Estate & Trust Tax Preparation

As Canada does not have specific death taxes or inheritance taxes levied against beneficiaries inheriting an estate, but have tax consequences against Non-registered assets as the taxpayer deemed to have disposed of all his property (stocks, bonds, mutual funds & real estate immediately before death at fair market value which might results in capital gain half of which is taxable to the deceased, to avoid this disposition is to transfer the property to the deceased spouse or partner without triggering tax liability. For Registered plans tax rules require fair market value of RRSP or RRIF at the date of death to be included on the deceased terminal tax return with tax payable at the marginal tax rate for the year of death. If the death occurred between January 1st and October 31st, you have until April 30th of the following year. If it was between November 1st and December 31st, they are due six months after the date of death. Tax returns for the deceased person for previous years that the deceased has not filed, they are due six months after death. At Economical tax we file Income tax returns that an executor must file insuring maximization of  executor tax savings & estate value.

Leaving Canada (emigrants)

STAY ON THE SIDE OF THE CANADIAN TAX MAN

Ticking away the moments that make up a dull day
You fritter and waste the hours in an off hand way

Are you an emigrant?

 

Generally, you are an emigrant for income tax purposes if:

  • you leave Canada to live in another country; and
  • you sever your residential ties with Canada.

Severing your residential ties with Canada means that you do not keep your main ties with Canada. This could be your case if:

  • you dispose of or give up your home in Canada and establish a permanent home in another country;
  • your spouse or common-law partner or dependants leave Canada; and
  • you dispose of personal property and break social ties in Canada, and acquire or establish them in another country.

If you leave Canada and keep residential ties in Canada, you are usually considered a factual resident, and not an emigrant. However, if you are also considered to be a resident of another country with which Canada has a tax treaty, you may be considered a deemed non-resident. Deemed non-residents are subject to the same rules as emigrants.

For more information on residential ties and residency status, go to Determining your residency status.

When do you become a non-resident?

When you leave Canada to settle in another country, you usually become a non-resident for income tax purposes on the latest of:

  • the date you leave Canada;
  • the date your spouse or common-law partner and dependants leave Canada; or
  • the date you become a resident of the country you settle in.

If you lived in another country before living in Canada and you leave Canada to resettle in that country, you usually become a non-resident on the date you leave Canada. This applies even if your spouse or common-law partner temporarily stays in Canada to dispose of your home.

What tax return would I need to file when I am emigrating from Canada?

Personal tax returns should be filed up to the date you leave the country, your tax credits are prorated.

T1243 Deemed Disposition of Property by an Emigrant of Canada

 

Things that you can not dispose:

Your tax obligations:
As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive.

Generally, Canadian income received by a non-resident is subject to Part XIII tax or Part I tax.
Part XIII tax
Part XIII tax is deducted from the types of income listed below. To make sure the correct amount is deducted, it’s important to tell Canadian payers:

that you’re a non-resident of Canada for tax purposes; and
your country of residence.
The most common types of Canadian income subject to Part XIII tax are:

dividends;
rental and royalty payments;
pension payments;
old age security pension;
Canada Pension Plan and Quebec Pension Plan benefits;
retiring allowances;
registered retirement savings plan payments;
registered retirement income fund payments;
annuity payments;
management fees.

Part I tax

The payer usually deducts Part I tax from the types of income listed below. However, if you carry on a business in Canada, or sell or transfer taxable Canadian property, you may have to pay an amount on account of tax:

If you carry on a business in Canada, see Guide T4002, Business and Professional Income, to find out if you must pay tax by instalments.
If you sell or transfer, or plan to sell or transfer taxable Canadian property, see Disposing of or acquiring certain Canadian property.
Even if the payer deducts tax from your income or you pay an amount of tax during the year, you may also have to filea Canadian income tax return to calculate your final tax obligation to Canada on:

income from employment in Canada or from a business carried on in Canada;
employment income from a Canadian resident for your employment in another country if, under the terms of a tax treaty between Canada and your country of residence, the income is exempt from tax in your country of residence;
certain income from employment outside Canada, if you were a resident of Canada when the duties were performed;
taxable part of Canadian scholarships, fellowships, bursaries, and research grants;
taxable capital gains from Disposing of certain Canadian property; and
income from providing services in Canada other than in the course of regular and continuous employment.

