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Personal Tax

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In Canada, filling income taxes is a requirement especially if you owe taxes, are self-employed, would like to split your pension income with your spouse/common-law partner, participated in the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) or even disposed capital property.

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Every year the deadline to file your personal tax return is April 30th and if it falls on a weekend, Canada Revenue Agency will consider the return filed on time if it is received the following business day. It is also important to note that if you owe taxes the payment is also due by April 30th and payments made after this date will result in interest and penalties thereafter. If you cannot pay the full amount by April 30th, you should still file your return to avoid the late filing penalty by filing your return on time.

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At Platinum Tax & Accounting we have a dedicated team of tax specialists to assist you with your tax preparation from compiling list of income tax slips and identifying all possible tax deductions available to be included in your personal tax return. The following slips are examples but not limited to of what may be required to prepare your personal tax return:

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Example of Income Slips:

  • T4 Employment income

  • T4A (OAS), T4A(P), Old Age Security and Supplement, Canada Pension, Other

  • T4E Employment Insurance

  • T4RSP/T4RIF RRSP Withdrawals

  • T5 Interest and Dividends

  • T3 Trust Income, Distributions, Investments, Gains, Etc.

  • T4PS Profit Sharing Plan

  • T5007 Workers Compensation/Social Assistance

  • T5008 Capital Gains/Loss Summary

  • T1135 Foreign Income Verification

  • Spousal Support Received

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Some standard Deductions:

  • RRSP Contributions

  • Union/Professional Dues

  • Charitable Donations

  • Medical Expenses

  • Child Care Expenses

  • Property taxes or rent paid

  • Moving Expenses

  • Tuition Receipts

  • Adoption Expenses

  • Sale of Real Property

  • First Time Home Buyer Amount

  • Educator School Supplies

  • Home Office, if eligible

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Allows us to take away the hassle and stress of your personal tax preparation and give you the peace of mind that your taxes are done right.

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