Personal Tax

Take the worry of the Tax season and we will help you minimize your taxes and maximize the returns through careful planning. A Quick Reminder on the Important Date for filing your personal taxes.

Personal returns are due on or before April 30th of every year. Balance owing is due on or before April 30th of every year. Late filing penalty of 5% + 1% per month will apply to all outstanding balances owing. Repeated failure to file, a penalty of 10% + 2% per month will apply. Interest on all outstanding balances owing will be computed at the prescribed rate from the day on which the amount was required to be paid to the day payment was received by CRA.

  • Personal Tax Returns
  • Personal Income Tax Planning
  • Audit and Appeals Assistance

 

Complete suite of services

Compared to its direct competition, RNS offers the broadest range of services including financial planning, wealth management and income tax preparation to name a few. Generally, the key competitors simply offer income tax preparation and basic bookkeeping or financial planning services (without income tax preparation). RNS offers a complete suite of financial services. RNS distinguishes it shelf from its competitors by offering wraparound financial services. The company begins with the preparation of the client’s income taxes, which allows the company to analyze the client’s finances and ask questions relevant to their financial plan. As the financial plan is developed, RNS is able to offer investment, insurance, debt, accounting and bookkeeping advice, coaching and educating. The wraparound nature of the RNS approach to the delivery of financial services ensures that clients can have convenience, peace of mind and continuity that the one-stop shopping experience brings. At RNS, one team and/or a licensed financial coach is familiar with the client’s personal and familial financial needs. As licensed financial coaches, RNS staff provide clients with options and possible solutions, but it is the client who makes the final choices and decisions with respect to their finances.

Personal Tax Guide

Tax-free savings account
(TSFA)

The TFSA is a flexible registered saving account, available to all Canadians 18 years of age and older.  Investment income, including capital gains, earned within the account is not taxed; and withdrawals are tax-free.  Canadians can contribute up to $10,000.00 per year, and unused room is carried forward to the next year.  It is important to remember that withdrawn money can only be re-contributed in future years.  It cannot be re-contributed in the same year.

Deduct Medical Expenses

The credit applies to a whole host of eligible expenses from home care services, to laser eye surgery, to orthopaedics.  The amount you can claim is the total of your expenses, minus $2171 or 3% of the claimant’s income (whichever is less).  There is no limit on the amount of eligible expenses.

Public Transit Tax Credit

Transit users can claim a non-refundable tax credit of 15% of the cost of their monthly or yearly public transit passes.

Family Tax Cut

The family Tax Cut will provide up to $2000.00 in tax relief for couples with children under the age of 18. (A higher income spouse can transfer up to $50,000.00 of taxable income to their spouse who is in a lower income tax bracket.

Universal Child Care Benefit

Parents with kids under the age of six will receive up to $1920.00 per year and the parents with children aged 6 through 17 will receive up to $720.00 per year, per child.

Children’s Fitness Tax Credit & Children’s Arts Tax Credits

Parents can claim up to $1000.00 as a refundable credit per child under 16 against the fees for sports and programs like ballet, hockey and soccer as well as for artistic and cultural activities like art or music lessons.

Deduct Child Care Expenses

These amounts paid to have someone look after an eligible child in order to; earn income from employment; operate a business either alone or as an active partner; attend school; or conduct research.  Parents can claim up to $8000.00 per child under age seven, $5000.00 for each child aged 7 through 16(and for infirm children over age 16), and $11000.00 for children who are eligible for the Disability Tax Credit.

Caregiver Amount & Family Caregiver Tax Credit

If at any time in the tax year you (either alone or with another person) maintained a residence where you and the person you supported lived (a spouse or common-law partner is not considered your dependent for this purpose), you may be able to claim a maximum amount of $4530.00 under the caregiver amount for each eligible dependant.

Individuals supporting infirm dependants can claim an enhanced amount under other dependency-related credits, such as the Child Tax Credit or the Caregiver Amount.  The family Tax credit is a 155 credit on an amount of $2,058, meaning you could qualify for up to $308.70 per dependant.

Child Disability Benefit & Registered Disability savings Plan

Those families who care for a child under age 18 with severe and prolonged impairment in physical or mental functions, can get annual Child Disability Benefit up to $2650.00. (Each eligible child will get $220.83 per month.)

Adoption Expenses Tax Credit

The tax credit is a 15% non-refundable tax credit that allows adoptive parents to claim eligible adoption expenses relating to the completed adoption of a child under the age of 18. The adoptive parents can claim a maximum amount of eligible expenses up to $15000.00 per child.

The Pension Income Amount

A non-refundable pension income’s tax credit, that can apply to the first $2000.00 of eligible pension income.

The Age Amount

The Age Amount allows seniors with a net income of $34,873 or less in the tax year, aged 65 and over, to claim $6916.  No age amount can be claimed once an individual’s net income reaches $80,980.

For a personalized tax planning, Please book an appointment today.

Corporate Tax

If you can say "Yes" to any of the following questions, then you should certainly meet us:

  • Are you contemplating on incorporating either your business or starting a new corporation?
  • Is your company newly incorporated?
  • Are you tired of the annual hassle with your current accounting provider?
  • Do you feel the services you now receive can be improved?
  • Do you feel you are paying too much for your present services?
  • Are you looking for ways to reduce the taxes you now pay?
  • Are you looking for ways to improve or expand your business?

We offer corporate tax return preparation as well as preparation of financial statements, GIFI (general index of financial information) statements, GST returns and other corporate services in a timely and affordable manner.

Corporation Tax Tips

Shareholder’s loan repayment

Shareholder’s loan means the expenses that you paid out of your own money to start up the corporation or as operating costs on behalf of the corporation. The corporation now owe you that money and it has to be paid back to you with reasonable interest before you start dividends or salaries.  It’s completely tax free to you and it’s a deductible expense to the corporation.

Pay Yourself Dividends instead of salaries.

The first $40,000 can be received on a tax free basis.  Dividends are not subject to Canada Pension Plan Premium.  CPP premiums are 9.9% of the amount you take or up to a maximum of $4,000.

Sprinkle the Dividends.

It’s pretty much splitting your income.  Have your spouse as a shareholder in the corporation which allows you to pay $40,000 your spouse in dividends and another $40,000 to yourself in dividends. The whole $80,000 is completely tax free instead of you get the first $40,000 tax free and the rest you would end up paying taxes if it just yourself as a shareholder in the corporation.

Lend to Your Spouse.

Give a loan to your Spouse if he or she in lower income tax bracket to invest.

Give Gifts to the Children.

Any capital gain generated from the gift that you give will be taxed on your children’s tax bracket.

Get an Employee’s Loan from your corporation.

Take an employee’s loan which is tax free from your corporation for the down payment of your home.  Pay back the loan on a certain period of time with a reasonable interest.

Minimize taxes by leaving the money in the corporation.

Small business corporations have very low tax bracket in Ontario which is just 16.5%.

Pay Your Spouse or family member a salary.

Pay your Spouse or family member a salary and if there tax bracket is low, very little taxes would be paid out as income tax from their end.  The salary should be reasonable.

Allowance for Automobile.

Pay yourself an allowance for automobile which is tax free to you and deductible expense to the corporation.  You would get .52 cents for the first 5,000 KM and .46 cents per KM thereafter.

Deduct the Interest.

If you borrow money to invest in your corporation, the interest that you pay is tax deductible to you.  So charge interest to your corporation and that interest would be tax free to you also, deductible expense to the corporation.

For more personalized tax strategies, please book an appointment today.