Personal Tax Filing

Engage the expertise of a seasoned CPA to help you navigate Personal Income tax laws.

Who is required to file a Canadian personal tax return?

Lady reading documents
Lady reading documents

Services TMP can assist you with

Disposal of Capital assets-
(Real Estate or Securities)

Self Employed and rental income

Digital Currency filings

Claiming Foreign income and FTC

Declaring Foreign Assets
(1135)

Claiming Stock options
(ESPP and RSU)

Employment Expenses T2200

Non resident personal tax filings

Other complex filings

How much tax do I have to pay to CRA on my income?

Taxes owing are calculated based on the following factors:
Calculator with bunch of documents

Income Reporting

Report total income

Deductions and Credits

Deduct expenses and claim credits

Taxable Income

Calculate taxable income

Tax Rates

Apply federal and provincial/territorial tax rates

Non-Refundable Credits

Reduce taxes owed

Approximate tax rates in Canada and Ontario are as follows:

Table containing Canadian Tax rates

Rate Approximations

Note that these figures are rough estimates.

Excludes Specific Deductions

Not inclusive of personalized tax credits and deductions.

2022 Tax Year

Applicable to the tax year 2022.

Federal & Ontario

Combines federal and Ontario provincial tax rates.

Why Us

Financial Education

We prioritize educating our clients, equipping them with the knowledge to make sound financial decisions for their future success.

Seasoned Experts

Our experienced team offers deep expertise, ensuring reliable and comprehensive solutions for all accounting and tax needs.​

Personalized Solutions

Tailoring our services to each client's unique circumstances, we deliver customized solutions that address specific goals and challenges effectively.​

Modern Approach

Embracing cutting-edge technologies and innovative methods, we provide efficient and forward-thinking accounting and tax services to meet the demands of today's business landscape.​

FAQ

Personal tax filing (T1 return) in Canada involves reporting your income, deductions, and credits to calculate your tax payable for the year. If you had tax deducted from your income or if you paid tax installments during the year, you reconcile the interim taxes paid with actual tax liability on the tax return to figure the balance owing or refund expected.

The deadline for filing personal taxes in Canada is usually April 30th of the following year. If this date falls on a weekend or holiday, the deadline is extended to the next business day. Self-employed individuals and their spouses can file by June 15th of the following year. In any case, any tax owing must be paid by April 30.

You will need tax slips (such as T4 – employment income, T5 – investment income, T3 – investment income and income from trust, T5008 – capital gains and losses). Personal information and social insurance numbers are also required. You should also know the amount of total income and deductions you realized outside of the tax slips (i.e. freelancing income, business expenses, investment income and carrying charges, and others).

You can file your personal taxes online using tax software, paper filing, or through a tax professional. The CRA’s website offers information and e-filing options.

Yes, online filing is safe and secure when using CRA-approved tax software. They have encryption and security measures in place to protect your data.

Filing late can result in penalties and interest charges on any taxes owed. If you do not owe taxes, then you generally won’t face late-filing penalties for late-payment interest. However, not filing a return on time can affect your eligibility for certain tax credits and benefits.

Generally, you can deduct reasonable expenses incurred to earn income (for example, rental expenses can be used to offset rental revenue) when figuring out total income. Then there are deductions to offset total income to arrive at taxable income, including RRSP deductions, moving expenses, investment carrying charges and more. 

Tax credits are tax offsets against total tax payable. They include the basic personal tax credit, spouse amount tax credit, medical expenses tax credit, charitable donations tax credit, and more. Eligibility varies, so it’s essential to review the CRA’s guidelines or speak with a tax professional.

The CRA is the government agency responsible for administering tax laws in Canada. They process tax returns and issue notices of assessment for taxes owed or refunds due to taxpayers.

Yes, there are tax benefits for eligible individuals tha files their tax returns. The Canada Child Benefit (CCB) provides financial assistance to eligible families with children, and the GST/HST credit is a tax-free payment to help offset the Goods and Services Tax (GST) or Harmonized Sales Tax (HST) you pay. The CRA will assess your eligibility (generally based on income) after processing the tax returns you filed.

Yes, if you’re self-employed, you can claim deductions for reasonable expenses incurred to earn revenues. These may include office expenses, advertising costs, and vehicle expenses related to your business. You’ll need to keep accounting records and source documents (invoices) to support these claims.

In Canada, there are federal tax credits available for eligible tuition fees paid, student loan interest, and education expenses. The most well-known credit is the tuition and education tax credit, which can be claimed by students attending post-secondary education institutions or their supporting family members. Each province also has their own tuition tax credit rules for their students.

TMP Pricing for Personal Tax

Basic

1-3 Income/ Tax credit slips, review of return with junior staff.

$300 

Expert

4-10 income slips, Investment income, Employment expenses, CRA Aithorization.

$650

Premium

5-15 slips, Self employed, Rental income, or employment expenses, CPA review of your filing, CRA authorization.

$950

Custom

Please fill in this questionnaire and we’ll get back to you with a quote.

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about Triple M Professional Corp.? We’re all ears. Fill out the form or Email us and we’ll connect with you soon.

Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
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San Francisco Office
415-366-5667
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New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9
Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9