Individual Tax Returns
Let Adept Bookkeeping Services guide you through income tax season—and throughout the year. We believe that maintaining healthy finances requires more than just one meeting at year-end. At Adept, we stay connected with you every step of the way! With our deep understanding of the Income Tax Act, you don’t need to rely on tax software to ensure your information is secure. We go beyond simply preparing tax forms from February to April; we are full-service tax professionals, working year-round to maximize your tax return and ensure you get the best results possible. The Canada Revenue Agency (CRA) can be intimidating, especially with the increased focus on audits. Nobody wants to owe more than they should or face penalties due to a mistake. Fortunately, Adept Bookkeeping Services is committed to creating strong audit trails, giving you peace of mind in the event of a CRA review. With us, tax preparation becomes stress-free and seamless!
Even if you’ve left Canada or have no income, you’re still responsible for filing your personal income taxes with the CRA. You might be eligible for benefits like the GST/HST tax credit or the Canada Child Benefit—or you may have rental property income that needs to be reported. The CRA is particularly focused on auditing claims related to moving expenses, childcare, and medical costs. Our personal tax preparation service can help you determine your tax liability and complete the necessary paperwork with ease.
Income
Personal income tax is due by April 30 each year. Don’t delay—reach out to us early, and we’ll ensure your taxes are prepared well in advance. Key documents to have ready may include:
- T4s provided by your employer (usually available by February’s end)
- Foreign income reports
- Investment portfolio statements
- Commissions or bonuses
- Pension income
Some income doesn’t need to be reported, such as inheritances, lottery winnings, or scholarships. Thanks to modern tax software, we can even retrieve old T-slips if you haven’t filed your personal taxes in years.
Complaints and Revisions
If you believe there are errors in your previous income tax returns, contact us. We can help assess penalties you may owe or refunds you’re entitled to, and we’ll handle filing any necessary complaints or revisions. Stop worrying about your personal taxes and leave the details to our experienced team.
Credits
You’ll also need to provide documents related to any deductions or credits you’re eligible to claim. The CRA provides guidelines on what is deductible. Common tax credits include family, child, education, and disability credits. Our team can review your finances to ensure you’re maximizing your credits. If you’re unsure about which documents you need or which credits apply to you, we’re here to help.
Bereavement
In the unfortunate event of a family loss, income tax for the deceased must still be filed, depending on their financial affairs. Any business-related losses or tax carryforwards need to be addressed, along with any errors or updates from previous years. Adept Bookkeeping Services can assist in obtaining a clearance certificate from the CRA, which ensures the estate owes nothing further. This protects the executor from future CRA claims once the estate has been distributed, sparing them additional stress during an already difficult time. Let us shoulder some of the burden and help you navigate any unresolved tax issues with care and expertise.
Contact Us
Get in touch with our team for any general inquiries or to learn more about our suite of financial services. We are here to assist you in navigating the complexities of your business’s financial landscape with precision and expertise.