Personal tax accountant in Oshawa

Two dates, and the one that costs money

Most Oshawa residents file by April 30. If you or your spouse or common-law partner carried on a business, filing moves to June 15, but any balance owing is still due April 30, with interest from that date. Filing on time also matters for benefits and credits, which are recalculated from the return and pause when it is missing. Personal tax deadlines sets out the dates.

What Ontario adds to your return

Ontario tax is calculated on the federal T1. You file one return and the CRA collects both. Ontario adds a surtax on basic Ontario tax, so tax on higher incomes climbs faster than the brackets suggest. The Ontario Health Premium, based on taxable income. And credits that depend on filing, including the Ontario Trillium Benefit for energy and property tax credits. None needs a separate filing, but each needs the right information.

Durham household returns also carry federal credits and benefits that depend on both spouses filing: the Canada child benefit, the GST/HST credit and, for retirees, splitting eligible pension income. Medical expenses and donations can be pooled on whichever return gives the larger credit. These decisions are made each year from the whole household’s numbers. Pension income splitting and the medical expense credit explain two of them.

Commuting, and the expenses employees can claim

Many Oshawa residents commute the 401 to the GTA. The commute is never deductible. Employees can claim employment expenses only where the employer requires them and signs form T2200 — a salesperson driving to clients, say, or someone required to keep a home office. Keep a logbook and receipts. The mileage and vehicle log shows what the CRA expects.

Shift workers and tradespeople have their own claims. Apprentice mechanics can deduct part of new tool costs, and tradespeople can claim some tools their employer requires them to supply. Union and professional dues on the T4 are deductible, and moving expenses count when a new job brings you meaningfully closer. Keep the paperwork.

Self-employed in Durham

A self-employed return adds form T2125 and the questions that decide the tax: which expenses are business, the business share of the vehicle and home, and the capital cost allowance on equipment. In Durham that covers trades working for subdivision builders, owner-operator drivers and unincorporated realtors. Self-employed returns with schedules commonly cost $275 to $500. Once sales pass $30,000 over four consecutive calendar quarters, HST registration is mandatory, adding an annual HST return. See self-employed tax returns.

Owners paid by their own corporation

If you own a Durham company, the pay decision lands on your personal return. Salary comes on a T4 and dividends on a T5; dividends carry a gross-up and credit that interact with Ontario’s surtax, so model before declaring. We prepare your T1 with the corporate return to choose the mix with both in view. A shareholder loan not repaid within one year after the company’s year-end is generally taxed on your T1.

Instalments once tax builds up

Self-employed people, landlords and owners taking dividends often have little tax withheld. Once net tax owing exceeds $3,000 this year and in either of the two previous years, the CRA expects instalments on March 15, June 15, September 15 and December 15; paying its reminder amounts usually avoids interest. Try the instalment calculator. Rental income often pushes Durham residents over the line; see rental income returns.

Durham’s new homes bring second units, basement suites and former homes rented out. Each needs a rental schedule, and renting out a former home can raise a change-in-use question for the principal residence exemption. Raise it the year it happens. See change-in-use rules.

Remote

EverStone prepares Oshawa returns online. Slips and receipts come through a secure upload link, often as phone photos, and with your authorization the CRA’s auto-fill catches every slip it holds. Returns are signed and filed electronically. Keep records six years; a notice of objection to a reassessment is due within 90 days; see filing an objection.

Remote personal tax for Oshawa

Personal tax for Oshawa and Durham Region residents is delivered remotely. There is no Oshawa office and no local team. Slips arrive through a secure upload link, signatures are electronic, and the CPA who prepares the return answers the questions about it.