Electing under section 216 of the Income Tax Act:

What is a section 216 election?

As a non-resident of Canada, you can choose to send us a separate Canadian tax return to report your rental income from real or immovable property in Canada. Choosing to send us this return is called electing under section 216 of theIncome Tax Act.

The T1159, Income Tax Return for Electing Under Section 216 is separate from any other return you have to send us for the year.

Do you have more than one Canadian rental property?

If you have rental income from more than one rental property in Canada and you make an election under section 216, all of your Canadian rental income and expenses must be reported together on one section 216 return.

What is the benefit of electing under section 216?

Electing under section 216 allows you to pay tax on your net Canadian-source rental income instead of on the grossamount. If the non-resident tax withheld by the payer is more than the amount of tax payable calculated on your section 216 return, we will refund the excess to you.

When is your section 216 return due?

Generally, you have to send us your section 216 return within two years from the end of the year in which the rental income was paid or credited to you. For exceptions, see When is your 2014 section 216 return due?.

 

 

Tax Returns

Dancing with the Loonie!


Are you dancing with the Loonie cheek to cheek (wishful thinking), after filing tax return online for < 20$ with your best selling fast tax software, perhaps, if you can not guarantee savvy tax returns due to user error( errors not caught by tax software’s built in error check)

do you hear the clink sound of the missed loonies (how many?), hundreds. If you find another tax software preparation method or another tax preparer in (Brampton/GTA  Toronto area ) who claims to offer larger refund than Economical Tax Preparation Brampton, we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law.

Tax Preparation Accounting Brampton

Savvy tax returns bottom line to be savvier about which deductions work in your favor to reduce your federal and provincial tax liability and get bigger refund. If you find another tax software online preparation method or another tax preparer in Brampton/GTA-office bound who claims to offer you a larger refund than that calculated by economical tax we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law.  Ram your tax return with Economical tax service Comprehensive list of what to claim if applicable from 29$ : Home buyers plan, Family tax cut, family caregiver amount, Eligible dependants, Ontario healthy homes renovation credit, Medical expenses tax credit ( Travel medical care expenses / meals & travel for couples), Pension income splitting, Children arts amount, Student tuition, Children fitness amount ( 15% refundable tax credit of a registration cost up to 1000$ ) with a Receipt, Public transit amount, Amount for children, Interest paid on students loan, Spouse or common law partner amount, Child care expenses( maximum of 8000$ ) for children under age of 7, children age 7-16 ( maximum of 5000$ ) , RRSP deduction ( If your next year income is grater then do not claim your RRSP this year) , For low income tax filers report your rent or property tax to get Ontario tax breaks. . Even the best selling tax software can not guarantee savvy tax returns due to user error ( errors not caught by the tax software’s built in error check ). Savvy tax returns will optimize your tax refund and reduce your tax stress and pain for the season. Just 15 minutes of free tax consultation could save you 15% or more on your tax refund savings.

Are you looking for savvy tax returns?

Savvy tax returns bottom line to be savvier about which deductions work in your favor to reduce your federal and provincial tax liability and get bigger refund. If you find another tax software online preparation method or another tax preparer in Brampton/GTA-office bound who claims to offer you a larger refund than that calculated by economical tax we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law. Our comprehensive savvy itemization of your deductions is more thorough than the other guys who are charging more for your tax return, we enter all possible deductions, credits and other tax related information without having to hunt it down. Even the best selling tax software can not guarantee savvy tax returns due to user error ( errors not caught by the tax software’s built in error check ). Savvy-ax-t1 tax returns will optimize your tax refund and reduce your tax stress and pain for the season. At Economical tax returns brampton we will trump your tax refund as a result of the comprehensive tax return tune up and full optimization, we slam dunk your tax deductions and fix your tax credit errors from previous years.

