Personal Tax Accountant In Toronto

Every year many Canadians look for a personal tax accountant in Toronto. TRUTH IN BALANCE is happy to assist you in preparing and filing your personal income tax returns. We are pleased to offer you our firm’s comprehensive experience in accounting and tax preparation services.

As your personal tax accountant in Toronto, TRUTH IN BALANCE will assist you in:

  • preparing personal tax returns
  • applying available tax credits and deductions
  • CRA’s audits & reviews
  • calculating & filing GST-HST reports

Sources of Income

As your personal tax accountant in Toronto, TRUTH IN BALANCE will guide you in the maze of various sources of income and corresponding slips and forms.

  • Statement of Employment Remuneration – T4
  • Statement of Pension, Retirement, Annuity and Other Income – T4A
  • Statement of Employment Insurance and Other Benefits – T4E
  • Statement of Contract Payments – T5018
  • Statement of Trust Income and Credits – T3
  • Statement of distribution from RCA – T4ARCA
  • Statement of Income from RRIF – T4RIF
  • Statement of Benefits – T5007
  • Foreign Employment, Pension and Investment Income
  • Canada Workers Benefit (CWB) Advance Payments Received – RC210
  • Statement of Investment Income – T5
  • Statement of Partnership Income – T5013
  • Statement of Contract Payments – T5018
  • Statement of Old Age Security – T4(OAS)
  • Statement of Canada Pension Plan Benefits – T4AP
  • Statement of profit-sharing plan allocations and payments – T4PS
  • Statement of RRSP Income – T4RSP
  • Capital Gains
  • Universal Child Care Benefit – RC62
  • Self-Employment Income – T2125

Deductions & Expenses

All of us are unique and different. Various components, such as family status, source of income, dependants, and many other factors, influence our personal taxes.

By choosing TRUTH IN BALANCE for the role of your personal tax accountant in Toronto, you can be sure that all tax deductions and expenses will be examined and applied to your unique tax situation.

  • Employment Expenses
  • Rental Property Expenses
  • Registered Retirement Savings Plan Contributions (RRSP)
  • Membership Fees, Union and Professional Dues
  • Moving Expenses
  • Child Care Expenses
  • Deductions for Elected Split-Pension Amount
  • Disability Support Deductions
  • Business Investment Loss
  • Support Payments
  • Carrying Charges, Interest Expenses and Other Expenses
  • Deductions for CPP/QPP Contributions on Self-Employment Income
  • Federal Covid-19 Benefits Repayment
  • Social Benefits Repayment

Tax Credits

Every taxpayer is entitled to various refundable and non-refundable tax credits based on their personal tax situation. As your personal tax accountant in Toronto, we will guarantee that all tax credits are applied correctly on your income tax return.

  • Basic personal amount
  • Age amount
  • Spouse or common-law partner amount
  • The amount for an eligible dependant
  • Canada Caregiver Amount
  • Pension Income Amount
  • Adoption Expenses
  • Disability Amount
  • Home Buyer Amount
  • Medical Expenses
  • Interest Paid on Student Loan
  • Tuition Expenses
  • Medical Expenses
  • Donations and Gifts
  • Digital News Subscription Tax Credit
  • Home Accessibility Expenses
  • Canada Training Credit (CTC)
  • Canada Workers Benefit (CWB)