Personal Tax Return for Canadians
At Madan CPA, we make personal tax simple. Whether you're a salaried employee, a small business owner, or someone with multiple income sources, our team of experienced tax accountants in Mississauga will ensure your personal tax return is filed accurately and on time, with every possible deduction and credit applied.
Key Highlights
Who This Service Is For
- Canadian residents with employment, rental, or business income
- Sole proprietors and self-employed professionals
- Investors with capital gains or foreign income/assets
- Individuals moving for work or leaving Canada permanently
- Taxpayers with complex situations like inheritance or crypto
Benefits
- Maximize tax credits and deductions to reduce your bill
- Ensure CRA compliance and avoid audit risks
- Simplify complex income reporting (rental, business, foreign)
- Receive year-round support from expert tax professionals
- Gain peace of mind with accurate and optimized returns
Deliverables
- Fully prepared and filed T1 personal tax return
- Reporting for rental, business, capital gains, and crypto income
- Deduction claims for employment, moving, and home office expenses
- Foreign asset and income disclosures (e.g., Form T1135)
Explore Our Personal Tax Services
- T1 Personal Tax Return Filing – We prepare and file T1 personal tax returns for Canadian residents. Our team ensures that all income sources, deductions, and credits are properly reported and optimized.
- Capital Gains and Investment Income – We report capital gains and investment income (Schedule 3), including profits from securities, real estate, and cryptocurrency, and apply strategies to reduce your tax burden—such as tax-loss harvesting and proper timing of dispositions.
- Rental Property Income (Form T776) – Own a rental property? We’ll report your income and deductible expenses accurately to optimize your return. This includes mortgage interest, property tax, repairs, insurance, and management fees.
- Sole Proprietorship Income (Form T2125) – If you’re self-employed or running a small business, we’ll help you report business income and claim eligible expenses to reduce your net income. We also help avoid red flags that might trigger a CRA audit.
- Employment Expense Claims (Form T777) – Claim home office, vehicle, and other work-related costs with our expert guidance. We make sure the T2200 Declaration from your employer is completed and that deductions are calculated accurately.
- Moving Expenses (Form T1M) – Moved at least 40 km closer to work or school? We’ll help you claim moving expenses, including transportation, meals, temporary accommodations, and real estate fees.
- Foreign Asset Reporting (Form T1135) – Own foreign investments or property worth more than $100,000? We prepare Form T1135 to report your assets properly and avoid costly penalties for non-compliance.
- Inheritance Tax Planning and Reporting – While Canada doesn’t have a formal inheritance tax, assets transferred upon death may trigger capital gains. We’ll guide you on the reporting requirements and help minimize the estate’s tax burden.
- Lifetime Capital Gains Exemption – Selling shares of a qualified small business corporation? You may be eligible to exclude up to $1,250,000 of capital gains from tax. We'll help determine eligibility and file the required documentation.
- Cryptocurrency Reporting – From day trading to long-term investing, we’ll help classify and report your crypto gains or business income accurately.
- Short-Term Rental Income (e.g., Airbnb) – If you’re renting out a property short-term, we help determine if it should be reported as rental income or active business income, along with all applicable HST considerations.
Frequently Asked Questions
I own a vacation home in Florida, USA. Do I have to disclose this information on Form T1135?
Personal-use property, such as a vacation home or cottage, is not required to be reported on Form T1135 when you file your personal tax return.
How do I know if I qualify for the lifetime capital gains exemption?
To qualify for the lifetime capital gains exemption, you must be a resident of Canada, and the shares sold must be Qualified Small Business Corporation (QSBC) shares. QSBC shares are defined as those where three specific conditions are met: (a) At the time of the sale, at least 90% of the fair market value of the company’s gross assets are used to carry on an active business in Canada; (b) In the 24 months preceding the sale, at least 50% of the fair market value of the company’s assets were used to carry on an active business in Canada; and (c) The seller, or a person related to the seller, must have owned the shares for at least 24 months prior to the sale.
My property is listed for rent on Airbnb, and the average rental term is 2 weeks or less. Can I classify the income earned as active business income?
You may classify the income as active business income if you can demonstrate that you provide additional services beyond room and board, and that the value of these services constitutes a significant portion of the rental charge. Examples of such services include offering breakfast, concierge services, access to amenities like a swimming pool, movie tickets, dry cleaning, and housekeeping.
My employer provided Restricted Stock Units (RSUs) at no cost to me, and I sold them for a profit. How will I be taxed?
Income from the sale of employer-issued Restricted Stock Units (RSUs) is classified as employment income. The taxable benefit from the RSUs is subject to payroll taxes, and this amount will be reported on your T4 Slip (Statement of Employment Income). Since you did not incur any cost to acquire the RSUs, the full proceeds from the sale will be taxable.
I receive a fixed monthly car allowance of $1,000. Is this amount taxable?
The full amount of a fixed monthly car allowance is considered a taxable benefit and is subject to payroll deductions. This benefit will be reported on your T4 Slip (Statement of Employment Income). If your employer completes Form T2200 (Conditions of Employment), you may deduct the portion of your vehicle expenses related to your employment duties, calculated using Form T777. Those forms will be submitted along with your personal tax return.
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