Personal income taxes are as unique as the individual clients themselves. There are no cookie cutter solutions for filing personal taxes, and your income tax return should reflect that each year. Programs and software that offer one-size-fits-all solutions rarely meets expectations and lead to you missing tax credits and advantages that you should be receiving.
With us, tax filing is simpler, easier, and free of stress! We leave no stone unturned to get you the highest possible refund. At Shamrock Bookkeeping, our team has in-depth tax knowledge, technical expertise, and experience.
Before we file your tax, we will assist you in identifying the income tax slips needed, make sure that deductions are included and ensure that all tax credits are applied correctly on your personal income tax return.
Below is the list of items usually seen while filing your personal tax return:
Income Slips:
• Employment Income- T4, T4A
• Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
• Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
• Foreign Assets
• Rental Income
• Registered Retirement Savings Plan (RRSP) Income- T4RSP
• Schedule of Capital Gains and Losses
• Income from Self Employment
• Debt Forgiveness
• Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210
Deductions:
• Employment Expenses
• Rental Property Expenses
• RRSP Contributions
• Membership Fees, Union & Professional Dues
• Moving Expenses
• Child Care Expenses
• Alimony & Maintenance Payment
• Disability Support Expenses
• Allowable Business Investment Losses (ABIL)
• Legal Fees
• Stock Options
• Income Tax Installments Paid
• Pension Adjustment Reversal/Past Service Pension Adjustments
• Fines, Penalties and Levies etc.
Tax Credits: (commonly used on a T1 return)
• Spousal Exemption
• Dependents
• Disability Amounts – T2201
• Adoption Expenses
• Tuition – T2202 or T2202A
• Interest Paid on Student Loans
• Medical Expenses
• Caregiver Amounts
• Charitable Donations
• Federal/Ontario Political Contributions
• Public Transit Pass Amounts
• Rent/ Property Tax Credit (conditions apply)
• Child Fitness Credit
• Children’s Arts Tax Credits
Our goal is to make sure that your personal tax return is filed accurately in a timely manner. Please contact us for all your personal income tax needs.
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