Come see us for your personal tax preparation!

$80.00* + Tax Per Personal Return

$75.00* + Tax Per Business, Rental And Farming Return

$60.00* + Tax Per HST

$25.00* + Tax Misdeadline For Documents 

Includes: Full Tax Consult, Year Round Service, All Forms & Schedules, Tax Saving Advice, RRSP Planning

Tax Tips

• First time homebuyers may qualify for a credit for purchasing a qualifying home
• Seniors over the age of 65 may qualify for the Ontario Healthy Homes Renovation Tax Credit
• Home Buyers Plan-will allow you to withdraw up to $25,000 to purchase your first home

What to bring to your appointment, if applicable

*PLEASE BRING AT LEAST ONE WEEK IN ADVANCE TO YOUR APPOINTMENT OR ADDITONAL FEE WILL APPLY*

• T4, T5, T3
• T4A, T4E
• T4A(P), T4A(OAS) 
• T4RIF, T5008
• RC210
• RRSP
• Donations 
• Medical expenses 
• Property Taxes 
• Rent receipts 
• Childcare 

Either stop by to drop off your forms or send them to us taxes@gilkinsonfinancial.ca

FAQ

What is the income tax filling deadline?

For personal tax filing the deadline is April 30th, if you are self employed the deadline is June 15th. For most taxpayers they are due by April 30th. 

What if I am self employed?

As a self employed individual, you must report all business income on your personal T1 return form using Form T2125, pay both employee and employer portions of CPP, and pay taxes via instalments if necessary. 

Do I have to file if I have no income?

Yes, you should file a tax return even if you have no income. While not legally required if you owe $0, filing is necessary to receive government benefits, refundable credits and potential refunds. It also helps build RRSP contribution room and ensures uninterrupted payments. 

What is the basic personal account?

The basic personal amount is a non refundable tax credit that allows Canadians residents to earn a set amount of income tax free. It reduces federal income tax payable, acting as a personal exemption, with higher amounts for lower income earners. 

What do I do if I made a mistake in a previous return?

If you made a mistake on a previous tax return , you must wait until you receive your Notice Of Assessment, the request an adjustment from the Canada Revenue Agency. Come to use with your taxes so you never have to worry about mistakes!

What are some common deductions?

Common Canadian tax deductions, which reduce taxable income, include Registered Retirement Savings Plan contributions, union/professional dues, child care expenses, moving expenses, and employment expenses like home offices. Other key deductions involve medical expenses exceeding specific thresholds, support payments, and carrying charges for investments. 

What is the home buyers amount?

The home buyer amount is a federal non refundable tax credit in Canada that allows first time home buyers to claim $10,000 on their income tax return. This creates a maximum tax reduction of $1,500 to help with closing costs. 

What is a notice of assessment?

A notice of assessment is an official summary sent by the Canada Revenue Agency after processing your annual income tax return. It details your tax assessment summary, including final tax payable or refund amount, any changes made to your filing and you RRSP deduction limit for the following year.

What if I can't pay my balance owing?

If you cannot pay your tax balance by the April 30th deadline, you should still file on time to avoid late filing penalties. Immediately contact the Canada Revenue Agency to set up a payment agreement, which breaks your debt into smaller manageable payments. Ignoring the debt can lead to interest, penalties or legal action like wage garnishment. 

What happens if I file late?

If you file you tax return late and owe money, the CRA will charge a 5% late filing penalty on your balance, plus 1% for each month it is late. Interest also compounds daily on unpaid amounts.