Personal Tax Returns
OVP CPA prepares personal income tax returns for individuals with employment, self-employment, rental, investment, pension and other sources of income. The preparation process considers your circumstances and supporting documents to identify the income to report and the deductions and credits that may apply.
Changes during the year can affect your return, including starting a business, selling an investment or property, retiring, or a change in your family situation.
Tax return preparation may include:
- Income reporting: Reviewing tax slips and records for income that may not appear on a slip.
- Deductions and credits: Assessing available claims and the documents needed to support them.
- Business and rental schedules: Preparing the relevant schedules from the income and expense information provided.
Before filing, the return and expected refund or balance owing are explained, together with relevant payment requirements and matters to keep in mind for the following year.
Tax Return Adjustments
A return may need to be changed when a tax slip arrives late, an amount was reported incorrectly, or an eligible deduction or credit was missed. A review of a previously filed personal tax return can establish whether an adjustment request is appropriate.
Comparing the original return, notice of assessment and supporting records helps identify the changes needed, the evidence required and the likely effect on the tax calculation.
Assistance may include:
- Reviewing the issue: Checking omitted income, expenses, deductions, or credits against the relevant records.
- Preparing the request: Submitting the appropriate adjustment information after the original return has been assessed.
- Reviewing the result: Explaining the CRA’s response and any resulting reassessment.
Proposed changes are discussed with you before submission. The CRA determines whether to accept an adjustment and may request additional documents before completing its review.
Tax Planning and Advisory
Personal tax planning considers how changes in income, work, investments and family circumstances may affect your taxes. Planning during the year gives you more time to assess the options and prepare for upcoming payments.
The discussion starts with your current situation and the decision you are considering. Relevant tax rules and the information needed to evaluate the options form the basis of the advice.
Topics may include:
- Income changes: Considering the tax effects of self-employment, rental income, or retirement.
- Planned sales: Reviewing the tax implications of selling investments or property.
- Payment planning: Estimating potential tax liabilities and reviewing whether instalment payments may be required.
Advice focuses on the tax considerations relevant to your circumstances, including available deductions and credits, so you can understand the consequences before a decision is reflected in your annual return.