Personal Tax Preparation and Planning in Canada
Gladstone, Manitoba
Personal Tax Filing and Planning
Preparing a personal income tax return involves more than entering tax slips and calculating a refund or balance owing. Investments, employment income, business income, real estate, and family circumstances can all affect how income is reported and which deductions or credits may be available.
Objective Tax & Accounting prepares personal tax returns for clients across Canada. We work primarily with professionals, executives, investors, retirees, business owners, and families whose tax situations require more attention than a basic return.
When a Personal Tax Return Becomes More Complicated
Tax affairs often become more involved as income and assets grow. An employee may receive stock options, restricted share units, or other compensation that needs to be reported correctly. Investors may have capital gains, foreign investments, rental properties, or non-registered accounts. Couples and families may need to coordinate eligible pension income splitting and tax credits between spouses.
Retirement creates another set of decisions involving pensions, RRSPs, RRIFs, CPP, OAS, and investment withdrawals. For incorporated business owners, personal tax planning also needs to consider salary, dividends, and the amount of money retained in the corporation.
These items do not necessarily make a return difficult on their own. Complexity often comes from how they interact and whether decisions are considered before or after year-end.
Our Personal Tax Services
Depending on the client’s circumstances, our services may include:
- T1 personal income tax return preparation
- Investment income and capital gains reporting
- Foreign-property reporting, including T1135 returns
- Employment expenses and equity-based compensation
- Rental, self-employment, and professional income
- Pension, RRSP, and RRIF reporting and eligible pension income splitting
- Tax returns for couples and families
- Multi-province and Québec income tax returns
- Coordination of personal and corporate tax returns
- Assistance with CRA reviews, reassessments, and adjustments
Connecting Tax Filing With Tax Planning
Some tax results cannot be changed once the year has ended. An RRSP contribution made during the first 60 days of the following year may still be deductible for the previous year, but many other decisions need to be made in advance.
An investor may need to consider whether and when to realize a capital gain or loss. A business owner may need to determine an appropriate mix of salary and dividends. Someone approaching retirement may benefit from reviewing registered account withdrawals and pension start dates over several years rather than one year at a time.
We look for planning considerations that emerge from the return and help clients determine which ones deserve further attention.
Clients with significant retirement decisions can benefit from our retirement tax planning services.
Coordinating Personal Tax and Financial Planning
Taxes affect investment decisions, retirement income, cash flow, and estate planning. Looking at these issues separately can result in recommendations that work well in one area but poorly in another.
Objective Tax & Accounting is affiliated with Objective Financial Partners, one of Canada’s largest advice-only financial planning firms that does not sell financial products. For clients who need both services, tax preparation and planning can be coordinated with their broader financial plan.
You do not need to be a financial planning client to work with Objective Tax & Accounting. We can also coordinate with your existing financial planner, investment adviser, insurance agent, or lawyer.
Talk to Us About Your Personal Taxes
If your tax return has become more complicated, you want more explanation than you currently receive, or you need tax planning connected to your broader finances, we would be happy to discuss your situation.
Schedule a no-obligation introductory call to determine whether Objective Tax & Accounting may be a good fit.
A no-obligation call to explore how we can help.