Personal Tax Returns

Strategizing the Optimal Approach

Dedicated Tax Accountant in Mississauga

Our accountants at Business Development Services ensure timely filing of your personal tax return. For employed Canadians, the filing deadline  is April 30th, while any tax owed must be paid by that same deadline. If you are self-employed, the deadline to submit your personal income tax return is June 15, but any tax amounts owing must be paid by April 30th.

Failure to make timely payments may result in interest accruing at prescribed rates after April 30th. Additionally, penalties may apply if taxes are not filed within the correct reporting period.

At Business Development Services, we look forward to assisting you with all your personal income tax needs and corporate tax returns. Contact us via email at bus.developmentservices@gmail.com or phone at 647-972-7745 to get started.

Mississauga's Expert Personal Tax Accountants

During the spring season, many individuals in the GTA seek the expertise of a personal tax accountant. At Business Development Services, we specialize in completing and filing personal income tax returns or T1 returns for numerous Canadians annually. Our extensive experience in this area allows us to handle these tax returns efficiently.

By choosing Business Development Services as your tax accountant in Mississauga, we will guide you through identifying the necessary tax slips for your tax return. Typically, the following sources of income tax slips are encountered in addition to the personal tax return:

1. Employment Income - T4, T4A
2. Pension and Annuities - T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
3. Investment Income - T5, T3, T600, T5008, T5013 OR T5013A
4. Foreign Assets
5. Rental Income
6. Registered Retirement Savings Plan (RRSP) Income - T4RSP
7. Schedule of Capital Gains and Losses
8. Income from Self-Employment
9. Debt Forgiveness
10. Other Income, including the following slips - T4E, T4PS, T5007, RC62, RC210 At BD Services, we are dedicated to making the tax filing process smooth and efficient, ensuring you get the most out of your tax return.

As your tax accountant in Mississauga, Business Development Services goes the extra mile to identify applicable deductions for inclusion in your personal tax return. The following list outlines potential deductions that might apply to your personal tax return:

1. Employment Expenses - Form 2200
2. Investment Income - T101, T102, T5003, T5004, T1-CP
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. Alimony and Maintenance Payments - T1157
9. Disability Support Expenses
10. Allowable Business Investment Losses (ABIL)
11. Legal Fees
12. Stock Options
13. Income Tax Installments Paid
14. Pension Adjustment Reversal/Past Service Pension Adjustments - T10/T215
15. Fines, Penalties, and Levies

With Business Development Services, as your personal tax accountant, you can trust that we diligently explore all available deductions to optimize your tax return and maximize your potential savings. We aim to ensure you receive the best possible outcome when filing your personal tax return with us.

Tax Credits

As your personal tax accountant in Mississauga, we take pride in ensuring that all eligible tax credits provided by the government of Canada are accurately applied to your personal income tax return. We understand that these tax credits are tailored to individual situations, and our expertise allows us to navigate and optimize their application. Below is a compilation of commonly utilized tax credits on a T1 return:

  1. Spousal Exemption
  2. Dependents (born earlier than 1993 in the 2013 tax year)
  3. Disability Amounts - T2201
  4. Adoption Expenses
  5. Tuition, Fees, and Education Amounts - T2202 or T2202A
  6. Interest Paid on Student Loans
  7. Medical Expenses
  8. Caregiver Amounts
  9. Charitable Donations - 2013 introduced the first-time donors super credit
  10. Federal or Ontario Political Contributions
  11. Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks)
  12. Rent or Property Tax Credit (specific conditions apply)
  13. Child Fitness Credit (max. $500 per child)
  14. Children’s Arts Tax Credits (max. $500 per child)