Efficient Personal Income Tax Filing Management
Proper management of personal income tax filing is critical to maintaining financial health and avoiding penalties.
In Calgary, SBQS Ltd. specializes in a comprehensive range of tax services, primarily focusing on personal, self-employed, and corporate tax filing. Whether your finances involve self-employment, business income, investments, or dependents, our expert team is here to help. We aim to optimize your tax situation with accurate and efficient filing services.
Planning the Best Approach
Please visit the Contact Us page, or simply send your document by email, and we will take care of the rest!
Key Aspects of Personal Income Tax
Personal income tax filing encompasses disclosing your individual earnings, expenditures, deductions, and credits to the government, generally on a yearly basis. This pivotal procedure guarantees precise adherence to tax laws and fulfills your tax responsibilities.
In general practice, the following sources contribute to income tax slips, often encountered alongside your personal tax return:
- Employment Income – T4, T4A
- Pension and Annuities – T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
- Investment Income – T5, T3, T600, T5008, T5013 OR T5013A
- Foreign Assets
- Rental Income
- Registered Retirement Savings Plan (RRSP) Income – T4RSP
- Schedule of Capital Gains and Losses
- Income from Self Employment
- Debt Forgiveness
- Other Income, including the following slips – T4E, T4PS, T5007, RC62, RC210
Some deductions you may identify in your income tax :
- Membership Fees, Union, and Professional Dues
- Moving Expenses
- Child Care Expenses
- Disability Support Expenses
- Expenses Relating to a Rental Property
- Employment Expenses – Form 2200
- Allowable Business Investment Losses (ABIL)
- Legal Fees
- Stock Options
- Income Tax Installments Paid
- Pension Adjustment Reversal/Past Service Pension Adjustments – T10/T215
- Fines, Penalties, and Levies
What are tax credits in Canada?
Canada offers various tax credits to individuals based on their personal circumstances. Here are some common tax credits often claimed on a T1 return:
- Medical Expenses
- Charitable Donations
- Spousal Exemption
- Disability Amounts – T2201
- Adoption Expenses
- Tuition, Fees, and Education Amounts – T2202 or T2202A
- Interest Paid on Student Loans
- Caregiver Amounts
Need help with Bookkeeping & Payroll?
- Payroll
- GST Return
- Bookkeeping and Accounting
- Financial Statement
- Year-end T-slips issue and submit to CRA
