Personal Tax Returns Toronto

Personal tax returns are mandatory annual filings that report your income, deductions, and credits and calculate your tax liability to the Canada Revenue Agency (CRA). All Canadian residents, including citizens, permanent residents, and certain non-residents with Canadian income sources, are required to file returns if they owe tax or want to claim refunds, credits, or benefits. Filing your personal tax return accurately and on time is crucial to avoid penalties.

Who needs to file a personal tax return Toronto:

  • Canadian residents with taxable income
  • Self-employed individuals, regardless of income level
  • Individuals claiming tax refunds and credits such as the Canada Child Benefit (CCB), GST Credit, Ontario Trillium Benefits, or the Guaranteed Income Supplement (GIS)
  • New residents to Canada with worldwide income to report
  • Canadians with foreign income or property exceeding $100,000
  • Individuals receiving request to file from the CRA

Our Personal Tax Return Services

At MAQ CPA, we offer comprehensive personal tax services, including:

  1. T1 Tax Return Preparation – Complete preparation and electronic filing of T1 personal tax returns
  2. Self-employed and Sole Proprietor Tax Returns – Complete preparation and filing of sole proprietor business tax returns
  3. GST/HST Returns for Sole Proprietors – Preparation and filing of GST/HST returns for sole proprietors
  4. Tax Planning – Strategic advice to optimize deductions and minimize tax liability
  5. Review of Previous Returns – Examination of past filings to identify potential refund opportunities
  6. Foreign Income Reporting – Preparation and filing of T1135 Foreign Income Verification forms
  7. Rental Income and Investment Income – Reporting of rental income and other investments income
  8. Capital Gains and Losses – Calculation of capital gains or losses on the sale of real or portfolio assets
  9. Tax Credits and Deductions Optimization – Reporting and optimizing for RRSP, Tuition, Medical, etc.
  10. CRA Audit Support and Representation – Professional representation during CRA reviews or audits
  11. Tax Installment Planning – Guidance on quarterly tax installment requirements
  12. Year-Round Tax Support – Ongoing advice for major life changes affecting your tax situation

Important Timelines and Rates for Individual Tax

Filing Deadlines:

  • Regular tax returns: April 30th following the tax year
  • Self-employed individuals and their spouses: June 15th following the tax year
  • Note: Any tax owing is still due by April 30th, regardless of filing deadline

Current Federal Tax Rates (2024):

  • 15% on the first $53,359 of taxable income
  • 20.5% on taxable income between $53,359 and $106,717
  • 26% on taxable income between $106,717 and $165,430
  • 29% on taxable income between $165,430 and $235,675
  • 33% on taxable income over $235,675

Ontario Provincial Rates (2024):

  • 5.05% on the first $49,231 of taxable income.
  • 9.15% on income between $49,231 and $98,463.
  • 11.16% on income between $98,463 and $150,000.
  • 12.16% on income between $150,000 and $220,000.
  • 13.16% on income above $220,000.

Penalties for Non-Compliance:

  • Late filing penalty: 5% of balance owing plus 1% per month (maximum 12 months)
  • Repeated late filing: Penalties may increase to 10% plus 2% per month
  • Interest charges on unpaid taxes compound daily at the prescribed CRA rate
  • Failure to report income penalty: 10% of unreported amounts if repeated

Reference: CRA Tax Rates

What Sets Our Accounting Firm Apart

✅ Certified Experts: Extensive experience with CRA regulations and compliance.

✅ Personalized Tax Planning: Customized advice to minimize tax liabilities.

✅ Accurate and Timely Filing: Ensuring you meet deadlines and avoid penalties.

✅ Comprehensive Support: From investment income to foreign reporting compliance.

✅ CRA Representation: We handle audits and CRA inquiries on your behalf.

✅Year-Round Availability – Unlike seasonal tax preparers, we provide support throughout the entire year.

✅ Maximum Refund Calculation – We identify every eligible deduction and credit to optimize your return.

Frequently Asked Questions

1. How long does it take to prepare my personal tax return?

Most straightforward returns can be completed within 2-3 business days. More complex returns involving self-employment, investments, or foreign income may require 5-10 business days. We’ll provide a timeline estimate during your initial consultation.

2. What documents do I need to provide for my tax return?

Essential documents include T4s, T4As, T4AP, T4A(OAS), T4RIF, T5s, T5018s, investment statements (T3, T5), receipts for deductible expenses, RRSP contributions, charitable donations, medical expenses, employment expenses (T2200, TL2), receipts for tax credits, tuition (T2202), and tax installment receipts. We provide a comprehensive checklist to help us obtain the required documents and information.

3. Do I need to report foreign income?

Yes, Canadian residents must report worldwide income. Foreign property over $100,000 must be disclosed using Form T1135 and filed to CRA within the deadline.

4. How do I report rental income on my tax return?

Rental income is reported on Form T776 (Statement of Real Estate Rentals). You’ll need to report all rental income and can deduct eligible expenses such as mortgage interest, property taxes, insurance, utilities, and maintenance costs. We can help determine which expenses qualify and optimize your rental property tax.

5. What are the tax implications of cryptocurrency transactions?

The CRA considers cryptocurrency a commodity, subject to capital gains tax when disposed of (sold, traded, or used for purchases). Detailed records of all transactions are essential. If you’re mining or trading frequently, it may be considered business income.

Reference: CRA Cryptocurrency Tax Guidelines

Contact Us Today

Don’t leave your financial future to chance. Our team will ensure your personal tax return is optimized, compliant, and filed on time. Schedule your personal tax consultation today and experience the difference professional tax expertise can make.

Email: info@maqcpa.ca
Phone: (416) 901-4126

To learn more about personal tax preparation and filing, visit the CRA site at https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax.html