personal tax accountant toronto

Navigating the complexities of Canadian personal tax laws can be challenging. At Tax Return Filers Ltd., our team of experienced personal tax accountants in Brampton, Mississauga, and Toronto specializes in comprehensive tax solutions that ensure compliance and maximize tax efficiency for our clients.

Personal Tax Services

  • Personal Tax Return Preparation and Filing

We specialize in preparing and filing T1 Personal Tax Returns for Canadian residents. This essential service allows individuals to accurately report income, claim deductions, and reduce overall tax liabilities. With our guidance, clients can navigate complex tax requirements seamlessly, ensuring compliance and peace of mind.

  • Departure Tax Planning and Filing

Planning to leave Canada permanently? Our departure tax planning services assist you through this transition. We help prepare forms to report the fair market value of your assets and deemed dispositions, ensuring a smooth and compliant exit process.

Personal Tax returns

  • Rental Income Reporting (Form T776)

Own rental properties? We provide expert assistance in reporting rental income on Form T776. Our team ensures that all allowable expenses—like property taxes, insurance, repairs, mortgage interest, and more—are accurately deducted, maximizing benefits for property owners. Short-Term Rental Income Reporting (Airbnb). Our team is experienced in reporting income from short-term rentals, like Airbnb. We help classify profits as passive or active income, depending on individual circumstances, and guide clients through HST implications for these rental activities.

  • Capital Gains Reporting (Schedule 3)

Reporting capital gains and losses can be intricate. Our team guides clients in reporting gains from the sale of Canadian real estate, securities, or foreign assets on Schedule 3, helping reduce capital gains tax liabilities.

Comprehensive Personal Tax Filing Services

Our personal tax accountants in Brampton, Mississauga, and Toronto deliver a full suite of services to optimize your tax return. Here’s a closer look at our specialized offerings:

T1 Personal Tax Return Preparation and Filing

Our accountants expertly handle T1 Personal Tax Returns, ensuring all required documentation is accurately completed. From income reporting to maximizing deductions, we work to minimize personal income tax liabilities and ensure an efficient filing experience.

Sole Proprietorship Income Reporting (Form T2125)

For sole proprietors, we offer thorough guidance on completing Form T2125, covering business income and expenses. We help identify eligible deductions while minimizing audit risks, ensuring a smooth filing process that keeps you compliant with CRA requirements.

personal tax accountant near me

Cryptocurrency Tax Reporting for Day Traders or Passive Investors

We assist both day traders and passive investors in accurately reporting cryptocurrency gains and losses. Whether classifying transactions as capital (should report in S3) or business income (T2125), we tailor our approach to each client’s unique tax situation.

Employment Expenses Deductions (Form T777)

For employees incurring work-related expenses, our team can help claim deductions using Form T777. Common deductible expenses include home office costs, vehicle expenses, and work supplies. We ensure that claims align with CRA regulations and maximize tax benefits for our clients.

Moving Expenses (Form T1M)

If you’ve relocated for work, you may qualify to claim moving expenses. Using Form T1M, we help clients calculate eligible deductions, ensuring they meet CRA’s requirements for moves that bring them at least 40 kilometers closer to a new workplace.

Capital Gains and Losses Reporting (Schedule 3)

Our team in Toronto and Mississauga assists in reporting capital gains and losses using Schedule 3. For clients with gains from Canadian real estate, securities, or foreign assets, we provide strategies to reduce tax exposure and guidance on repatriating foreign sales proceeds smoothly.

Foreign Income Verification Statement (Form T1135)

If you own foreign assets exceeding $100,000, Form T1135 is required. Our team simplifies this process, especially for clients with complex foreign investments, ensuring CRA compliance and accurate reporting of foreign income.

Lifetime Capital Gains Exemption

Our tax experts help clients determine eligibility for the Lifetime Capital Gains Exemption on qualified small business corporation shares, currently allowing up to $1,250,000 in tax-free capital gains. We guide clients through this valuable exemption, optimizing tax savings.

Departure Tax Return Preparation and Filing

For clients permanently departing Canada, we handle the detailed preparation of the Departure Tax Return. Our service includes:

  • Form T1161: Reporting the fair market value of assets at departure.
  • Form T1243: Reporting deemed dispositions and calculating related capital gains or losses.
  • Form T2209: Claiming Foreign Tax Credits to mitigate double taxation risks.

 

At Tax Return Filers Ltd., our comprehensive personal tax services are designed to ease the tax filing process for Canadian residents. From complex capital gains reporting to specialized cryptocurrency tax guidance, we provide the expertise and personalized support needed to achieve optimal tax outcomes. Let us help you navigate your tax obligations confidently—contact us today to learn more about how we can support your financial goals.

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