 

Tax returns fiesta

I know you are on a low budget,i know you are not cheap, i understand you are just a cut price person in a low budget land, whether your’e financially stretched, wanting to save some extra cash or just addicted to good deals, then Economical Tax returns fiesta can help you put the pieces of your financial tax puzzle together, we will increase your tax season peace of mind and the size of your tax refund. We will usually back you up and stand behind you in case of an audit, because we understand CRA tax extremely well, so if you get a letter in the mail marked CRA/ Canada but it ain’t no tax refunds, you gotta play it cool, don’t you be a fool, you gotta play it cool, like an icicle, do not sit back and take whatever tax authorities decide to dish out, seek economical tax advise as you should weigh the cost of the advice against the tax savings.
Come and join Bramptonians who are singing in the salty breeze, are filing out tax returns, spinning out webs of deductions at economical tax Brampton. so if you might have a tax problem that you do not understand, just call on me brother when you need a hand with your tax preparation. If you have a heavy tax load or disability pain you have to bare that you can’nt carry just call economical tax.

One on One Business Tax Returns

Just 15 minutes of free tax consultation could save you 15% or more on your tax refund savings. Economical tax Brampton one on one tax returns will find all possible deductions you are eligible for in order to reduce your federal and provincial tax liability as well as your tax stress  and get bigger refund, no stone is left unturned and your CRA tax record is examined thoroughly, ram your business tax return with Economical tax Hemi engine of Comprehensive list of what to claim when applicable for 100$ : Advertising and promotion, meals and entertainment (generally 50 per cent of these costs are deductible), memberships, subscriptions, licences, office supplies, salaries and wages (including those paid to family members), telephone, vehicle expenses (a portion of gas and oil, insurance, registration, repairs, loan interest, lease costs, automobile club dues, car washes). Claim home office costs: mortgage interest, property taxes, home insurance, utilities, repairs and maintenance and landscaping. Split income with family: you can justify paying them salary or wages. The amounts you pay must be reasonable for the work completed in order to be deductible against your business income.
If you find another tax software online preparation method or another tax preparer in Brampton/GTA-office bound who claims to offer you a larger refund than that calculated by economical tax we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law.
Our session of one on one tax returns itemization of your deductions is more thorough than the other guys who are charging more for your tax return, we enter all possible deductions, credits and other tax related information without having to hunt it down. Even the best selling tax software can not substitute our one on one tax returns. Economical tax Brampton one on one tax returns will optimize your tax return financial status and gets you a healthy tax credit score after cleaning tax mess of past years.

Frugal Tax Filing Wizard

Whether your’e financially stretched, wanting to save some extra cash or just addicted to good deals, then Economical Tax Brampton your frugal tax filing wizard can help you put the pieces of your financial tax puzzle together, we will increase your tax season peace of mind and the size of your tax refund. We will usually back you up and stand behind you in case of an audit, because we understand CRA tax extremely well. As you know tax law is complicated, but i am not telling you don’t do your own taxes by yourself, it’s cheaper to go to a local professional tax service than one of the major tax preparation services across Brampton malls or GTA.

Ask yourself are you Claiming all the deductions that you are eligible for, is your tax preparer charging you a flat fee? ask what re the deductions he will claim for you, is he going to pull your leg ( I can get you extra money if he files for you seperately a rental statement for 100$, or a business return for 125$, or child care for 75$ or pension splitting for xxx$, & so on. You should shop arround  for the best deal.

Ask if the fee you pay to do your taxes will save you more than in reduced tax owed. At Economical tax Brampton we do frugal tax filing for those stressed at tax time.
Economical Tax Service, 2250 Bovaird Drive East, Springdale professional bldg, unit 111, T: (905) 793-1003, you do not need appointment, no line up.The above address is my new office. Personal tax returns from $29, Business returns from $75, etc.
We do not charge per form or have additional filing fees like some services (stretching your dollars as far as they will go).
At Economical Tax Service Brampton we can show you how to start counting dollars instead of counting stars.

