Navigating Canadian personal tax laws can be overwhelming, but at Tax Return Filers Ltd., our seasoned personal tax accountants in Brampton, Mississauga, and Toronto are here to simplify the process. We offer tailored tax solutions to ensure compliance, maximize efficiency, and help you achieve optimal tax outcomes.
T1 Personal Tax Return Preparation and Filing
Our expertise lies in preparing and filing T1 Personal Tax Returns for Canadian residents. We help accurately report income, claim deductions, and minimize tax liabilities, ensuring you meet CRA requirements with ease and confidence.
Departure Tax Planning and Filing
If you’re planning to leave Canada permanently, we provide departure tax planning to facilitate a smooth transition. Our services include preparing forms to report the fair market value of your assets and handling deemed dispositions to ensure full compliance.
Rental Income Reporting (Form T776)
For rental property owners, we specialize in reporting rental income and claiming allowable expenses such as property taxes, insurance, repairs, and mortgage interest.
We also assist with short-term rental income reporting (e.g., Airbnb), ensuring accurate classification as active or passive income and addressing potential HST implications.
Capital Gains Reporting (Schedule 3)
We simplify the process of reporting capital gains and losses, whether from Canadian real estate, securities, or foreign assets. Our goal is to reduce your capital gains tax liability while ensuring compliance.
Our team provides a full suite of personal tax services, including:
T1 Personal Tax Return Filing: Complete, accurate preparation of T1 returns to minimize liabilities.
Sole Proprietorship Income Reporting (Form T2125): Expert guidance on business income and expenses for sole proprietors, ensuring eligible deductions and CRA compliance.
Cryptocurrency Tax Reporting: Tailored solutions for day traders and passive investors, with precise reporting of cryptocurrency gains or losses, classified as either capital (Schedule 3) or business income (Form T2125).
Employment Expenses Deductions (Form T777): Assistance with claiming work-related expenses such as home office costs and vehicle expenses.
Moving Expenses (Form T1M): Guidance for individuals relocating for work, helping claim eligible deductions for moves that meet CRA requirements.
Foreign Income Verification (Form T1135): Simplified reporting for foreign assets exceeding $100,000, ensuring compliance with CRA regulations.
Lifetime Capital Gains Exemption: Maximizing tax savings for eligible small business owners with up to $1,250,000 in tax-free capital gains.
Leaving Canada? We’ll handle your departure tax obligations, including:
Form T1161: Reporting the fair market value of your assets at departure.
Form T1243: Reporting deemed dispositions and calculating capital gains or losses.
Form T2209: Claiming Foreign Tax Credits to mitigate double taxation.
Our personal tax accountants in Brampton, Mississauga, and Toronto are committed to delivering personalized, expert tax services that simplify filing and optimize outcomes. Contact us today to learn how we can assist with all your tax needs!
Below you'll find answers to the questions we get asked the most about Tax Return Filing.
Yes, if you provide significant additional services (e.g., breakfast, concierge, housekeeping) that form a substantial part of the rental charge, the income may be classified as active business income.
RSU income is treated as employment income and reported on your T4 Slip. Since no acquisition cost is involved, the full sale proceeds are taxable and subject to payroll taxes.
No, personal-use properties, such as vacation homes or cottages, are not reportable on Form T1135.
Yes, fixed monthly car allowances are considered taxable benefits and are reported on your T4 Slip. If your employer provides a completed Form T2200 (Conditions of Employment), you may deduct eligible vehicle expenses using Form T777.
You must be a Canadian resident, and the shares sold must be Qualified Small Business Corporation (QSBC) shares. These shares must meet specific conditions, including: