Personal Tax Returns

Need a Professional CPA to take care of Your Personal Tax Return?

We might just be the individual tax accountant you were looking for. We are an experienced and reliable CPA firm that specializes in a variety of personal tax services for Individuals in Toronto, Mississauga, Oakville & Ontario in general.

Some of Our Clients

Why Choose CFO360 For Your Personal Tax Returns?

Although the CRA has made it simpler to file your own individual tax return it can still be difficult and confusing to file taxes on your own. The complex filing systems & tax knowledge needed to efficiently file your taxes is hard for most people to keep up with, which means they’re missing out on deductions or credits they deserve.

Our team of personal tax accountants will help you get every deduction and credit you deserve so that you can save money when filing your personal taxes this year.

We have served countless individuals with their individual tax returns in Toronto and have the knowledge and expertise to file your taxes on time and with maximum efficiency.

What are the benefits of letting us help you file your personal income tax return?

Missing out on deductions can cost you money. Often our services pays for itself
Spending time on keeping up with tax regulations & worrying if your return is correct can be better spent with family
Filing your taxes on time, means you won’t get penalized with penalties and interest
You can sleep soundly at night knowing your taxes are taken care of

What Our Individual Tax Returns Services Include

CFO360 offers a variety of services alongside personal tax returns should you have a business including; bookkeeping and accounting services, payroll preparation, financial statement preparation and business advisory.

You will be assigned one of our professional qualified personal tax accountants as your dedicated accountant that will assist you with tax planning and file your personal tax return.

Our personal tax filing services include:

Submitting of personal tax return
Tax planning
Identifying qualifying deductions
Income tax return calculation

Would you like to find out more?

Our Software Partners

Our software partners are all used to increase efficiency, automate processes and enhance the performance of your finance department so you can focus on matters most to you.

Our software partners have been carefully considered and picked to best support our local small businesses within Ontario.

Frequently Asked Individual Tax Returns Questions

Who should file an individual tax return?

If you live in Canada: You live and work in Canada, you have to pay taxes, and want to receive credits and benefit payments.

If you leave Canada temporarily or permanently: You are a resident of Canada and you leave temporarily for work, school, a medical procedure, or vacation. You spend part of the year in the U.S. for vacation or health reasons and maintain residential ties in Canada

If you live in Canada temporarily: You live in Canada for less than 183 days in a year and do not have significant residential ties in Canada. You receive rental income from real and immovable properties in Canada.

For more information, Click Here to check if you qualify for individual tax returns?

When can I file my taxes 2021?

Deadline for filing individual taxes is April 30th. Employers are required to provide employees with T4 slips by the last day of February. That then gives you March and April to get your return filed.

What documents do I need for my tax return?

There are several documents that you need to keep safe during the year and provide to us at year end for filing your taxes. We can provide you with a secure portal to save documents during the year. Make use of our checklist to ensure you are keeping all the required documents.

Is T4 the only taxslip I need for filing?

There could be others, depending on what other income you have received during the year. Some of the other common T-slips are

– T3 Trust income and Designations

– T4A Covid relief payments / pension / annuity

– T4E Employment Insurance Benefits

– T5 Investment income

– T2202 or T2202A Tuition and Education Amounts

Please refer to the tax checklist for the complete list

Can I get my T1 general from CRA?

The CRA has your T1, but you can get an up-to-date version of it online. If you have a My Account with the Canadian Revenue Agency (CRA), then all versions are accessible to view by visiting “tax returns” section on their website. This is helpful for keeping track and ensuring that nothing was missed! You also have access to past years as well if necessary; simply call them at 1 800 959 8281 or send in a request via mail so they will be happy to oblige.

What is the difference between income tax return and notice of assessment?

Income tax return is what you submit to the CRA to inform them of your income & taxes due. Notice of Assessment is what CRA sends you after reviewing your submitted tax return to either accept your submission as is or inform you of changes they have made to your calculation and the updated amount of taxes owed.

Can I file my tax return by myself?

Yes, you can! However, it is quite possible to make errors or miss out on certain deductible expenses. You could end up paying the wrong amount of taxes (too little or too much). This opens you up to CRA penalties or fines.

Can I file taxes without a T4?

Yes, the T4 is just a summary of all your payslips. If you have all your payslips for the year you can add them up to get your totals. However, filing is easier with a T4.