The professionals at Fiscal Expert provide the alternatives you seek and will achieve the most efficient results for your tax needs.
Our tax professionals offer convenient, accurate, and affordable preparation of all types of tax returns. As Canada’s leading tax preparers, we’re equipped to handle any tax situation. The latter includes the following: personal returns, rental properties, estate/trust, U.S. and more. We’ll make sure that you’ll get the maximum refund possible, as well as provide you with 12 months of tax support with every return we prepare for you.
You will receive a professional service from one of our tax analysts/accountants, who will in turn discuss and review your tax situation with you. We will prepare your tax return and call you if there are additional questions. When your return is complete, we will book any further appointment to review your return and make any recommendations for the next year, at your convenience.
We also provide personal finance consultation that will help you to better understand and manage your personal financial situation which eventually might help you to save a lot of money. The personal financial consultation covers all aspect of individual personal and family spending and the best way to save money and benefit from different service providers. This consultation includes reviewing bank accounts, credit cards, loans, leases and rent payments and taxes to optimize your savings and benefits.
- Personal income taxes (Federal & All Provinces)
- Family Income taxes
- Self-employed Income taxes
- Sole proprietorship & partnerships
- Capital gains and investment income
- Rental property income
- Estate Planning (Estates, Trusts, Wills)
- Research & Development Tax Credits
- Tax and Risk Advisory Services
- Prior year tax returns
- US Income tax
- Tax Disputes
Income Tax Forms & Checklists
Small Business Income statement form – This tool will help you identify business expense categories, which will reduce your taxable income
Application for a Canadian Individual Tax Number – For non-residents, follow this link for the application. If you do not have a social insurance number, we require the completion of this application along with one copy of a supporting document.
CRA My Account – Communicate efficiently with the Canada Revenue Agency. Track your personal tax refund, check your benefit payments and your RRSP limit and more.
Revenu Quebec -My Account – Communicate efficiently with Revenu Quebec. For Quebec residents, this service provides similar benefits to CRA’s My Account.
Canada Revenue Agency – Individual income tax enquiries
Revenue Quebec – Individual income tax enquiries
If you require childcare to work or attend school, you may be able to claim some money back on you tax retun.
You or your spouse or common-law partner may have paid for someone to care for your child, so one of you could earn income, go to school, or conduct research. You can claim the childcare expenses if the child was under 16 or had a mental or physical impairment.
The general rule is that only the spouse or common-law partner with the lower net income – even if it is zero – can claim such expenses.
Childcare expenses include fees paid for:
- nursery schools
- day-care centres
And with some exceptions, you may also claim certain amounts for:
- day camps or day sports schools
- boarding schools and overnight sports schools and camps
You need to have receipts from your childcare provider to support your claim. There is a limit to the basic amounts that any taxpayer can deduct for child care. This limit is the least of:
- $7,000 for each eligible child who is under seven, plus $4,000 for each eligible child who is either age seven to 16; ($10,000 for each eligible child who qualifies for the disability amount);
- the total amount actually paid for child care in the year; or
- two-thirds of the taxpayer’s earned income for the year.
Get your kids active and claim a tax credit.
Parents can get some tax credit for keeping their children active. The Children’s Fitness Credit is a non-refundable credit and allows parents to claim a maximum of $500 paid towards an eligible program. The cost covers registration for each child under the age of 16. It does not cover the costs of things such as equipment or travel expenses.
An eligible program is defined by Canada Revenue Agency as “an ongoing, supervised program, suitable for children, in which substantially all of the activities undertaken include a significant amount of physical activity that contribute to the cardio-respiratory endurance, plus one or more of muscular strength, muscular endurance, flexibility and balance.” Or simply, your kid needs to sweat for the activity to qualify.
The program must last at least eight weeks at a minimum of one session per week. For children under the age of 10, the session needs to last at least 30 minutes. For children 10 – 16, the activity must last an hour.
Children with disabilities are eligible for an additional $500 credit up to the age of 18, provided that a minimum of $100 is paid for an eligible fitness program. The additional credit takes into account the extra costs that children with disabilities encounter when they become involved in programs of physical activity such as specialized equipment, transportation and attendant care.
It is important to obtain a tax receipt from the organization that provides the programs. There are sample receipts online in case your organization is unsure what needs to be included.
For residents of Nova Scotia, the provincial government also provides a similar children’s fitness credit.
Travelling by public transit has its tax advantages.
You can claim the cost of monthly transit passes or passes of longer duration for public transportation, which includes local bus service, streetcar, subway, commuter train, commuter bus and local ferry.
The cost of passes for shorter duration may also be claimed if each pass allows you unlimited travel for at least five consecutive days and you purchase four consecutive weeks.
This credit can be claimed by either parent. To get the maximum benefit, combine the cost incurred for you, your spouse or common-law partner and dependent children under the age of 19.
Remember to keep your receipts and passes to support your claim.
If you relocate to start a new job or a new position with the same employer, you may be able to deduct some of your moving costs from your taxable income.
In order for moving expenses to be deductible, your new residence must be at least 40 kilometres closer to your new place of employment. However, if your employer pays for some of your moving expenses, you cannot claim those expenses.
