Personal Taxes
Services
Tax time can be stressful, but ZMS CPA PROFESSIONAL CORPORATION has you covered. We serve a variety of clients including but not limited to :
– Students
– Professionals
– Independent Contractors
– Business Owners
Our services include but not limited to:
– Employment Income – T4s
– Self Employed or Business Income including Uber, Lyft, Skip the dishes and other ridesharing and food delivery services
– Rental or Property Income
– Investment Income
– Foreign Income
– Sale of property
– RRSP
– Automobile expenses, Child care expenses, Moving Expenses, Medical Expenses
– Strategic Tax Planning
Frequently Asked Questions – 2024 tax year
When can we start filing personal taxes?
Tax return portals open on February 24, 2025.
When is the tax return deadline?
Personal T1 tax returns are due by April 30, 2025, or June 15, 2025 if you are self-employed.
Do I have to file a tax return even if my income was zero?
No, you do not have to file a personal tax return if your income was zero. However, it is highly recommended that you file a tax return in order receive (or continue receiving) benefits such as Child Benefit, HST Credit, Carbon Rebate, Ontario Trillium Benefit and others. Collectively, these benefits can range anywhere from $1000 – $10,000 or even more!
What do I need to prepare for the upcoming tax season?
Please start gathering the following documents, whichever applicable in your case:
T4/T4A slips from employers
T2200 forms from employers if you worked from home more than 50% of the time
T2202 Tuition Slips from college/universities
T3, T5, T5008, RRSP slips from financial institutions for investments
Official Child care receipts
Official Donation receipts
Self Employment Income statements (for sole proprietor businesses such as Uber, Lyft, Doordash drivers etc.)
Rental Income statements
New SIN# if applicable
Where do I obtain these documents?
Most of these documents will be mailed to you directly from responsible parties (such as Employer, College/University, Financial institution etc.). You should receive these by end of February. In case you do not receive these, you may need to contact the responsible party to obtain them.
How early can I receive tax refunds?
If you have a net tax refund, CRA usually issues this refund in 2-3 weeks of filing your return. Other benefits such as CCB, Carbon Rebate, HST credit etc. will be issued to you throughout the year, either monthly or quarterly.
What are Business Income Statements?
These are a list of all your revenues/sales from your business along with expenses that you incurred to run your business. You can review your bank statements to identify such revenues and expenses and tally them on a spreadsheet.
I did Ride share/Food delivery service in 2024. What information do I need to obtain?
You need to obtain statements from your ride share/food delivery portal. For example, if you did Uber eats, you need to obtain all 2024 statements from Uber’s portal.
What are RRSPS (Registered Retirement Savings Plan)?
RRSPs are savings plan that individuals can contribute to save for their retirement. Amounts that are contributed into this plan can be deducted from your net income for tax purposes and thereby reduce your tax bill. There are limitations on how much you can contribute each year however.
Is it too late to contribute to my 2024 RRSP?
No. Even though we are currently in the 2025 tax year, the government of Canada allows individuals to contribute to their 2024 RRSP up until March 3, 2025