Personal Tax Returns

Take Charge of Your Financial Future.

Spring is usually the time when most individuals look for a personal tax accountant in Toronto. Farah Malik & Associates assists in completing and filing personal income tax return or T1 returns for hundreds of Canadians on a yearly basis and has developed extensive experience in completing these returns.

If you let Farah Malik & Associates Chartered Accountant act as your personal tax accountant in Toronto then we will assist you in identifying the tax slips needed to complete your personal tax return. As a rule of thumb the following are the sources of income tax slips that are usually seen apart from the personal tax return:

Employment Income- T4, T4A
Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
Foreign Assets
Rental Income
Registered Retirement Savings Plan (RRSP) Income- T4RSP
Schedule of Capital Gains and Losses
Income from Self Employment
Debt Forgiveness
Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210

The Canada Revenue Agency also provides tax credits to individuals based on their tax situations, commonly known as Non-Refundable Tax Credits. The following is a list of credits that may be found in your tax return:

Spousal Exemption, Eligible Dependent Amount, Disability Amounts, Adoption Expenses, Tuition, Fees and Education Amounts, Interest Paid on Student Loans, Medical Expenses and Caregiver Amount.

Tax Credits

The government of Canada also gives several tax credits to individuals on their personal tax returns based on their personal situations. As your personal tax accountant in Toronto we will ensure that all tax credits are applied correctly on your personal income tax return. The following is a list of tax credits that are commonly seen used on a T1 return