ABOUT PALSON ACCOUNTING AND TAXES
PalSon Accounting and Tax Services Inc. is a Canadian company engaged in all services related to taxes and accounting. In addition to personal and business tax preparation, accounting, and bookkeeping, we teach courses relating to tax preparation and accounting software.
GUARANTEE OF OUR SERVICE
At Palson, we try our best to ensure the accuracy of your tax return. We double check each return and use necessary diagnostic methods to make sure the return is right. We also ensure that you have claimed all eligible deductions and tax credits before your return is submitted to CRA. However, in spite of our best efforts, if there is an error in preparation of your tax return that may cost you penalties and interest on additional tax due, we assume full responsibility for that penalty and interest. But the additional tax due because of such an error will be your responsibility.
However, it is your responsibility to provide us all the relevant and accurate documents and information required to prepare your tax return. You should provide us all the required information including your worldwide income and sale of any capital property. Whatever information about your income, expenses, deductions, and tax credits you provide us should be supported by legal and accurate documents, invoices, and papers. It is your responsibility to provide us these papers when needed.
If your tax return is reviewed or audited by CRA, we will help you at every step at no extra cost. However, we cannot work as your legal representative to deal with CRA. We will help you to send the additional documents CRA may ask for to assess or reassess your tax return.
THE DOCUMENTS YOU NEED TO FILE YOUR TAX RETURN
You are supposed to report all types of income you earned in Canada or outside Canada on your tax return. Following is the list of income slips and other Documents that you should bring for your tax return:
T4 Slip -Employment Income, T4(A) Slip - Company pension & other incomes, T5 Slip - Investment income, T3 Slip - Investment income, T4 (PS) Slip- Investment income, T4A (OAS) Slip - Old age security pension, T4A (P) Slip - CPP pension, T4E (Slip) - Employment Insurance, T4A (RSP) - RRSP withdrawals , T4A (RIF) - RIF pension, T5007 - Social Assistance or Workers compensation, T5013 - Partnership income, T5008- Sale of stocks, Trading Summary - Sale of stocks, T5018 - Subcontract payments, Rental income & Expenses, Papers of capital property Disposition, Support payments received from ex-spouse, Business income and expenses, foreign income.
DEDUCTIONS FROM INCOME
You are entitled to claim a number of deductions on your tax return. Here is the list of some important deductions you can claim:
RRSP contribution receipts, HBP & LLP withdrawal from RRSP, Union Dues & Other memberships, Child care Expenses, Moving Expenses, Carrying Charges Consultation fee for investments, Interest paid on loan for investment, Brokerage fee for investments, Support payments to Ex-spouse, Employment Expenses, Meals & lodging expenses for truckers, Non-capital losses of other years, Capital losses of other years, Disability Supports deduction, Northern residents deduction, Clergy residence deduction, Capital gains deduction, Security options deduction
CLAIM OF TAX CREDITS
You may be entitled to claim any of the following tax credits. Please let us know if any of these applies to you:
Spouse or Common - Law partner amount, Amount for eligible dependent, Family caregiver amount, Amount for infirm dependents, Volunteer firefighters' amount, Search and rescue volunteers amount, Public transit amount, Children's arts amount, New home buyers' amount, Adoption expenses, Disability amount for your self, Disability amount for spouse, Disability amount for dependents, Medical expenses, Caregiver amount, Donations, Interest paid on student loans, Tuition fee amount, Education amount, Textbook amount, Pension amount, Credits transferred from spouse, Credits transferred from children