Moving expenses are deductible only from a taxpayer’s net earnings at the new location. So if you move later in the year, and only earn a few weeks of income at your new job then you may find your deductions are limited. However, eligible moving expenses that cannot be deducted in the year of the move may be carried forward and claimed against net earnings from the new location in a subsequent year.
Deductible Moving Expenses
Moving expenses are one of the most reviewed and re-assessed tax deductions so it is important to understand if you qualify and what you can actually claim.
Deductible moving expenses are those listed in the Income Tax Act, and are limited to the following:
- the cost of moving household effects, including packing, hauling, in-transit storage, and insurance costs;
- transportation costs to the new residence for the taxpayer and his or her family including amounts for travel, meals, and lodging en route;
- the cost of temporary lodging and meals for up to 15 days near the former residence and/or the new residence;
- the cost of canceling a lease for the old residence, not including any rent paid while the taxpayer lived there;
- the cost of changing addresses on legal documents, replacing automobile permits and licenses, and utility hook-ups and disconnections;
- up to $5,000 of the amount incurred for interest, property taxes, insurance premiums, heating and utilities required to maintain the former residence after the move, provided it was not being rented or lived in by a household member and reasonable efforts were made to sell it;
- selling costs of the old residence, including real estate commissions, legal or notarial fees, advertising, and mortgage penalty if a mortgage is paid off before maturity; and
- legal fees connected with buying a new home and any taxes paid to register or transfer title to the new residence, but only if the taxpayer or his or her spouse sold the old residence as a result of the move. This deduction is not available to taxpayers acquiring a first residence. “Taxes paid to register or transfer title” do not include the GST/ HST payable on newly built residences.
Non-Deductible Moving Expenses
The items listed below are not deductible as moving expenses:
- pre-move expenses from the old location to the new location for job-hunting, house-hunting, or any other purpose;
- expenses incurred to make the former residence more saleable; and
- any loss on the sale of the old residence.
Here are the top ways to save at tax time:
- Claim your eligible tuition fees – An eligible tuition fee is a fee you paid to attend your post-secondary educational institution for the tax year in question. Enter the amount of your tuition on line 320 of Schedule 11, Tuition, Education, and Textbook Amounts.
- Claim the education amount – If you are a full-time student (or a part-time student who can claim the disability amount or has a certified mental or physical impairment), you can claim $400 for each month you were enrolled in an educational institution. If you are a part-time student, you can claim $120 for each month you were enrolled.
- Claim the textbook amount – You can claim this amount onlyif you are entitled to claim the education amount. You can claim:
- Claim the interest paid on your student loans – You may be able to claim an amount for the interest paid on your loan in 2013 for post-secondary education. You can also claim interest paid over the last five years if you haven’t already claimed it. Only interest paid on loans received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar provincial or territorial government law for post-secondary education can be claimed.
- Claim the public transit amount – If you use public transit, you may be able to save by claiming the cost of your transit passes. Keep your transit passes for local buses, streetcars, subways, commuter trains, and local ferries, and enter your total public transit amount on line 364 of Schedule 1, Federal Tax.
- Claim your eligible moving expenses – If you moved for your post-secondary studies and you are a full-time student, you may be able to claim moving expenses. However, you can only deduct these expenses from the part of your scholarships, fellowships, bursaries, certain prizes, and research grants that is required to be included in your income. If you moved to work, including summer employment, or to run a business, you can also claim moving expenses. However you can only deduct these expenses from the income you earned at the new work location. To qualify, your new home must be at least 40 kilometres closer to your new school or work location.
- Claim the GST/HST credit – If you have low or modest income, and you are a resident of Canada, you may be able to claim the goods and services tax/harmonized sales tax (GST/HST) credit. Apply for this quarterly payment by filling out the application on the first page of your income tax and benefit return.
- Claim your child care expenses – If you have to pay someone to look after your child so you can go to school, you may be able to deduct child care expenses.
Claiming medical expenses, on your tax return, may provide substantial tax savings.
Medical expenses cover a wide range of healthcare related costs such as:
- Pharmaceutical prescriptions
- Eye exams, glasses and/or contact lenses
- Dental and orthodontic work
- Chiropractic costs
- Hearing aids and their replacement batteries
- Massage therapy
- Medical travel insurance
- Medical plan deductibles
The list is extensive so it is worth checking before you throw away receipts that could be valuable.
To claim medical expenses, the total costs must exceed three per cent of your net income and only the portion that exceeds your net income is claimed. Example: if your net income is $30,000, your medical expenses have to exceed $900 ($30,000 x 3%) and you can only claim the expenses over $900.
Taxpayers may claim qualifying medical expenses they paid in the taxation year, or in any period of twelve months ending in the taxation year. Any twelve-month period ending in the year may be selected to determine the most advantageous total for medical expenses. This could mean reporting expenses from June 2008 to May 2009 to give you the largest total to claim.
Even if you have medical or dental insurance that reimburses you for your health costs, you can still the claim the portion of expenses that the insurance plan does not cover. And the premiums you pay for private health insurance, such as the ones deducted directly from your paycheque, can also be included as a medical expense.