Personal Tax
We provide personal income tax services for individuals across Canada. Whether you have employment income, self-employment income, investment income, rental property income, foreign income, or no income, we prepare your tax return based on your individual circumstances and help you claim eligible tax credits and government benefits.
The following are answers to some common questions about personal tax filing and our services.
Do I Need to File a Tax Return?
If you are a Canadian tax resident, you are generally required to file an income tax return. Canadian residents report their worldwide income, with different types of income reported separately. Even if you have no income or no tax payable, filing a tax return may still be beneficial in many situations.
Why Should I File a Tax Return?
Filing a tax return is about more than meeting your tax obligations. You may be entitled to a tax refund or government benefits, preserve tax attributes such as RRSP contribution room, capital losses, or eligible tuition amounts for future use, and maintain a complete tax record.
When Is the Tax Filing Deadline?
The personal tax filing season generally runs from March to April each year. For most individuals, the filing deadline is April 30.
If you or your spouse is self-employed, the filing deadline is June 15. However, if you owe tax, payment is still due by April 30. Interest begins to accrue on any unpaid balance starting May 1.
Preparing your tax information early is recommended.
Will I Receive a Tax Refund?
Not necessarily. If tax has been withheld during the year and your actual tax liability is lower than the amount paid, you may receive a refund. If no tax was withheld, you may not be entitled to a refund.
Do I Need to File a Tax Return If I Have No Income?
In many cases, yes. For example, students who have no income but paid eligible tuition can preserve their tuition tax credits for future years. Filing also helps maintain your tax record and may affect your eligibility for certain government benefits and credits.
Will I Have to Pay Additional Tax?
Possibly. Individuals with self-employment income, investment income, or rental income often do not have tax withheld during the year. Depending on your total income and taxes already paid, you may have a balance owing when you file your return.
What Documents Do I Need?
The documents required depend on your circumstances. Common tax documents include:
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T4, T5 and other income slips
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Self-employment income and expense records
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Investment income information
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Rental property income and expenses
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RRSP contribution receipts
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Tuition, medical expense and charitable donation receipts
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Foreign income and foreign asset information
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Other documents relevant to your tax return
What Happens If I File Late?
Late filing, failing to report income, or failing to file a required return may result in interest, penalties, affect certain government benefits, and create future tax issues. If you have missed previous tax returns, it is generally advisable to address the situation as soon as possible.
What If My Tax Situation Is More Complex?
The information above provides general answers to common questions. If your situation involves self-employment income, foreign income or foreign assets, rental properties, departure tax, or other complex tax matters, please contact us. We will review your circumstances and provide advice based on your specific situation.