T2 Corporate income tax returns. Every company is required to file a tax return each year. I invest in software that greatly reduces the time (and therefore cost) of preparing a tax return and all the required schedules. I usually prepare T2s in combination with an NTR or Review engagement.
T1 personal tax returns. Everyone who owes tax, or has a capital gain, must file a tax return. In practice, everyone should file returns each year even if they do not owe tax so they can claim their refunds and ensure eligibility for a number of government programs and benefits. Commercial programs such as QuickTax or U-File are reliable and provide good value for money for people with relatively simple tax affairs and who are confident about going it alone. However, I recommend that anyone with more complicated situations such as business or rental income, or significant investments or investment income, engage a professional accountant to prepare their tax return. My fees are tax-deductible and I can often find savings that exceed the cost of my services.
T3 Trust returns. If you are in the unfortunate position of having to settle the affairs of a deceased loved one I can help to make the process easier. There are options available in filing a person’s final tax returns that can impact the amount of wealth that is passed to the beneficiaries. A will creates a testamentary trust which must also file tax returns to report the trust income. Choices with regard to reporting trust income can also have a significant impact on the net proceeds the beneficiaries receive.
Non-resident returns. A person who is non-resident in Canada for tax purposes must file a tax return if they have Canadian sourced income and owe tax or want to claim a refund. Typically, this will be as a result of active income, for example from employment or business. Also, if a non-resident disposes of Canadian property such as real estate, business property and shares in private corporations.
Non-residents who receive passive income such as interest, dividends and royalties are not required to file tax returns. Either all the required tax is deducted by the payer or, in the case of interest, it is not taxable in Canada. However, for two types of income: rents and pensions, the non-resident can choose to file tax returns. I can advise you if this is beneficial to you and guide you through the strict filing requirements.
HST. I can advise on the HST implications of any transactions you undertake and assist you in meeting your HST filing obligations.