Personal Tax Returns
Do you have a personal tax problem? Start saving on your taxes by taking our free online tax assessment. Madan Chartered Accountant is experienced and can prepare your personal tax return flawlessly.
Our personal tax return Canada preparation is extended to employees, sole proprietors, investors, non residents, and more.
Key Elements
- Save you taxes
- We solve personal tax problems others can't
- Protect you from the CRA
- File your returns on time and accurately
Client Testimonial:
I found the service to be very timely and most of all helpful. Even though I was not directly a client of the firm Al was willing to provide me useful advice which helped me in making an important decision with respect to how I should structure my future employment and the potential tax benefits. This type of service goes along way in building a solid client base founded on good customer service! - Sonu Sikand
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Hello,
I’m a resident of the US working in Canada. Your articles are a great resource for those not familiar with personal tax preparation in Canada.
Thanks,
J
Hello,
I’m a resident of the US working in Canada. Your articles are a great resource for those not familiar with personal tax preparation in Canada.
Thanks,
I haven’t filed personal tax returns for the last 11 years. What is the best way to get in compliance with Canadian tax laws?
Hi Viviano,
If the CRA hasn’t requested any filings for outstanding returns, the best option is to file under the Voluntary Disclosure Program. Under the VDP, you can file the previous 10 years of tax returns. Any penalties and interest will be waived if the VDP criteria are met.
Please see our VDP article for more information – http://madanca.com/learn/articles/entry/voluntary-disclosure-program-for-canadian-taxpayers/
Hi,
I’m an HST registrant operating a small business. How do I report income and expenses on my personal tax return?
Hi Leroy,
As a registrant, you will be required to report HST collected and HST paid (input tax credits) on your HST return. As such, the figures reported on your personal tax return should exclude the HST portion of income and expenses.
If my company paid me a bonus in 2015 related to 2014, which year do I report the income?
You will be taxed in the year you receive the income. You company will issue a T4 slip to report this income and withhold payroll taxes (i.e.: CPP, EI, income taxes).
Hi Mandeep,
You will be taxed in the year you receive the income. You company will issue a T4 slip to report this income and withhold payroll taxes (i.e.: CPP, EI, income taxes).
Hi
I receive Canada Child Tax Benefits (CCTB). Is this taxable income?
Hi Tally,
No, CCTB payments are not taxable.
Dear Sir,
I am Neeraj Sharma. I want to assess my tax obligations in Canada for the year 2017.
I am Canadian PR but work in the US(my paychecks automatically deduct tax for US IRS). I have been in Canada for around 100 days in 2017. And i have the following ties with Canada:
1) I have been paying rent from May 2017 till now.
2) I have bank account and credit card in Canada and have been using both.
3) I have also used OHIP(Ontario Health Insurance Program) few times to do routine check-ups in Windsor Canada.
4) I have already paid around CAD $1000 to CRA assuming that i will be tax resident in Canada.
Please advise. I would like to call you to understand my tax situation. I want to take your services for tax filing for Canada.
Neeraj
Hi Allan,
Your website are great source of information. I am have moved to US from Canada and it’s been a year now. I am ready to file my first income tax return as a resident alien in US and was wondering if you can help to provide some guidance on details regarding my Canadian rental property, in particular depreciation, cost of land (I don’t know the cost of land from the price I paid to buy the house 5 years back) and other key details as such which forms to use.
Thank you very much in advance,
Sam
Hi Saurabh, as non-resident of Canada owning a Canadian rental property, you must remit a monthly tax to the CRA equal to 25% of the monthly gross rents collected. To recover part or all of the taxes remitted, you should file a Section 216 Return with the CRA. Please read my guide for further details: http://madanca.com/non-resident-rental-guide-section-216-2016
Hi Allan,
Thanks for information on filing Canadian return for rental property (I am already doing that). Could you please help with US income tax return where I have to provide details regarding my Canadian rental property. I am keen to get your guidance on how to depreciate.
Thank you,
Saurabh
Hi Saurabh, complete Schedule E of the US return to report rental income and expenses. Complete form 4562 to calculate depreciation for US tax purposes.
