficult to stay up to date on Canada’s tax compliancy legislation. Making an error in your personal income tax can lead to hefty penalties and high interest payments. It is imperative to ensure you adhere to the deadlines set by the CRA (Canada Revenue Agency) in filing your personal tax return.
Use this personal tax return guide to learn how to file your personal tax return in Canada. For more detailed information, contact the professionals at Accountor CPA.
Tax Return Preparation
Personal tax return preparation differs from client to client. There are no one-size-fits-all solutions or checklists for personal tax return filings in Canada, and your return should reflect your changing circumstances each year. Tax return software that offers one-size-fits-all solutions rarely meet client expectations and lead to you missing tax credits and advantages that you should be receiving.
Working with professional personal tax return accountants for comprehensive tax pep services allows you to be fully tax compliant while taking advantage of the tax credits available to you. Minimize your risk of error or missing deadlines and get the tax return to which you are entitled.
The team of Chartered Professional Accountants (CPAs) at Accountor CPA work with our clients to understand their specific needs and unique situations. We closely follow existing and proposed tax legislation to determine how it could affect your financial goals.
Don’t put yourself at risk for incurring penalties or interest. Get personal tax return preparation from our expert advisors at Accountor CPA.
Personal Tax Return Filing Services
Filing a personal tax return is rarely as simple as filling in a few forms. Canadian personal tax returns include finances touching almost every aspect of our lives - employment, family structure, property ownership, investments, education, and more. There are dozens of available tax credits, each with their own requirements and eligibility. No two personal tax returns are alike.
This is why comprehensive personal tax return filing services are so important. Professional tax return filing allows for individuals to maximize their available tax credits and deductions while minimizing their tax payable for a given period.
Our individual tax return help and filing 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 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
For tax return prep and filing, work with experienced professionals who can provide services to simplify your tax season.
Personal Tax Return Forms
Each province and territory has its own set of tax forms and relevant tax credits available. Depending on your unique circumstances, there are a number of personal tax return forms that may be applicable to you.
Below are example personal tax return forms for a personal tax return Ontario filing.
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Form |
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T4 |
Statement of Remuneration Paid |
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T5 |
Statement of Investment Income |
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T4A |
Statement of Pension, Retirement, Annuity, and Other Income |
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T1 |
Income Tax and Benefit Return - Federal |
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T1 General 2020 |
Income Tax and Benefit Return - Ontario |
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Form ON428 |
Ontario Tax |
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Form ON479 |
Ontario Credits |
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Form ON-BEN |
Application for the 2017 Ontario Trillium Benefit and the Ontario Senior Homeowners' Property Tax Grant |
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Schedule ON(S2) |
Provincial Amounts Transferred From Your Spouse or Common-Law Partner |
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Schedule ON(S11) |
Provincial Tuition and Education Amounts |
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Schedule 14 -ON |
Climate Action Incentive ONTARIO |
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T1221 |
Ontario Focused Flow-Through Share Resource Expenses |
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ONWS (OETC) |
Ontario Self-Employment Tax Credits |
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ON479-A |
Childcare Access and Relief from Expenses Tax Credit |
For up to date information and tax forms for your province or territory, contact a tax accountant.
Filing Individual Tax Return Online
Most taxpayers in Canada can file their individual tax return online through NetFile. When you use NetFile, you do not need to mail anything to the CRA directly and you are also able to receive your tax refund or pay your tax owed much more quickly.
Not all individual tax returns qualify for NetFile. Individuals who have gone bankrupt, non-residents, or those with an address outside of Canada may not be eligible. See the full list of restrictions at Canada Revenue Agency.
The CRA also provides a list of personal tax return software packages and applications that are approved for use with NetFile. If you are looking to file your individual tax return yourself, using the personal tax return software approved by NetFile can help simplify the process.
Personal Tax Credits
Personal tax credits are deductions an individual may be able to claim when completing and submitting an income tax return. These are measured on form TD1. There is a federal TD1 and provincial/territorial TD1 forms as well.
Non-refundable personal tax credits can be used to reduce taxes payable to zero. Most of these cannot be carried over to future years, with some exceptions. Some, like the tax credit for tuition, can be transferred to someone else or carried forward. Depending on the timing, medical expenses may be able to be claimed the following year.
Refundable tax credits also reduce the amount of tax you owe, but are also available even if you do not owe any tax.
For more information and an exhaustive list, visit Canada Revenue Agency Form TD1.
Personal Tax Return Cost
Filing your tax return with the CRA online or by mail does not have a fee. When you work with a tax accountant to file your taxes, the rates can vary.
The cost for filing your personal tax return varies depending on your unique situation. Are you self-employed? Do you have multiple T4s? Do you have dependents? Are you attending a post-secondary institution? All of these factors and more go in to determining the accounting rates for filing a person tax return.
When you work with a tax accountant for filing your personal tax return, you can ensure that your return is filed accurately and within deadlines. It can be easy to miss documents or make a calculation error, particularly if your income tax return is more complex. This can lead to hefty penalties and interest fees. It is always recommended to file a personal tax return with a CPA (Chartered Professional Accountant) with tax specialization.
Personal Tax Return Filing Deadline
Individuals must file their personal tax return by April 30th every year for the previous year’s taxes. 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.
Self-employed individuals and their spouses or common-law partners have until June 15th to file 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.
Personal Tax Return Penalties
To discourage late filing, the CRA charges a late filing penalty of five percent of your balance owed, plus 1% for each month the return is late. This fee is added to the compound daily interest that begins accruing on the balance on its due date.
If you are concerned about being able to pay your tax on time, it is always recommended to file on time. That way, an individual will only be charged interest on the amount owed, as opposed to interest and late filing penalties. In certain situations, the CRA can provide extensions for payment or other concessions that may help an individual.
Why Work with a Personal Tax Return Accountant?
How can Accountor CPA’s individual tax return preparation and filing services help you? There are a number of benefits to working with tax return accountants to file your taxes.
- 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
Simplify your tax return this year. Contact Accountor CPA and learn how our experience can get you the most out of your personal tax return.