 

 

Jacuzzi Tax refund

Do you know that generation young Canadians constitute 41% of early Tax returns filers, have simple tax returns they use intuit owned tax software customized and are not worried about jacuzzi tax refunds. If you are seeking help from tax preparer or accountant your tax deductions should be shown to you upfront, if they are out of sight then he is out of mind, they say that pride comes just before a fall, so if you are generation X (33% of population born from early 1960s to early 1980s) or a baby boomer 20% of the population using turbo tax and trying to squeeze yourself through the chimney then your tax deductions are out of sight and you are not sure you have fallen in the Jacuzzi you claimed as deduction, you’d better be in the right business, or the CRA will tear you a new one.

At Economical tax we pay attention if you are self-employed, entrepreneur, works from home business, your tax deductions is our priority as no one’s venture is too small to claim, Economical tax is your sweetest disposition as we can reduce your tax stress by 25%, lean on us when the your tax days are cold and the cards all fold when you’re not strong, I will be your tax friend, we can fix errors from prior years and recover tax refunds that belongs to you through adjustment to prior returns (up to 10 years) back. We are savvier about revealing the hidden secrets of your tax record and which deductions work in your favor to reduce your federal and provincial tax liability. Economical Tax Service, 2250 Bovaird Dr. East, Springdale professional bldg, unit 111, T: (905) 793-1003, you do not need appointment, no line up.

30-50% off your fee, see us 1st

Do you or someone you know have any of these conditions?
Disabilities that may be eligible (but not limited to):
ADD/ADHD
Alzheimer’s
Arthritis
Anxiety/Depression
Autism
Back/Neck Pain
Bladder Problems
Bi-Polar Disorder
Brain Injury
Crohn’s Disease
Diabetes (Type one)
Down syndrome
Fetal Alcohol Syndrome
Fibromyalgia
Foot Drop
Hearing Impairment
Learning Disabilities
Legally Blind
Multiple Sclerosis
Osteoporosis /Arthritis
Schizophrenia
Speech Disorder
Stroke
Walking Restrictions
We can collect for you from the government up to $25,000
I am Nasren Yousif ( Msc, PhD ) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances, if I have served you before and you opt to choose my service now then you will be making a huge savings.
If you have a heavy tax load or disability pain you have to bare that you can’t carry I’m right up in Brampton 2250 Bovaird Dr. E, unit 111, Tel (905) 793 1003; Cell (416) 577 4579 we will share your tax load if you just call our office for details on tax returns assessment because we are on your side.
if you have not used our service then you have paid too much.

How much sense is behind your tax return

We all wonder about money sense tax returns, is plugging numbers in your turbo-software you bought will secure the accuracy and fulfill your intention of getting back maximum refund? Comprehensive Tax Return coverage requires deep understanding of numbers by someone who knows theory and makes best logical conclusions about your finances. I am Nasren Yousif (Msc, PhD) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances.
Do not get bogged down with Google tax services top listing which manipulates customer attention, if you have read this add then you are making huge savings. If some tax preparer told you your tax return is complicated come see us at Economical Tax Service,we offer much sense  behind your tax return, see us at 2250 Bovaird Dr. E, professional bldg, unit 111, T: (905) 793-1003, we like difficult returns and turn them into simple returns with 25% off your fee plus Cash back service on the spot. I bet you will discover how much sense is behind your tax return. You know Tie Domi stood up to the gouging of the big phone companies, well Economical Tax Service in Brampton is standing up to the big tax preparation companies, why because we are on your side and helping flower city citizens choose the right service for less.

