Personal Income Tax

Anoop Agarwal Chartered Professional Accountant are your personal tax accountant in Edmonton. We assists in completing and filing personal income tax return or T1 returns for hundreds of individuals in Edmonton and surrounding areas on a yearly basis.

Our team of dedicated individuals will assist you in identifying the tax slips needed to complete your personal tax returns

Following are the sources of income tax slips that are usually seen as part of the personal tax return:-

Employment Income- T4, T4A
Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
Foreign Assets
Rental Income
Registered Retirement Savings Plan (RRSP) Income- T4RSP
Schedule of Capital Gains and Losses
Income from Self Employment
Debt Forgiveness
Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210

As your personal tax accountant in Edmonton and surrounding areas , we also help identify deductions that can be used in your return.

Following are the common deductions that are seen as a part of personal tax return:-

Employment Expenses- Form 2200
Investment Income- T101, T102, T5003, T5004, T1-CP
Expenses Relating to a Rental Property
Registered Retirement Savings Plan Contributions – up to March 1 of the following fiscal year
Membership Fees, Union and Professional Dues
Moving Expenses
Child Care Expenses
Alimony and Maintenance Payment- T1157
Disability Support Expenses
Allowable Business Investment Losses (ABIL)
Legal Fees
Stock Options
Income Tax Installments Paid
Pension Adjustment Reversal/Past Service Pension Adjustments- T10/T215
Fines, Penalties and Levies

Also several tax credits are given by the government of Canada to individuals depending on their situations.

Following are the common list of credits seen as part of personal tax return:-

Spousal Exemption
Dependents
Disability Amounts- T2201
Adoption Expenses
Tuition, Fees and Education Amounts- T2202 or T2202A
Interest Paid on Student Loans
Medical Expenses
Caregiver Amounts
Charitable Donations
Federal or Alberta Political Contributions
Public Transit Pass Amounts ( conditions apply)
Rent or Property Tax Credit ( specific conditions apply)

Improper returns face the risk of being audited and may impose heavy penalties and interest on any amount owing. It can take hours going through records and paperwork to correct any mistakes made and as a result of this it can increase your tax burden. There is also great risk in missing out on opportunities to get more back on your refund than you realized you were entitled to.

Anoop Agarwal Chartered professional Accountants of Edmonton are committed to providing expert knowledge in current tax rules and regulations. We cater to Edmonton and surrounding areas for e.g.:- Leduc, Sherwood Park, Fort Saskatchewan, St. Albert, Stony plain.