Personal Tax Services

Professional Tax Filers in Toronto for Individuals, Investors, and Families in Ontario and Canada

Personal income tax filing (T1 General) annually in Canada is more than just submitting a return—it’s about ensuring accuracy, claiming the right deductions, and minimizing your tax bill within the rules. Whether you’re an employee, investor, landlord, retiree, or self-employed, our Personal Tax Accountants in Toronto offer professional personal tax filing services to help you file with confidence and avoid costly mistakes.

We handle everything from simple returns to complex multi-source incomes, helping individuals across Ontario and Canada stay compliant with the Canada Revenue Agency (CRA) while keeping more of what they earn.

Who Needs to File a Personal Tax Return in Canada?

You must file a T1 Personal Income Tax Return if you:

  • Earned employment, self-employment, or rental income
  • Received investment income, dividends, or capital gains
  • Sold property or other assets subject to capital gains tax
  • Owe repayments on government benefits (e.g., CERB, EI, RRSP over-contributions)
  • Want to claim refundable tax credits (GST/HST, Canada Child Benefit)
  • Have foreign property or investments over $100,000 CAD
  • Are a non-resident with Canadian income subject to tax

Even if you had no income, you may want to file to access credits or maintain eligibility for future benefits.

Source: CRA – Do you have to file a return?

A detailed list of who must file, and the types of income or reasons why:

1. Self-Employed Individuals & Sole Proprietors

If you operated a business or were self-employed during the year, you must report your income on Form T2125 – Statement of Business or Professional Activities.

Common Self-Employed Professionals in Canada:

  • Healthcare Professionals: Doctors, Dentists, Chiropractors, Optometrists
  • Legal Professionals: Lawyers, Law Firms, Paralegals
  • IT & Media Professionals: Freelance developers, graphic designers, consultants
  • Real Estate Agents / PREC (Personal Real Estate Corporation) Owners
  • Consultants & Freelancers in all industries
  • Mortgage Brokers & Insurance Agents
  • Sales Commission Agents
  • Tradespeople & Contractors: Plumbers, electricians, general contractors
  • Transportation Sector: Truckers, couriers, Uber, Lyft, delivery drivers
  • Airbnb / VRBO Hosts
  • Retail & Ecommerce Business Owners

Form Used: T2125 – Statement of Business Activities

2. Rental Property Owners

You must file if you earn income from residential or commercial rentals, even from just one property.

Includes:

  • Landlords (long-term and short-term)
  • Airbnb / VRBO Hosts
  • Real Estate Investors

Form Used: T776 – Statement of Real Estate Rentals

3. Investors & Stock Traders

Anyone earning dividends, capital gains, interest, crypto income, or stock trading income must report:

Includes:

  • Day traders
  • Passive investors
  • Crypto investors
  • Individuals earning foreign income

Forms Used: T3, T5, T5008, and capital gains schedules

4. Employees

If you earned income from employment and received a T4, you must file.

Includes:

  • Salaried and hourly workers
  • Remote or hybrid employees
  • Commission employees
  • Individuals with multiple T4s

5. Students

Even with low income, filing can give access to tax credits and tuition carry-forwards.

Includes:

  • Post-secondary students
  • Apprentices and co-op students
  • International students with Canadian income

6. Seniors & Retirees

Seniors receiving CPP, OAS, RRSP/RRIF withdrawals, or investment income must file.

Includes:

  • Individuals with pension income
  • RRSP/RRIF withdrawals
  • OAS or GIS recipients

7. Anyone Claiming Tax Credits or Benefits

Even with no income, filing is necessary to access:

  • GST/HST Credit
  • Canada Child Benefit (CCB)
  • Climate Action Incentive
  • Ontario Trillium Benefit
  • Disability Tax Credit
  • Medical expense claims

8. Newcomers & Non-Residents With Canadian Income

You must file if you immigrated to Canada or earned Canadian-source income.

Personal Tax Filing Deadlines in Canada

  • Regular Deadline: April 30 (or next business day)
  • Self-Employed Individuals: June 15 (but balance due by April 30)
  • Late Filing Penalty: 5% of balance owing + 1% per month (max 12 months)
  • Interest: Compound daily interest starts after April 30

🔗 CRA Tax Deadlines & Penalties

What Income, Deductions & Credits Are Reported?

