Personal Tax Return (T1)

This mini requires you to have an up-to-date chart of accounts for the financial year you wish to file (all transactions must fully identified and reconciled). This chart of accounts will need to be in a browser-based cloud accounting platform (we support Xero, Quickbooks Online, Wave, Freshbooks and Sage Online) which is able to allow our Tax team remote access.

If your chart of accounts is not up-to-date, consider letting one of our bookkeeping experts do it for you. Please check if you need to submit a T1 rather than a T4 or T5 before purchasing this mini.

Who is this for?
A Personal Tax Return, also called a T1, is a tax return that anyone who receives self-employed income must file to the CRA. If you are employed but have have additional income, you will need to submit a T1. If you own an incorporated business that requires a T2 and your personal income is not taxed at source (via payroll), you will need to submit a T1. If you are a Sole-trader, Consultant or Self-employed, you will need to submit a T1. A T1 is actually made up of many smaller sub-forms which calculate what benefits and rebates you may be entitled to - such as childcare and provincial tax rebates - based on your income. If your spouse or partner is also required to submit a T1, we can combine your T1s into a dual submission which may give you some combined tax relief (your spouse of partner must purchase their own T1 - we'll combine them prior to submission).

What do you need to provide?
You will need an up-to-date chart of accounts for the financial year you wish to file. This means that all transactions must be fully identified and reconciled, and you must be satisfied that the year-end balance shown is truthful and accurate to the best of your knowledge. Your chart of accounts must be in a browser-based cloud accounting platform (we support Xero, Quickbooks Online, Wave, Freshbooks and Sage Online) which is able to provide remote access to our Tax team - typically this is done by adding an advisor in the account settings. You will also need to provide confirmation that you have all relevant receipts and invoices saved in a physical or digital format for reference, as required by law. Please make sure you can provide all of these things prior to purchasing this mini.

What do you get?
After a private Tax consultation with a Chartered Professional Accountant (CPA), you'll get a T1 with all relevant sub-forms completed for review based on the information you supply. You'll have the chance to check everything, ask questions and make any changes before submission. You can then either file the final T1 yourself, or for no additional charge, we'll file it for you on your behalf, acting as your tax professional. This will provide you with a Notice of Assessment (NOA) in your CRA My Account which will tell you the balance your owe to the tax authorities.

How long will it take?
If you have all your accounts in order and respond promptly to any requests, it will typically take around 1-2 weeks to generate a T1 from the initial booking. It will also depend on how complex your accounts are, but you will get email support throughout the process where we can update you on our progress as we proceed.

What happens after you purchase this mini?
After payment you'll need to fill in a brief form for our team so they can prepare for your accounts arriving, and choose a time to talk with our tax team by private video call. In this brief 30 minute call we'll ask you some questions about your current situation, finances and prior tax returns - along with answering any questions you may have. We'll then mutually agree on a plan (and timeline) and get started immediately on your Tax Return.