Every year, when it comes to completing your income tax return, the same puzzle starts all over again. Indeed, tax management requires an excellent knowledge of the law to declare one’s income according to the applicable tax law. Even more so when you are a business manager and you have to deal with your professional and personal tax returns simultaneously.
Personal and professional taxation management
We offer our professional clients the possibility of taking on their personal tax returns. This allows you to simplify your procedures by calling on a single Montreal chartered professional accountants firm, perfectly familiar with your situation. This gives you peace of mind and you can focus on your business without worrying about your tax returns.
Personal tax return
The annual income tax return is mandatory even if you have nothing to declare. There are however two exceptions to this rule:
- Minor children;
- Students attached to their parents’ tax households.
As soon as the income comes from various sources and that there are financial sources other than the salary, the tax return’s information quickly becomes a conundrum and in this matter, mistakes are expensive. Not to mention the daily hassles when you have to justify your mistakes or omissions to the tax services.
A tax return in accordance with current laws
In Quebec, taxpayers are required to file two income tax returns:
- one to the provincial government;
- one to the federal government.
Each income tax return must indicate all the income received by the tax household (single person, couple with or without children) during the previous year.
Therefore, it’s necessary to declare all salaries received by the tax household as well as overtime, and ancillary salary items such as bonuses and other benefits.
You must also declare, where applicable, the benefits received regardless of their sources.
In addition to salaries and ancillary items, it’s necessary to communicate all other types of income. Indeed, you must declare all the earnings received in the different categories, for example:
- Rental income;
- Investment income;
- Sale of assets and fixed assets.
We can accompany you during your declarations involving advanced technical aspects, in particular, if you are self-employed or self-employed as a lawyer, engineer or doctor, partnership, non-resident, emigrant or immigrant, and achieve tax integration with your incorporated companies.
Towards personal tax optimization
There are many cases of exemptions and provisions and expenses allowing you to obtain tax reductions. You should know that if you don’t ask for them, the tax services will not apply them even if you are potentially a beneficiary. So in a case like this, you will be paying too much tax and that money will be lost for good.
These elements are important and must be taken into account in order to allow the tax optimization of your household.
It is indeed very complicated for an individual to keep informed of all the tax developments and to know all the applicable rules and subtleties, especially if the tax return is complex. We undergo continuous training every year at CQFF in order to keep us informed of tax developments, particularly with regard to personal income tax.
Thanks to CPA advisors, you can make informed decisions and avoid errors and oversights and get support from an accounting firm to optimize your family taxation.
Each year, we ensure the production of your tax returns according to the standards and laws in effect.
If you would like more information, don’t hesitate to make an appointment so we can define with you how we will be able to assist you.
