Personal Tax Services

Personal Tax Accountant in Ontario

personal tax accountant ontario

Are you in need of a professional and certified personal tax accountant in Ontario? Well you have come at the right destination. We are licensed and experienced to provide professional tax planning and preparation services to make your life sorted.

We provide a portfolio of personal tax services including:

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  • Personal tax returns
  • Sole Proprietorships
  • Non-resident tax returns
  • New immigrant tax returns
  • Estate taxes
  • CRA Audit Services
  • Tax Advisory Services

Do you need any more service from our personal tax accountant in Ontario? We would be more than pleased to extend our service to our esteemed clients. Let us know what we can do for you!

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PERSONAL TAX RETURN

We are professional, proficient, and accurate. Provide us with your relevant tax documents and we’ll prepare your tax return including worldwide income and disposition of property. To make the best out of your tax return, here’s what you should bring:

  • All original income slips and receipts such as T4s, T5s, RRSPs, T5007, RRSP receipts, daycare receipts.
  • Two ID’s, one with photo.
  • Children’s birth certificates if applicable.
  • Rent receipts or property tax bill if being claimed.
  • Donation receipts.
  • Copy of last year’s notice of assessment.
  • Any other relevant information.

Our certified accountant for personal tax return in Ontario can get it done on time, every time.

SOLE PROPRIETORSHIP

According to the Canada Revenue Agency a sole proprietorship is “an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.”

Sole proprietors are required to report their income or losses on a T1 income tax and benefit return. You may also have to pay your income tax by installments. We will help you to understand the tax requirements for sole proprietors and help you in making the decision whether to remain a sole proprietor or to incorporate your business.

One of the key lessons learnt by new business owners is the need to have a qualified accountant prepare their taxes. We guide you through the basics of running your own business and help you, not only to remain compliant with the tax laws but also to alleviate the stress of trying to understand your responsibilities of being a business owner so that you can better utilize your time to grow your business.

NON-RESIDENT TAX RETURNS

  1. Are you a non-resident of Canada and own Canadian real estate?
  2. Do you know the procedures involved if you were to dispose of this real estate?
  3. Do you need a social insurance number?

Navigating the Canadian income tax system can be challenging for non-residents. Many of whom aren’t even aware of their tax obligations. According to the Canada Revenue Agency, as a non-resident, “you are subject to Canadian income tax on most Canadian-source income paid or credited to you during the year unless all or part of it is exempt under a tax treaty”.

Under Canada’s income tax system, you are legally responsible for determining your income tax status and ensuring that you pay the amount of taxes required for each year. We will help you fulfill your legal obligations as a non-resident and remove much of the confusion that comes with filing taxes.

NEW IMMIGRANT TAX RETURNS

At Hummingbird Financial we guide newcomers through a tax system that can at first seem intimidating. Many of our clients migrate from countries where taxes are remitted to the government on a pay as you earn basis (PAYE) and you were not required to file income taxes unless you own a business or are applying for a refund. We help clients to understand the intricacies of the Canadian tax system, highlight the importance of compliance with tax laws and maximise the tax benefits for which they are eligible.

Have you ever gone somewhere to get your taxes filed and at the end sign paperwork and don’t understand what you have signed? We relieve the associated anxiety and provide new clients with a one-hour free consultation where we help them to understand the tax system.

  • Not sure how to treat property you owned before you migrated?
  • What child benefits are you eligible for?
  • What does world income mean?
  • How do I prove the income that I earned before I came to Canada?
  • What tax deductions can you claim?
  • What are refundable and non-refundable tax credits?

Let us help you relieve the anxiety and guess work associated with filing your taxes.

ESTATE TAXES

There is an old adage that says, “the only thing that is sure in life is death and taxes”. What you need to know though, is that even after death, there are taxes.

It is very difficult trying to understand estate taxes when you are dealing with the loss of a loved one. At Hummingbird Financial we know it can be a difficult time for you, particularly if you are a surviving spouse or executor for an estate.

Common questions are:

  1. Can I deduct funeral expenses, probate fees, or fees to administer the estate?
  2. Who reports a death benefit that an employer pays?
  3. On what return do I report Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) death benefits for the estate of the deceased?
  4. Who reports amounts an employer pays for vacation and unused sick leave?
  5. The deceased had investments in a tax-free savings account (TFSA). Who reports any income earned in the TFSA?
  6. If the deceased person was paying tax by instalments, do I have to continue making those instalment payments?
  7. Why do I have to return the deceased person’s GST/HST credit?

The Canada Revenue Agency does provide guidance on what happens in these situations, but when you are grieving, this might not be the best time for you to be catching up on your tax reading. Let us help you through this challenging time because there is life after taxes.

CRA AUDIT SERVICES

Get peace of mind when doing your tax returns with Hummingbird Financial Corp. If your income is ever reviewed or audited by CRA, we will represent you at no additional costs. And remember, you must keep your personal documents for up to 7 years in case of a random audit.

TAX ADVISORY SERVICE

Many individuals and families are concerned with the rising cost of living. As a result, many people fail to get proper tax advice because that would mean additional costs to a probably already strained budget. Can you afford to not get proper tax advice though? The fact is many persons find themselves in trouble with the CRA because they either refuse to file or fail to file properly. Many miss out on benefits and tax credits they would normally be entitled to but miss out just because they are not aware. Many persons face CRA audits

Let Hummingbird Financial help your business to the next level.