How TaxCube can Help with Your Personal Taxes
- Employment Income- T4, T4A
- Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
- Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
- Foreign Assets
- Rental Income
- Registered Retirement Savings Plan (RRSP) Income- T4RSP
- Schedule of Capital Gains and Losses
- Income from Self Employment
- Debt Forgiveness
- Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210
We make sure that you benefit from things like spousal exemption, disability, adoption expenses, tuition, fees, and education amounts, interest paid on student loans, and much more.
Personal Tax Return Deadline
As an individual, you must file your income tax returns by April 30th of the following year. If you or your spouse is self-employed (own a business), the deadline extends to June 15th of the following year. For instance, if you were employed in 2024, you would need to submit your personal income tax by April 30th, 2025. If you or your spouse owns a business, the deadline would be June 15th, 2025, and so forth. However, any taxes owed to the CRA must be paid by April 30th, regardless of your employment status. This is why partnering with the top tax and accounting firm is crucial.
TaxCube ensure your tax report is complete, accurate, and always submitted on time!
Failing to file your tax returns by the appropriate dates can result in significant penalties and interest. Our tax professionals and accountants are well-versed in Canadian tax laws and updates, ensuring your tax returns are prepared accurately and submitted promptly
Common Personal Deductions and Expenses
Registered Pension Plan (RPP) Contributions
RPP contributions can cover both current and past service, subject to certain conditions.
Child Care Expenses
You can claim expenses for children up to 16 years old. Eligible expenses include daycare facilities, nursery schools, day camps, sports schools, and in-home childcare services.
Canada Child Benefit (CCB)
The CCB is a tax-free monthly payment program that assists families based on income. Eligibility is determined by factors such as total family income and the number and ages of your children.
Dues and Memberships
You can deduct the following dues and memberships:
- Annual membership fees for trade unions or public servant associations
- Professional association or board dues
- Premiums for professional malpractice liability insurance
Home Office Expenses
If you work from home for your employer, either part-time or full-time, you may be eligible to claim home office expenses.
Business Investment Losses
You can claim a business investment loss if you have disposed of a share or debt from a small business corporation, whether actual or deemed.
Moving Expenses
If you moved at least 40 kilometers to be closer to work or to attend a post-secondary institution, you may generally claim your moving expenses.
Support Payments
You can deduct support payments made under a court order or written agreement, provided you have registered the order or agreement with the CRA.
Carrying Charges and Interest Expenses
You may claim the following as deductions:
- Investment management fees or specific advisory fees
- Tax preparation fees if you have business income
Interest on borrowed funds used to generate investment, interest, or dividend income.
T1 Income Tax Filing: Self-Employed/Sole Proprietors
As a self-employed individual or sole proprietor, you report your business income or professional income, along with any employment or investment income, on your T1 income tax return. Business income is detailed on Form T2125—Statement of Business or Professional Activities.
You can claim the following expenses:
- Cost of goods sold
- Advertising
- Meals and entertainment
- Bad debts
- Insurance
- Interest and bank charges
- Business taxes, licenses, and memberships
- Office expenses
- Office supplies and stationery
- Professional fees (including legal and accounting services)
- Management and administration fees
- Rent
- Repairs and maintenance
- Salaries, wages, and benefits (including employer
- Property taxes
- Travel expenses
- Utilities
- Fuel costs (excluding motor vehicles)
- Delivery, freight, and express charges
- Motor vehicle expenses
- Capital cost allowance (depreciation)
TaxCube’s commitment to exceptional service includes:
- Personalized Service: Tailoring our approach to fit your specific tax needs and financial situation.
- Expert Guidance: Offering knowledgeable advice to help you navigate the complexities of personal tax returns.
- Accuracy and Compliance: Ensuring every detail is handled correctly to avoid errors and penalties.
- Maximized Benefits: Identifying opportunities to enhance your deductions and credits for a better tax outcome.
With TaxCube, you can be confident that your personal tax return is in capable hands. We strive to make the tax filing process as seamless as possible, allowing you to focus on what matters most to you. Let us handle the details so you can enjoy the benefits of a well-managed tax return.
