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Personal tax

Effective Management of Personal Income Tax Filing

Ensuring the proper management of personal income tax filing is essential for maintaining strong financial health. By diligently documenting your financial information, you not only ensure accurate tax payments but also reduce the risk of potential penalties or legal complications.

Located in Calgary, SBQS Ltd. specializes in a comprehensive range of tax services, with a primary focus on personal, self-employed, and corporate tax filing. Whether your financial situation involves personal income, self-employment earnings, small business activities, investments, dependents, or intricate financial scenarios, our dedicated team is here to assist you every step of the way. Our ultimate goal is to improve your overall tax situation while providing precise and streamlined personal income tax filing services.


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Here's an overview of the key aspects of personal income tax filing:

Personal tax filing encompasses the disclosure of 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

The following is a list of deductions that may be identifiable in your income tax filing:

  • 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

Tax Credits

The government of Canada also gives several tax credits to individuals on their personal tax returns based on their personal situations. The following is a list of tax credits that are commonly seen used 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
Personal Income Tax
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