🔹 Common Income Types:

  • Employment income (T4)
  • Self-employment (T2125)
  • Rental income (T776)
  • Investment income (T5, T3, T5008)
  • Capital gains
  • Cryptocurrency income
  • Foreign income
  • Pension and retirement income (T4A, T4RIF, T4A(OAS), T4AP)

🔹 Common Deductions You Might Qualify For:

  • RRSP contributions
  • Home office expenses
  • Business use of vehicle
  • Capital cost allowance (CCA)
  • Employment expenses (T777)
  • Childcare expenses
  • Tuition and education amounts
  • Moving expenses (if eligible)
  • Legal/accounting fees for business income

🔹 Common Tax Credits You Can Claim:

  • Basic personal amount
  • Canada Workers Benefit (CWB)
  • Medical expense tax credit
  • Disability tax credit
  • Tuition tax credit
  • Canada caregiver amount
  • Charitable donations

💡 We’ll help you identify every eligible deduction and credit to legally reduce your tax bill and stay CRA-compliant.

Our Personal Tax Services Toronto Include:

We tailor our personal tax filing services based on your personal situation—from salaried individuals to high-net-worth clients:

Basic and Advanced T1 Return Services:

  • T1 General return filing
  • T4, T5, and T3 slip reporting
  • RRSP and pension income optimization
  • Tuition, childcare, medical, and donation claims

Complex Personal Tax Returns:

  • Self-employment and gig economy income (T2125)
  • Rental income and expenses (T776)
  • Capital gains/losses on stocks, crypto, or real estate
  • Foreign income and assets (T1135 Foreign Income Verification Statement)
  • Split income or spousal returns optimization

Tax Planning & Advisory:

  • RRSP/TFSA contribution optimization
  • Tax planning for high earners and incorporated individuals
  • Principal residence exemption and real estate sale guidance
  • CRA audit support and Notice of Assessment reviews

Why Choose our Personal Tax Accountants Toronto?

✅CPA-Prepared, CRA-Compliant Returns – All returns are reviewed by licensed Canadian CPAs with years of personal tax expertise

✅ Specialists in Self-Employed & Professional Returns – Doctors, lawyers, real estate agents, consultants. We know your income structures and deduction opportunities.

✅ Maximize Your Refund, Minimize Your Tax Owing – We hunt for every legal credit, deduction, and optimization strategy.

✅ Stress-Free, Fully Virtual Process – From document submission to final signature — 100% remote & secure.

✅ Quick turnaround and secure electronic filing (EFILE)

✅ Transparent pricing and responsive support year-round

✅ CRA audit support and post-filing correspondence handled for you

Frequently Asked Questions (FAQs)

1. Can I file my tax return myself with online software?

Yes—but DIY filing increases your risk of missing deductions, making errors, or facing audits. A CPA Tax Accountant Scarborough can identify tax-saving opportunities and reduce long-term risk.

2. Do I have to report income earned on the side-hustle (e.g., Uber, Airbnb)?

Yes. CRA requires all income to be reported, even side hustles or gig income.

3. Do I have to report cryptocurrency trades?

Yes. Cryptocurrency gains and losses are taxable as capital gains or business income, depending on your activity. Accurate records are essential.

4. What if I’m late filing my taxes for many years?

File as soon as possible to minimize penalties and interest. We can help prepare and file your back taxes up to 10 prior years.

5. Can you help with CRA letters or audits?

Absolutely. We review the letter, explain what it means, and respond to the CRA on your behalf to protect your rights and reduce exposure.

6. I didn’t make much money. Should I still file?

Yes! Filing gives access to tax credits (GST/HST, CCB, Trillium, tuition carry-forwards), even if you owe nothing.

File With Confidence — Speak to our Toronto Tax Professional Today

Don’t leave your personal tax return to chance. Whether your situation is simple or complex, our experienced CPA Personal Tax Accountants Scarborough deliver accurate, compliant, and tax-efficient results every time.

Whether it’s your first return or your fifteenth, we make the process simple, accurate, and stress-free.

💼 Licensed CPA-Prepared Returns
📈 Specialized for Professionals & Self-Employed
✅ CRA-Ready. Done Right. Every Time.

📅 Book Your Tax Consultation: Schedule Here


📧 Email: info@maqcpa.ca
📞 Call: (416) 901-4126