INCOME TAX – PERSONAL AND BUSINESS RETURNS
Personal Income Tax
We file personal income tax returns for taxpayers accurately and on-time.
Whether you are single, married, widowed or a student, we will file your return using our state of the art proprietary tax software.
We review your tax slips from your employer and your investments. We claim the tax deductions, credits and expenses to reduce the amount of tax you must pay. We determine what has to be reported as income on your personal income tax return, and we determine your tax obligations owing to Revenue Canada.
We calculate your business or professional income and we report the various income types. We determine your correct industry code, claim the correct capital cost allowance and maximize your eligible business expenses. We file business income from farming, rental operations, sole proprietorships and partnerships.
We advise you on what is required to keep good records and what is the legal requirement in the records you keep.
We file corporate tax returns and determine the correct federal, provincial and territorial tax rates that apply to your corporation. We find out what’s new for corporations, we maximize credits and minimize taxes. We inform you of your responsibilities in record-keeping and advise you of what constitutes a record for tax purposes. We will advise you of your particular corporate return filing deadline and also how to avoid penalties and interest.
We determine who should register, when you should register, and will open or close a GST/HST account on your behalf. We will complete and file your GST/HST return, make changes to your return and claim the correct input tax credits. We will show you when and how to charge GST and your legal invoicing requirements. We know payment due dates and will advise you accordingly to avoid penalties and interest.
We will set-up a payroll account for your business with Revenue Canada. We will advise you of your legal requirements as an employer in terms of deductions, remittances and your share required to remit to Revenue Canada. We will calculate the deductions for your employee(s) and will keep you informed of the due dates to remit these deductions. We will file all required T4’s and T4 Summary’s on behalf of your employees and your business. We will inform you on how to avoid late-filing penalties and interest charges with Revenue Canada.
Whenever a loved-one passes away, it’s never easy.
Besides the personal grief and sorrow that comes with such an event, there is the inevitable tax and legal requirements that come up with Revenue Canada.
At Payless Income Tax, we’re here to help.
We will file the final return on behalf of the deceased. We will determine information about the deceased’s income to see if any optional returns for the year of death are required. We will answer any question you have regarding the reporting of CPP death benefits and how to report a TFSA account of the deceased. We will calculate all credits available for the deceased, and if there is a surviving spouse we will transfer credits where allowable to the surviving spouse. We will discuss the tax treatment of capital property at the date of death and the tax implications if applicable.
Prior Year Returns
We will file your income tax return for the current tax year.
Sometimes life happens and maybe you didn’t file your taxes for a previous year.
Not a problem. In these cases we will file any prior year return on your behalf with Revenue Canada. Our tax software is up to date for prior tax years and we will use our expertise to maximize your credits and minimize your taxes. We will apply for any GST credits you may be owed and will apply for provincial credits where eligible.
We determine if a student should and is required to file a tax return.
We ensure that the educational institution is eligible for tax purposes as a post-secondary institution and we will apply for the accompanying tax credits as applicable. We treat scholarships, fellowships and bursaries correctly for tax purposes to minimize your taxable income and maximize your refund. We calculate the carry forward of unused tuition amounts to claim in a future year, or we will advise if you can / should transfer some credits to a parent or spouse. We look at possible moving expenses for students, child care expenses paid to attend a university, public transit expense amounts and any interest paid on student loans.
We file tax returns for retirees and their spouses.
There are several credits designed for seniors. We will ensure you are receiving the age amount and pension income amount. If you are receiving a pension we may be able to split up to 50% of your eligible pension income with your spouse.
We will help you with claiming the disability amount by completing the application on your behalf. There is no guarantee you are eligible but we will help you in the process.
We will advise you on eligible medical expenses that relate to you and the documents required.
We will ensure that you are receiving the Guaranteed Income Supplement (GIS) if eligible and will assist you in filling out the application.
We will determine if you are eligible for the family caregiver amount. We will apply for any provincial credits available to seniors.