Personal T1 General Tax Preparation
In tax planning, knowledge is cash in your pocket. Any form of tax planning
where your affairs are arranged within the framework of the law to minimize your taxes,
is perfectly legitimate and legal.
For a tax planning consultation at any
time of year contact .
You can also print a checklist of items needed for the
preparation of your tax return.
Just click for a personal
or business list.
In the event of an audit, we can help to reconstruct
your documentation
so as to defend your rights and avoid penalties and interest.
TAX NOTES:
Canadian residents are taxed on WORLD
income in Canadian dollars. If you pay taxes in a foreign jurisdiction, you may be
eligible for a foreign tax credit in Canada. Canadian residents are now required to
disclose foreign asset holding in excess of $100,000 Canadian. The penalty for not
reporting foreign assets is as high as $12,000 ($500 per month for 24 months) plus 5%of
the total cost of the foreign holdings.
Canadian personal and corporate tax
filers are required to keep all books and records for a six year period following the last
day of the tax year in which the return for the year was filed. If you file an amendment
in a later year, you must wait for six years after the date the amendment was filed.
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