Time is a valuable commodity, hiring an accountant or bookkeeper can also save you time and money. The cost of hiring an accountant or bookkeeper is often less than the cost of the mistakes and lost opportunities that could result from not having professional help. An accountant or bookkeeper can help you identify and take advantage of tax deductions and other money-saving opportunities that you may not be aware of. They can also help you make sound financial decisions that can help you save money in the long run.
Personal Income Tax Filing:
- Preparation and filing of T1 General Tax Return: This includes reporting various sources of income, deductions, credits, and other relevant information for individuals.
- Employment Income: Reporting income from employment, including salary, wages, bonuses, tips, and other benefits.
- Investment Income: Reporting income from investments such as interest, dividends, and rental income.
- Self-Employment Income: If the individual is self-employed (sole proprietor), reporting business income and expenses on the T2125 form.
- RRSP Contributions: Including information about contributions made to Registered Retirement Savings Plans (RRSPs).
- Tax Deductions: Identifying and claiming eligible deductions, such as medical expenses, charitable donations, tuition fees, and childcare expenses.
- Tax Credits: Claiming applicable tax credits like the Canada Child Benefit (CCB), Working Income Tax Benefit (WITB), and various provincial tax credits.
- Tax Planning: Providing advice and strategies to optimize tax outcomes for the current and future tax years.