Types of the Income for Personal Tax Return: –
- Employment Income: – T-4
- Commission Income
- Business Income (Self Employed)
- Investment Income
- Wage Loss Replacement Contributions
- Old Age Security Pension
- Pension and Annuities
- CPP Benefits
- Disability Benefits
- Employment Insurance (EI Benefits)
- Dividend Income (Eligible & Other Than Eligible)
- Interest & Other Investment Income
- Partnership Income
- Rental Income
- Capital Gains
- Support Payments received
- RRSP Income
- WSIB Benefits
- Social assistance payments
- Foreign Income
Type of Expenses for Personal Tax Return: –
- Employment expenses such as Moving Expenses, Travel Expenses
- Rental Expenses towards earning Rental Income: –
- Advertising
- Insurance
- Interest & Bank Charges
- Office Expenses
- Professional fees
- Management & Administration expenses
- Repair & Maintenance
- Salaries, Wages and Benefits
- Property Taxes
- Travel
- Utilities
- Motor vehicle expenses
- Membership fess, union dues
- Child Care Expenses
- Medical Expenses
TYPES OF THE BENEFITS FOR CLAIM: –
- Spousal Exemption
- Age Amount
- Amount for Eligible dependent
- Canada Caregiver Amount
- Public Transit
- Home Buyer’s Plans as FIRST TIMR HOMR BUYER
- Adoption expenses
- Disability Amount
- Interest paid on Student Loan
- Tuition fees
- Medical Expenses
- Donations
- Federal or Ontario Political Contributions
Deadlines to Fine Personal Tax: –
Deadline to file personal tax return is April 30 every year.
If you owe tax for 2017 and you file your return for 2018 after the due date, we will charge you a late-filing penalty. The penalty is 5% of your 2018 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.