Overview
Someone with adequate experience and expertise should perform personal taxation for property owners. There are many elections, rollovers and designations that can put you in a better position and help you avoid double taxation.
You are responsible for what is filed for your personal taxes. You should make sure you choose an accountant who can help you comply, because otherwise there are consequences — fines, interest on taxes, reassessment, and worse.
Taxation for properties
- Elections, rollovers and designations that help you avoid double taxation
- The principal residence exemption, addressed properly when the principal residence is sold
Tax credits, tax benefits and tax deductions
- Families with children under 18 can receive the child benefit as well as a variety of other benefits
- To ensure you get the maximum possible tax benefit, your accountant should be someone who knows all of the applicable tax benefits and deductions and can apply them properly
Personal and self-employed tax returns
- Preparing T1 and T2125 returns
- Tax preparation and filing of personal tax returns
- HST/GST registration when sole proprietors have over $30,000 of sales, or when they decide to voluntarily register
- Calculating tax credits from your bills and deducting them against the HST on invoices
- Filing your HST/GST tax return