Accounting and Bookkeeping Services for Individuals
At Accotax, we believe that understanding our tax obligations, potential tax deductions, pension plans, and much more are all crucial aspects of strategically planning for a bright future. We also understand that each individual’s situation is unique, from working professionals to first-time home buyers to landlords to individuals with crypto to couples planning for retirement. Whatever your situation is, our team of experts can help you feel secure during tax season and for the years to come.
Some of the services we offer include:
- Personal income tax return filing
- Backlog tax filing
- Future tax planning, including:
- Tax-free First Home Savings Account advising
- Planning for retirement
- Investing
- Advice on the tax credit for childcare expenses and daycare
- Tax advice for landlords
- Tax advice for those involved in the digital economy, including Airbnb, Uber, crypto tax and declarations, or those who work for food delivery services like Uber Eats and DoorDash
Frequently Asked Questions:
When is my personal income tax return due?
Personal income taxes are calculated based on the previous calendar year. The deadline for submission is April 30, 2024, for personal tax returns and June 17, 2024, for self-employed individuals. We strongly advise our clients to have their tax returns prepared well in advance of the relative date. Late filing may incur interest charges on any taxes owing.
I haven’t filed my taxes in years. What do I do?
Don’t worry! We can help. There may be payment plans available to you, and depending on your situation, you might have unused credits. Take a deep breath and visit our page on backlog taxes.
My partner and I want to buy a home. What are our options?
The tax-free First Home Savings Account offers first-time home buyers smart ways to save for their first home, allowing you to deposit between $8,000 and $40,000 per year, and you get a tax deduction for this contribution. An RRSP might also be a smart move, and you get a tax deduction when you contribute to this as well. We can help you plan financially for this exciting life milestone.
What expenditures qualify for the Home Renovation Tax Credit?
Qualifying expenses include building materials, fixtures, equipment rentals, permits, labour, and professional services, but do not include financing costs. The professional services cannot be provided by a person related to the taxpayer unless that person is registered for GST/HST purposes.
What is the Multigenerational Home Renovation Tax Credit?
This is a new refundable tax credit that can be applied to your 2023 income tax return. Eligible taxpayers can claim this credit if they renovated their home to create a self-contained living space for a senior or adult eligible for the disability tax credit.
I’m planning my retirement. Should I retire at 60 or 65?
Deciding when to retire is a personal decision, but our experts can answer tax- and finance-related questions to help you make an informed choice.
I’m thinking of investing my income but don’t know where to start.
RRSPs and TFSAs are the basic investing options, but everyone knows about these. Get in touch with us if you’d like to explore other options. Our experts can share the many ways to invest your income strategically. And don’t be shy; no budget is too small. It’s best to start early.
What is the tax credit for childcare expenses?
To help young families, Revenu Québec has set up a refundable tax credit for many childcare expenses, including daycare. It’s hard to find public daycare in Québec, but did you know that private daycare falls under the tax credit for childcare expenses? When your income is below a certain level, you can get up to 60 percent back of what you paid for childcare. Depending on your income bracket, you might end up paying the same for private as you do for public daycare. Our tax experts can help you discern the best course of action.
I am a landlord. How is my rental property income taxed?
Understanding how your Québec rental property income is taxed can be essential to making the most out of this business venture. Our tax experts can help you optimize your rental properties, including what expenses are deductible.
Do I pay tax on my Airbnb rental properties?
Yes, you must pay income taxes on the revenue you make through your Airbnb rental property. We have seen much confusion about how to tax Airbnb income, but we assure you that we can dispel the myths and leave you feeling confident come tax season after a consultation.
I am an Uber / Uber Eats / DoorDash etc. driver. Do I have to declare this income?
Yes. Revenue Québec considers you self-employed, even if you are a part-time worker, which means that your income is taxable, and you must declare it.
I am an influencer and make money through YouTube, TikTok, or other streaming services. Do I have to declare this income?
Yes. All income is taxable, and the CRA is beginning to pay closer attention to this area. It’s important that you declare this income.
Is crypto or cryptocurrency taxed in Canada?
If you have sold, exchanged, or gifted crypto, it may have tax consequences. The Government of Canada considers crypto a commodity, either as business income or capital gains, so you must declare it.
