Canada’s Income Tax Act (the Act) is a large and complex piece of legislation which governs the country’s ability to raise tax revenues, preventing tax avoidance and evasion, stimulating economic growth and capital investment, providing social assistance, and promoting charitable giving. The Act is regularly revised to add new provisions, clarify current provisions, and correct technical deficiencies.
The complexity of the Act makes it challenging for anyone having to file an income tax return and applying the Act has only become more difficult over time due to its size and the legal language.
Some of the common tax issues are:
- Ensuring all qualified medical/attendant care/disability claims are made
- Planning to ensure maximum childcare expenses are deducted
- Rental income
- Disposition of real estate properties
- Business returns for proprietors and business partners
- Utilization of prior year capital losses and business losses
- Utilization of capital gains exemption
- Maximizing the principal residence exemption
- Tax considerations during divorce settlements
- Planned gifting to registered charities
- Transfer of assets to adult children
When we prepare your income tax return, we ensure that all of the information is accurate, including the filing of all applicable forms and the claiming of certain tax deductions and credits.