Our personal tax practice offers individual clients with a wide range of tax services including tax compliance, tax planning, and tax advice relating to their business interests, investments and other financial-related assets. Our personal tax services include:
Personal Tax Returns
If you think that filing tax return is simply to enter the figures into the tax software, you may lose lots of tax saving opportunities. We take a proactive approach to design unique tax strategy based on your needs and situation so as to save your hard-working money. Our approach provides professionally prepared tax returns (T1/HST/T4/T4A), related calculations and advice, as well as integrated tax planning.
We specialize in the following areas:
- Self-employed business
- Foreign property reporting
- House rental/house sales
- Stock transactions
- Non-resident application
Foreign Property Reporting
If you own foreign property with the total cost of more than CAN$100,000 at any time during a year, you have to report information about the foreign investments on your tax return. Over the past years, the Canadian government has made it a priority to “crack down on international tax evasion and aggressive tax avoidance” and has made several changes to the Foreign Income Verification Statement (Form T1135). As a result, federal budget introduced more detailed reporting requirements for this form.
The CRA imposes very harsh penalties for those taxpayers that do not comply with their T1135 filing obligations. Working closely with you, we utilize systematic approach for foreign property reporting so that you could comply with the reporting requirements and avoid CRA penalties.
Estate and Wealth Planning
Effective tax planning plays an important role in creating a sound financial plan. Without a successful strategy, you might miss important tax benefits or risk tax liabilities for your estate or successors. To help you reinforce your tax position and preserve your wealth, we develop tax effective strategies to extend your wealth.
- Estate, Trusts, Wills - Plan your estate to diminish income tax at death
- Transactions - Decrease capital gains tax on sales
- Insurance – Purchase tax effective life insurance
- Succession Planning - Orderly transfer of business to next generation
Liaison with CRA
Are you concerned when dealing with CRA? No worries. No matter it is for generic inquires, file examination, tax return review or audit, we will represent you for all matters with CRA, including response in written, telephone discussion, and in-person interview.