Personal Tax (T1 Filing)

Overview

Every Canadian taxpayer has a different and unique income tax situation. At Fairtax Business Services we take a customized, individual approach to preparing every T1 return so that you pay the least amount of taxes legally possible. We review all your slips, retrieve any missing documents directly from CRA with your authorization, and compare your current year return against the previous year to ensure nothing is missed. CRA e-filing always included at no extra charge. 

Every Income Source. Every Slip. Checked and Filed.

We review every income source that applies to your situation. CRA receives copies of all tax slips issued under your Social Insurance Number  their system automatically cross-checks what you report against what they have on file. We make sure your return matches perfectly and that every slip is accounted for.

INCOME TYPES 
 
Employment income — T4 slips, T4A slips, commissions, tips, and bonuses
 
Investment income — T5 interest and dividends, T3 trust income
 
Government benefits — OAS, CPP, EI, UCCB, Ontario and Canada Works, GIS
 
Capital gains and losses — stocks, mutual funds, ETFs, real estate, and other property sales
 
Self-employment and business income — T2125 business statement preparation
 
Rental income and expenses — all rental statements including mortgage interest, repairs, and insurance
 
Foreign and world income — all Canadian residents must declare income from every country
 
Cryptocurrency and NFTs — capital gains treatment, income treatment, and proper CRA reporting
 
Pension income — RRSP withdrawals, RRIF, annuities, and pension income splitting
 
EI maternity and parental benefits — T4E slips and related income

DEDUCTIONS & CREDITS LIST 

RRSP contributions — including carry-forward room retrieved from CRA
 
Professional fees and union dues — T4 Box 44 and receipts
 
Medical expenses — prescriptions, dental, vision, medical devices, and travel for medical care
 
Tuition and education amounts — T2202 slips, carry-forward, and transfer to spouse or parent
 
Charitable donations — federal and Ontario and Canada credits, donations to registered charities only
 
Child care expenses — daycare receipts must include provider’s name and SIN number
 
Support for spouse, child, or common-law partner
 
Moving expenses — for moves to be closer to a new place of work or school
 
Home office expenses — hydro, gas, internet, and home-related costs for qualifying employees and self-employed
 
Carrying charges and investment loan interest — brokerage fees, safety deposit box
 
Caregiver amount — for parents over 65 or dependents over 18 with physical or mental impairment
 
Disability amount — T2201 form required, certified by a licensed practitioner
 
Interest paid on student loans
 
Home Buyers’ Amount — up to $10,000 for first-time homebuyers on qualifying purchases
 
Capital losses and non-capital loss carry-forwards — retrieved from your Notice of Assessment
 
GST/HST credit — automatically assessed by CRA when you file, no separate application needed
 
Canada Child Benefit (CCB) — tax-free monthly payment for families with children under 18
 
Ontario Trillium Benefit (OTB) — property tax and energy cost credits for Ontario residents
 
T2200 Declaration of Conditions of Employment — for qualifying employees claiming home or vehicle expenses
 
TL2 Meals and lodging — for long-haul truck drivers with logbook and eligible expenses
 
Foreign tax credits — T1135 for foreign assets over $100,000 CAD, foreign income relief under tax treaties

FEE REFERENCE

Get Expert Tax Advice — Call (519) 725-9544