INDIVIDUAL TAX SERVICES
Take The Stress Out Of Tax Season. Let Us Prepare And File Your Income Taxes.
PERSONAL TAX RETURNS
Choose Georgian Accounting and Tax to prepare your personal income tax. Behind in tax filing, or made an error in previous filing? I can make changes and refile on your behalf. I can even file past returns that have not yet been submitted.
Income Tax preparation – the filing deadline for a personal tax return typically due by April 30th of the year following the tax year.
EFILE Personal Tax Returns – this is a quick and safe way to file your taxes. Most filings are processed by CRA with initial assessments issued, and refunds issued after eight business days. Amounts owing would be payable by the April 30th filing deadline, even if you filed earlier.
Have questions about deductions, office expenses, capital gains, or income splitting? Unsure how to proceed? Let me properly prepare your tax return, helping maximize the deductions and minimize the tax payout.
Sale of real estate – do you have a capital gain?
Did you sell your home, or your cottage? Did you sell your principal residence?
Can you optimize pension splitting with your spouse/partner and reduce income taxes payable?
INCOME TAX PLANNING
Are you retired, or planning to retire? Do you need help planning current year, or future years income tax? I can put together a projection that will help you decide RRSP contributions or RIF withdrawal rates.
BENEFITS AND TAX CREDITS
The Federal and Provincial governments calculate many benefits based on previous year tax filing. Failure to file, or late filing can interrupt or delay such benefit payments to you. There are income and other eligibility requirements for these benefits, and they can change yearly or with changes introduced by the respective governments.
Let Georgian Tax and Accounting help you make the most of these benefits.
Canada Child Benefit – a monthly tax-free payment meant to help alleviate the costs of raising a child
GST/HST – tax-free quarterly payment to low/modest income families to offset all or part of the taxes paid on purchases
Canada Workers Benefit – a refundable tax credit intended to supplement earnings of low-income workers
Ontario Trillium Benefit (OTB) paid monthly or lump sum in some scenarios and combines the following.
Ontario Energy and Property tax credit
Northern Ontario Energy tax credit
Ontario Sales Tax credit
Ontario Seniors Homeowners property tax grant (OSHPTG) – annual payment available to Ontario seniors who pay property tax, and have low/modest income
TAX RETURNS FOR DECEASED PERSONS (ESTATES)
I understand this is a difficult time for you and express my condolences on your loss. CRA has issued an information sheet called “What to do following a Death’, which addresses notifying to stop tax credits, and defines legal representative information that should be addressed as soon as possible following a death. Your funeral director, and/or lawyer can also help with some of this.
The final Tax return for a deceased individual involves filing for any previous years not yet submitted, filing the Final Return for the deceased and confirming there are no further taxes owed by the person who has passed away. Most final estate settlement and final tax filing can be addressed in this manner.
If you have recently lost a loved one, and need help preparing their final tax return, please feel free to contact me to set up a meeting.
LATE TAX FILING
Behind in tax filing, or made an error in previous filing? I can make changes and refile previous returns or submit previous years returns on your behalf.
Do not panic! There are many reasons people get behind in filing their taxes.
CRA does charge a penalty and interest if there is an amount owed, but you may also qualify for past tax credits, or have a refund. Don’t delay any longer.
Being behind can feel overwhelming, and it is hard to know where to start. Call me for a free initial consultation and I can help reduce your angst!
CRA QUESTIONS & AUDITS
It is common for CRA to send letters to taxpayers requesting additional information. Often, it is not the end of the world! Read the correspondence carefully and reply to them with a letter and the receipts they have requested. It is important to respond in the typical 30-day period they request. If you fail to respond they will reassess, and you may owe additional tax.
If you do not understand what is being requested, or need some help responding, please call. I would be happy to help!
Do you need a small business accountant? Are you a sole proprietor, self-employed, a contractor, professional service provider, commissioned Sales person, have real estate rentals, and need financial statements for tax filing or to provide to Lenders?