I meed to file 2016, 2017 & 2018
What fees do you charge to prepare these taxes
Hi Dale,
Thank you for reaching out. My fee to prepare a personal tax return is $200 + disbursements and taxes. The fee can be higher if you have a business or investments. Can you please email the particulars of your situation to me? My email address is amadan@madanca.com.
Hi Team ,
I came to Canada with Work Permit in October 2018,i have the job in Canad and have T4.
For my wife she is in Open-work permit and she is working as a Independent Contractor her employer is as a consultancy in USA and she does not have T4 .
In this case what will be best solution to file the Tax return for my wife .
Providing that you and your wife are maintaining a permanent residence outside Canada, and your and her stay in Canada is temporary, you can both argue that you are non-residents of Canada. You will have to file a Canadian non-resident tax return and pay Canadian taxes on your Canadian employment income. Your wife will have to file a US return (1040-NR) and pay US income taxes on her American self-employment income.
HI, I was Non Residence Canadian from Feb/2017 till Dec/2018. Now I am back to Canada and filled taxes. Do I need to apply for Child tax benefit? In CCTB Application from, asking about international income.
Do I need to share full international income or donot need it?
Hi Ashok,
To apply for the Canada Child Benefit (“CCB”) submit form RC66 (Canada Child Benefits Application) to the CRA or apply online using MY Account. For the purposes of calculating the CCB, you must disclose your income prior to becoming a resident of Canada. This foreign income will not be taxable in Canada, but it will impact the amount of CCB that you are entitled to.
I am a Canadian Citizen holding funds in TFSA. I am moving to USA and acquiring a green card. I have heard that any Capital Gains/Income within TFSA will be taxed by US and hence it is best to withdraw all Funds from TFSA, prior to acquiring a US green card. Is this true?
Hi Ash,
Any income or capital gains realized in a TFSA while you are a US resident will be taxable in the US. The IRS does not recognize the tax-exempt status of TFSAs. So it’s best to close your TFSA before moving to the US.
Hi,
I am Canadian citizen with a dependent who is 16 months old. I am currently vacationing outside of Canada and wanted to understand my residency status and also benefit entitlement. I left Canada March 11, 2019. I do have secondary residential ties that include, health card, driver’s license, furniture and permanent address to stay in Canada. Would you be able to advise based on the above mentioned information?
Hi Ridda,
To properly answer your questions, I will need a full list of your personal, economic and residential ties to Canada. I will also need to know where you moved to and what ties that you have to your new country. If you are simply on vacation, with the intention to return to Canada, then you are still a tax resident of Canada.
I am wondering if you are versed on how to report “prize winnings” for a taxpayer who played a specific sport worldwide during the taxation year. The way it worked was if the team won the tournament in that particular country, a specific amount of money was paid out to the Sports Organization and then monies were divided out and paid to the players. There is no paperwork given to the team members, however, obviously this was how this taxpayer made a living during that taxation year. Please advise on where to report this income? I am guessing on Line 104 “Other Income”, however, there is no TSlip to back this up. Your response to this query is much appreciated.
Hi Kim,
If the taxpayer is a professional gambler, then the winnings are taxable and should be reported on form T2125, Statement of Business Income & Expenses. For non-professionals, the winnings are tax-free.
Hi. I became permanent resident of Canada in September 2018. And in November 2018 I left Canada. I came back in September 2020. During the time I was permanent resident of Canada and living outside of Canada, i.e. between November 2018 and September 2020, I had no Canadian income or residential ties with Canada. My source of income was a salary in my home Country where I was working during that time.
I wanted to request information if I am required to file taxes for 2020 or all the years I have been a permanent resident of Canada i.e. 2018-2020?
Thanks
Hi AJ,
You permanently moved to Canada in September 2020. Therefore, you became a tax resident of Canada in September 2020, and you need to file a part-year-resident return for the 2020 year (September to December 31 2020), which I can prepare for you. Do not file a tax return with the CRA for the 2018 and 2019 tax years.
Hello
We are Canadian citizens. Residing and working in USA. We hold a property in Ontario and it is rented out. Do we have to pay taxes in Canada for US salary income?
Hi There,
If you are a non-resident of Canada for tax purposes, then you do not have to pay Canadian taxes on your US income.