Canada’s Income Tax Act (the Act) is an extensive and highly detailed law that outlines how the federal government collects taxes. It also sets the framework for discouraging tax avoidance and evasion, encouraging investment and economic development, supporting social programs, and promoting charitable activity. Because the Act evolves over time, new rules are added, existing ones are clarified, and technical issues are routinely addressed.
Given its size and the complexity of its wording, the Act can be difficult for taxpayers to interpret. Filing a tax return and understanding how the rules apply to a person’s situation has become increasingly challenging as the legislation continues to grow.
When I prepare your income tax return, we ensure that all information is correct, the necessary forms are included, and every deduction and credit you’re entitled to is properly claimed.
Some of the tax matters individuals commonly need guidance on include:
- Claiming all eligible medical, disability, and attendant care expenses
- Planning to optimize childcare expense deductions
- Properly reporting rental income
- Managing tax implications from selling real estate
- Preparing business returns for proprietors and partners
- Applying prior-year capital or business losses
- Making use of the capital gains exemption
- Maximizing the principal residence exemption
- Navigating tax issues during divorce or separation
- Structuring charitable giving to registered charities
- Transferring assets to adult children