PERSONAL TAX

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When it comes to preparing tax returns for each individual, the Income Tax Act provides limited options. Despite these limitations, MBS Plus will work with you to optimize your tax return by using proven methods during the preparation process. After all, a missed deduction means more costs for you. There are a number of considerations (deductions, tax credits and other benefits), that are always considered when preparing your tax return. We know these, let us help you with them.

  • Pension Plan Contributions

  • Automobile, travel, supplies and office expenses – if the employer has signed a T2200 for the current year

  • Trade union and professional dues

  • Transportation Employees’ board and lodging– if the employer has provided a TL2 for the current year

  • Legal expenses to recover, or attempt to claim, salary and wages from an employer. This includes fees for dealing with a lawyer when considering either an offer (if the offer is accepted) or termination of employment. This also includes legal fees to get a payment from an insurance plan that is provided via your employer.

  • Tradesperson, and Apprentice, Tool Deductions

  • RRSP deductions

  • Medical expenses

  • Charitable Donations

  • Spousal Support payments

  • Adoption expenses

  • Foreign Pensions and the relevant Tax Treaty implications

  • Disability support and attendant care costs

  • Moving expenses

  • Child care expenses

  • Pension Income Splitting

  • Allocation of Dividend Income between spouses

  • Treatment of stock options

  • Home Buyers Plan and Life-long Learner Plans

  • Student Tuition and Education/Textbook credits

 

Additional items that commissioned sales people may deduct include:
  • Payments made for a client list

  • Employment of an Assistant

  • Possible GST rebate on the expense incurred that are not reimbursed by the employer

Tax Returns for Individuals
 

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Sole Proprietorships & Partnerships
Small Business Tax Return Preparation

Many small business owners start off as a sole proprietor or with partnerships, often deciding to incorporate as a company increases in business and profit. An unincorporated small business tax return is reported on additional schedule (s) of your personal tax return. Your revenues and expenses must be reported on a Statement of Business Activities and the accumulated net income is what will be considered when determining your tax liability.

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Whether a loved one has passed away or if you are interested in being proactive in managing your affairs, it is advisable to consult with MBS Plus LLP in addition to your lawyer to navigate complex issues relating to the death of a taxpayer. The following is a general overview of some of the taxation related items to be considered and acted upon when someone dies. When someone passes away the Estate ensures all prior tax returns have been filed. This will allow for a final return to be prepared for the deceased taxpayer.

 

The final return of the deceased taxpayer will include all components that fall within their personal tax return, however, this tax return covers the period from January 1st, to the date of death. This is known as the Final Return although in most cases, it is not the last return that needs to be filed. The final tax return is due on April 30th of the year following death unless the taxpayer passed away in November or December. In this case, the Estate has a maximum of six months to file this personal tax return.

Deceased Taxpayers