Personal Income Tax Services

Personal income taxes are familiar to most Canadian taxpayers - and with good reason. You have to file one every year even after death. 

To help offset the administrative burden of personal income tax preparation there are a plethora of options available. These include:

• CRA Paper File Services
• CRA Telefile Services
• Free Tax Clinics
• Personal Income Tax Software
• Non-CPA Tax Preparation Providers
• Chartered Professional Accounting Firms

The first three options (CRA Paper File, CRA Telefile, Free Tax Clinics, and Personal Tax Software) are great options if you have a very simple return. This includes:

• Employees with 1 or 2 T4s
• Seniors with CPP and OAS slips
• Those with RRSP contribution receipts (watch the date!)
• Investors who hold mutual funds and 1 or 2 T3 or T5 slips

Slightly more complex returns should consider using a Non-CPA Tax Preparation Service. This is best for those with:

• Medical expenses
• Donation receipts
• Tuition to claim on their own return

More complex situations like those listed below will significantly benefit from the tax planning expertise and experience of a Chartered Professional Accountant. This includes situations such as:

• Small business returns, self-employed individuals, contractors
• Employees with commission expenses 
• Tuition to claim from a dependents return
• Significant donation or charitable receipts
• Seniors looking to maximize pension splitting options
• Investors with capital gains either from real estate or the sale of investments

Those with more complex tax situations will benefit from the increased price of a Chartered Professional Accountant because of the reduced risk of unnecessary audits and unexpected taxes. 

CPA services often pay for themselves in the long-run in more complex situations. 

Here at Creekside Accounting we file hundreds of personal income tax returns.

This allows us to have significant experience both with the CRA and with the rules and requirements about income tax return preparation. All of this benefits you when you use Creekside Accounting to file your personal income tax return. 

To ensure you get high quality services we have a 9 step process: 

• Step 1: Complete and Intake/Update Forms - New clients will need to complete our intake forms and undergo our client onboarding processes to become a validated Creekside Accounting client. Returning clients can complete an update form to ensure all important tax details are up to date. 

• Step 2: Review our Checklist & Provide Your Info - We have checklists available on our website to help you gather all of the information needed to prepare your personal income tax return. Reviewing our checklist ensures your income tax return is completed more quickly and with less inquiry emails and follow up phone calls (yay for saved time!). Next you can provide your information. 

• Step 3: We'll Confirm Your Documents Have Been Received - Once you provide your documents you'll receive a thank you email from our administrative assistance letting you know that your info has been received and your tax return is underway. 

• Step 4: We'll ask for information (a lot of information) - Emails, phone calls, and inquiries can all be expected. This is us reviewing your tax documents, looking for additional write-offs and analyzing your tax risks. This process can take anywhere from 1 day to 2 weeks depending on your response time and the information you provided up front. This step is crucial to ensure your personal income tax return is completed accurately. 

• Step 5: 1st Review - Your personal income tax return will be reviewed by one of our experienced tax preparers or by a Chartered Professional Accountant depending on its complexity. They'll review all of the information you've been providing and see if gaps still exist and if there are any tax planning options or audit risks that need to be assessed. 

• Step 6: More Info Please - Your dedicated income tax preparer will contact you for more information after your file has received is 1st experienced tax preparer or Chartered Professional Accountant review. 

• Step 7: 2nd Review by A CPA -  Your corporate income tax return is then reviewed a second time by our Chartered Professional Accountant. Yes! Two reviews! This ensures your information is accurate based on the information you provided. 

• Step 8: Recommendations & Drafts For Review - If no further information is needed a Chartered Professional Accountant will email you with a draft summary of your personal income tax return and send you a list of recommendations. 

• Step 9: Wrapping Up - If you are happy with your personal income tax return you'll sign your e-signature package and pay your invoice and have your income tax return e-filed. Once signed and paid we'll e-file your personal income tax return immediately. 

It's a long process and a lot to keep track of! But not to worry, all you have to do is keep an eye on your email. We'll take care of the process and guide you through each step. We have a documented and organized workflow that will keep you (and us) on track.   

Don't miss your tax filing deadline!

Most personal income tax returns are due April 30th. To ensure you have lots of time for tax planning and audit reduction, find an accountant in March. 

Most small business income tax returns are due June 15th although taxes must be paid by April 30th to avoid interest. March is still a great time or mid-May to ensure your tax obligations are met. 

If you are ready to start your personal income tax services with Creekside Accounting then check out our getting started page or book an appointment to speak to our Kelowna accountant.