First of March is the time when most Canadian residents looking for a personal tax accountant in Toronto. Magic Accounting assists you in completing and filing the personal income tax return.

Will assist you in identifying the tax slips needed to complete your personal tax return. The following are the sources of income tax slips that are usually seen apart from the personal tax return:

  1. Employment Income
  2. Pension and Annuities
  3. Investment Income
  4. Rental Income
  5. Registered Retirement Savings Plan (RRSP) Income
  6. Schedule of Capital Gains and Losses
  7. Income from Self Employment
  8. Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210

As your personal tax accountant, we will also identify deductions to be included in your personal tax return. The following is a list of deductions that may be identifiable in your personal tax return:

  1. Employment Expenses
  2. Investment Income
  3. Expenses Relating to a Rental Property
  4. Registered Retirement Savings Plan Contributions – up to March 1 of the following fiscal year
  5. Membership Fees, Union and Professional Dues
  6. Moving Expenses
  7. Child Care Expenses
  8. Disability Support Expenses
  9. Legal Fees
  10. Income Tax Installments Paid

The government of Canada also gives several tax credits to individuals on their personal tax returns based on their personal situations. As your accountant we will ensure that all tax credits are applied correctly on your personal income tax return. The following is a list of tax credits:

  1. Spousal Exemption
  2. Dependents
  3. Disability Amounts
  4. Tuition, Fees and Education Amounts
  5. Interest Paid on Student Loans
  6. Medical Expenses
  7. Caregiver Amounts
  8. Charitable Donations
  9. Rent or Property Tax Credit
  10. Child Fitness Credit (max. $500 per child)
  11. Children’s Arts Tax Credits (max. $500 per child)

Magic Accounting as your accountant will also ensure that your personal tax return is filed on time. The filing deadline for an employed Canadian is April 30th. If you are a self-employed individual, the filing deadline to submit your personal income tax return is June 15th. Please contact us via email: info@magic-accounting.ca or phone us at 647-847-4909 for all your personal income tax needs.

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