Economical tax brampton offers Grab Tax Returns Cash and make a stash

Money, it’s a gas, grab tax returns cash with both hands and make a stash, money get back, I ‘ am alright Harper keep your hands off my stack.
When you come to our service we listen to your problems and we do not make phone calls when we are conferensing with you.
Our service is not just plugging in numbers, we go beyond numbers to have an insight into your tax return to diagnose the problem and have the best solution. We can vaccum clean tax mess generated by ex tax preparers and tune up your tax return to get the best milage of your dollar.
We leave no stone unturned when working on your tax return, we check CRA for any missing information just to have a comprehensive assessment.We know tax code inside out and can help you claim all of the deductions, exemption and credits you deserve, bring with you : identification required for cash back, T4 income statements, proof of expenses, proof of loses, payment method information.
I am Nasren Yousif (Msc, PhD ) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances.
Do not get bogged down with Google tax services top listing which manipulates customer attention, if you have read this Ad then you are making huge savings. Economical Tax Service, 2250 Bovaird Dr E, professional bldg, unit 111, T: (905) 793-1003; F: (905) 793 1090

Are you paying an arm and a leg for claiming disability tax credit ?

If you are on disability benefit , you might qualify for disability tax credit, but if you have no enough earned income or pension then you have to look for any family member (related by blood ) who will apply on your behalf.
The issue here is beware of scammers who will charge you an arm and a leg, lean on Economical tax Brampton when you’re not strong and I will be your tax friend, I will help you carry on your tax problem and secure getting back what belongs to you, our charges are  reasonable from beginning to the end.
I am Nasren Yousif (Msc, PhD) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances. Personal taxes from $29 special. Call us for free consultation T: (905) 793 1003 or fax us your authorization F: (905) 793-1090, if you can not reach our office we can arrange for a pickup.
If you are a underprivileged senior citizen with low income we will go extra mile to help with your tax return. We have no hidden costs or agenda, we offer free tax returns.
The above address is my new office after spending seven years in shoppers world Brampton, I welcome all customers, and remember if you have not used our service then you have paid too much to the rich and powerful who control the market. Ain’t no sunshine when your tax refund is gone and your grocery shopping basket is empty when you choose the wrong tax preparer who mislead you with $5 coupon and who tells you that he can grab for you more money from the government but that will cost you more in fees.

digging deep for your comprehensive tax return problems

We dig deep to get your comprehensive tax return problems, our service cost you 30% less than the other guys in Brampton malls, our personal tax return will not cost you an arm and a leg, we will save you more in owed tax.
I am Nasren Yousif (Msc, PhD) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances.
Do not surrender your tax return in the hands of amateurs who will give you the run around and offer you bigger returns on the expense of paying higher fees . Economical Tax Service, 2250 Bovaird Dr E, professional bldg, unit 111, T: (905) 793-1003.
We offer free pick up of your tax papers for seniors.

Tax Personalization tips

We personalize your tax return as software packages can’t,
Personal tax return Students 30$, ODSP tax returns 30$ , Comprehensive tax returns from 29$ with multiple deductions if allowable with no devil in the details.

You have to file your taxes even if you don’t have income, transfer always any unused credits, claim medical expenses recommended by a doctor(self, partner and minor children), the disability tax credit is worth 1500 dollars for adult, more for a child and if your income is not high enough to take advantage you can transfer the unused credit. Children qualify for a tax credit, can qualify for childcare expenses, child fitness, art programs. For a student do not forget the interest paid on student loan, tuition T2202. Do not throw away receipts for bus passes you  can potentially claim 15 dollars in refund when you spend 100 dollars monthly of transit passes, be sure to report all T-slips, use home buyers amount as 5000 tax credits are worth 750 dollars in your pocket, claim 15% credit on 1st 200 dollar donations and 29% on donations more than 200 dollars.  Each summer Canada revenue agency calculate benefits based on tax returns submitted those benefits are GST, , Child tax credits, Ontario trillium benefits, Guaranteed income supplement, & Provincial assistance programs, so if you procrastinate to file until later in the year you are at risk of being cut off from your benefits, thus avoid this mistake.
Know the limits of using tax software or online tax filing programs and consulting tax pro may be helpful.
No stone is left unturned in your tax return in order to secure all possible deductions you deserve because you worked hard for your money and you deserve what belongs to you,all these tax tips would qualify you for bigger tax return

 

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