Personal Tax Returns

At Chris Terry Tax Services Inc., we are known for our accurate, affordable, and reliable personal income tax return filing services.
Our aim is to assist each client individually to maximize your refund by claiming each and every deduction legally possible.

Have a question? Talk to our expert.

As an individual taxpayer there are many possible tax savings opportunities depending on the situation. Let's discuss your personal tax situation and I can isolate the various tax saving opportunities that relate to you and your family.

To fill out a tax return or have it filled out by someone else, you will first need copies of all the tax receipts from your income sources, including any T4 forms for employment income, T5 forms for interest, and T3 forms for trust income or mutual fund income. Generally, your employer and investment company will send these to you. It is also a good idea to compile any receipts for credits or deductions you will be claiming, such as RRSP contributions, medical expenses, donations, tuition, or rent.

How It Works

  • Schedule a meeting
  • Authorize us to get your documents directly from the CRA.
  • Drop off or email your documents
  • Come in to review and sign your file
  • We netfile your return, and that's it!


Personal:

The annual personal income tax filing deadline in Canada is April 30th for most taxpayer's but is extended to June 15th for self-employed individuals and their spouses (although any tax amount owing is still due by April 30th)

Income tax planning:

Planning opportunities are available to meet the various goals of an individual taxpayer. Most individuals have similar goals which include, limiting their tax burden, maximizing their wealth and planning for retirement. Chris can discuss your individual goals and your current and future financial position to help you meet those goals.

Retirement/Estate planning:

Did you know that currently the top marginal tax rate for an individual is over 50%? do you own multiple residential properties? have a large investment portfolio? These are some of the various items to consider when planning for the future. Tax planning for the future is an important item as you head towards retirement. You have worked for many years and have built up your personal equity and now will be looking to budgeting for both your retirement and also to ensure your loved ones are taken care of when you pass away. There are various tax strategies available that can reduce your tax burden and maximize the after-tax cash you have available for both retirement and to leave behind for your loved ones.

Trusts:

Trusts can be tricky to set up and implement. Many trusts are set out by direction through the Last Will and Testament of a deceased individual. There are also other types of trusts that aren't testamentary such as Family Trusts, Qualified Disability Trusts and Spousal Trusts to name a few. Chris will review the documentation for the trust and assist with the set-up and required tax filings for your trust.

Income tax planning:

If you are considering using a trust for any reason it would be in your best interest to meet with a tax professional to review the trust agreement/will that has been drafted to ensure there aren't any undesired tax implications. Chris will review and advise on possible amendments that can be made to avoid these situations that may arise in the future.

Estate tax filings:

Estate tax return filings can have multiple additional components in addition to the actual return filing. You may have income or capital distributions to beneficiaries to report, tax slip preparation to be issued to beneficiares to report income allocated from the trust, or paper schedules that need to be attached to the return. Chris can prepare and file all required documents/schedules and assist you through this sometimes emotional process of filing for a deceased loved one. He will also assist with wrapping up the trust and applying for a clearance certificate if requested.