Personal Income Tax (T1) Services in Canada

Canadian personal tax filing — done right, done on time

Every Canadian resident files a T1 General Income Tax and Benefit Return each year. The Canada Revenue Agency (CRA) deadline for most individuals is April 30 of the year following the tax year, and June 15 for taxpayers (or their spouses or common-law partners) who carried on a business as a sole proprietor — although any balance owing is still due April 30 to avoid daily compounded interest. Missing those dates, misreporting income, or missing a deduction can cost hundreds or thousands of dollars per year that can never be recovered.

BOMCAS Canada prepares T1 personal income tax returns for Canadians in every province and territory. We handle the simplest one-T4 return, the complex multi-property investor with capital gains and foreign income, the recently incorporated owner-manager who needs both T1 and T2 coordination, and everything in between. Every return is reviewed by experienced preparers, every claim is documented, and every return is e-filed under your written authorization.

Who we prepare T1 returns for

Most of our personal tax clients fall into one or more of these groups:

• Employees and salaried Canadians with T4 income, RRSP contributions, medical expenses, charitable donations, and other common credits
• Self-employed professionals, freelancers, contractors, and sole proprietors reporting business income on Form T2125
• Real estate investors and landlords reporting rental income on Form T776, with proper capital cost allowance (CCA) treatment on Class 1 buildings
• Investors with T3, T5, and T5008 slips, capital gains and losses, dividend income (eligible and non-eligible), foreign investment income, and Form T1135 foreign asset reporting where assets exceed CAD $100,000
• Retirees and pensioners coordinating Canada Pension Plan (CPP), Old Age Security (OAS), private pension income, RRIF withdrawals, and pension-income splitting with a spouse
• Owner-managers of incorporated businesses who need salary, dividend, taxable benefit, and shareholder loan reporting coordinated between the corporation\'s T2 and their personal T1
• New residents and returning Canadians with first-year residency, departure or arrival dates, and foreign income reporting
• Quebec residents who must file both a federal T1 and a separate Quebec TP-1 provincial return through Revenu Québec
• Couples with families who benefit from spousal credit transfers, the Canada Child Benefit optimization, RESP planning, and family medical expense pooling
• Snowbirds and Canadians working abroad with US, UK, or other foreign income that interacts with Canadian residency and treaty positions

What we deliver inside a T1 engagement

A typical personal tax engagement with BOMCAS Canada includes:

• Full preparation of the T1 General return and all required federal schedules (Schedule 1 through Schedule 14 and any others that apply to your situation)
• Self-employment business income reporting on Form T2125, including a properly classified statement of business activities, vehicle and home-office calculations, capital cost allowance schedules, and GST/HST reconciliation where applicable
• Rental property reporting on Form T776 with a defensible split between current expenses and capital expenses, CCA election analysis, and per-property income statements
• Capital gains reconciliation from broker T5008 slips, with adjusted cost base tracking for partial dispositions and superficial loss prevention
• Foreign income and foreign asset disclosure including Form T1135 where applicable, including the simplified or detailed method for Canadians holding investment property abroad
• Quebec TP-1 provincial return preparation for Quebec residents, filed with Revenu Québec separately from the federal T1
• RRSP, TFSA, FHSA contribution analysis using your CRA contribution room as shown on your Notice of Assessment
• Spousal, common-law, and family credit optimization (pension income splitting, spousal RRSP planning, medical expense pooling)
• CRA pre-assessment and post-assessment review response, where CRA requests additional documentation after the return is filed
• Electronic filing (NETFILE/EFILE) with the CRA under your written authorization, with confirmation of acceptance
• A clean digital copy of your return, supporting schedules, and a written summary of next year\'s tax planning opportunities

Why a Canadian accountant beats DIY tax software for most situations

Online tax software has improved dramatically and works well for very simple returns — single T4, no investments, no business income, no rental property, no foreign income. The moment any complexity enters the picture, the cost-benefit shifts dramatically toward professional preparation.

The most expensive personal tax mistakes we see when reviewing prior-year returns prepared by software or by lower-cost providers include: missed capital cost allowance on rental properties that creates a smaller refund every year compounding over a decade; incorrect classification of repairs versus capital improvements on real estate; missed eligible dividend gross-up corrections after a corporation issues T5s; failure to file T1135 in years where foreign assets crossed the $100,000 threshold (penalties are $25 per day to a maximum of $2,500 per year); incorrect Quebec TP-1 reporting that triggers Revenu Québec reviews; missed pension-income splitting for couples where one spouse has private pension income; over-reporting taxable benefits because employer slips were not correctly interpreted; and incorrect superficial loss treatment after rebuying a security within 30 days.

Almost every one of those mistakes costs more in lost refund than the professional preparation fee would have cost. The Canadian tax return is not a once-a-year exercise — it is a year-end snapshot of a year of decisions, and the professional review is where most of the savings happen.

Our process for personal tax

1. Initial conversation. A short phone or video call to understand your tax situation, prior-year complexity, and any new events (incorporation, real estate purchase or sale, new investment income, marriage, separation, new child, retirement).
2. Engagement letter. A written, fixed-fee engagement letter describing exactly what is in scope and what you will pay. Signed before any work begins.
3. Secure document upload. You upload your T4, T5, T3, T5008, RRSP contribution receipts, medical and charitable receipts, and any business or rental records to your encrypted client portal. No emailing of sensitive documents.
4. Preparation and review. A preparer drafts the return, a senior reviews it, and a final summary is prepared for you to review and approve before filing.
5. Approval and e-filing. You review the draft return, ask any questions, and approve. We e-file with CRA (and Revenu Québec where applicable) under your written authorization.
6. Notice of Assessment follow-up. When CRA issues the Notice of Assessment, we reconcile it against the filed return and flag any discrepancies for objection if necessary.

How much does a T1 cost?

BOMCAS Canada uses fixed-fee pricing for personal tax. The exact fee depends on the complexity of your return: number of slips, presence of business income or rental property, capital gains volume, foreign income, and Quebec residency. After a brief initial conversation we provide a written fixed quote so you know exactly what you will pay. Simple returns are inexpensive. Complex returns with self-employment, multiple rental properties, and foreign income cost more — but always less than what most clients save in legitimate deductions and audit-safe positions.

Personal tax frequently asked questions

Related services

Personal tax often connects to broader engagements. Clients of our personal tax service also commonly use our corporate tax (T2) preparation, proactive tax planning, real estate tax services, cross-border Canada–US tax, and CRA audit support.

Talk to a Canadian personal tax accountant

Call 780-667-5250 or submit the contact form. We respond within one business day and provide a fixed written quote before any work begins.

Call 780-667-5250 Request Consultation