It’s Tax Season Again!
2020 will be our 15th year at our Mississauga location. As we prepare for the tax season, we find ourselves reflecting on the past years and how grateful we are to our customers who have helped us shape our business. We value our relationship with you and look forward to working with you in the coming weeks and hope to make your tax filing experience as pleasant as possible.
Happy Tax Season Everyone!
Let’s Get Your Taxes Done Right!
It’s time to prepare your tax documents because the April 30th filing deadline will be here before you know it. Remember, that tax refund you want isn’t a freebie from the government. It’s your money! They’re just holding it for you. So get it back, by claiming all the deductions and tax credits you are entitled to.
Don’t Know Where to Start? We Have Solutions For You!
- Income Tax Checklist
- Important Dates to Remember
- Easy to use free forms:
- Rental Income
- Self-Employment Income
- Employment Expenses
Forms are available on our website, visit our “What to Bring” page, in office, or by email.
Let us do The Work!
1. Leave your papers 2. Pick up and done!
Medical Expenses
People usually don’t know that their medical expenses can give them significant tax credits. Anything from health insurance premiums to prescription medication (but not vitamin supplements) can count toward medical expenses. If those expenses are higher than three per cent of your annual income and you are taxable, then there’s a possibility for tax savings. It is really important that you keep every receipt because every dollar counts.
- Ambulance service
- Assisted breathing devices
- Bathroom aids
- Chiropractic
- Crutches
- Dental
- Elasticized stockings
- Diapers/incontinence
- products
- Health care premiums
- Hearing Aids
- Laser eye surgery
- Massage therapy
- Prescriptions*
- Service animal
- Vision Care / Glasses
- Contacts
- Walking aids
- Wigs
- Attendant care / Long Term Care – can be claimed if you have been approved for the Disability Tax Credit
Students and low-income individuals may qualify for the refundable medical expense supplement.
Involuntary Separation Due to Medical Reasons – Ontario Trillium Benefit
If you and your spouse or common-law partner lived in separate residences for medical reasons, you can apply individually for the Ontario Energy and Property Tax Credit. Bring in your property tax bill along with the annual receipt from the long-term care residence and we will apply for you.
Disability Tax Credit (DTC) – T2201
Do You or a Family Member Have a Prolonged Impairment?
- ADHD
- Addiction
- Anxiety
- Alzheimer
- COPD
- Depression
- Dementia
- Difficulty Walking
- Eating Disorders
- Hearing Impaired
- Irritable Bowel
- Learning Disability
- Mental Illness
- OCD
- Parkinson’s
- Physical Disability
- PTSD
- Sleep Disorder
- Scoliosis
- Vision Impaired
You may be eligible for the Disability Tax Credit.
The DTC amount is a non-refundable tax credit used to reduce your income tax payable on your income tax return. If you do not need the DTC to reduce your income tax payable, the credit can be transferred to a spouse or common-law partner or someone else. You may be entitled to refunds, going back 10 years. Ask us for details.
Home Accessibility Expenses
Certain expenses (up to $10,000) may be eligible for a tax credit if made in relation to a renovation or alteration of your home to enhance mobility or reduce the risk of harm for an individual who is either, eligible for the Disability Tax Credit, or 65 years of age or older at the end of the tax year. Example: wheelchair ramps, walk-in bathtubs, wheel-in showers, and grab bars.
Canada Workers Benefit – NEW For 2019
The Working Income Tax Benefit has been eliminated and has been replaced with the Canada Workers Benefit. This benefit is a refundable tax credit intended to supplement the earnings of low-income workers. The new benefit has been enhanced, with most recipients receiving a 26 per-cent top-up of their earned income over $3,000 instead of the current 25 per-cent.
Ontario Childcare Tax Credit – NEW For 2019
The new Ontario Childcare Tax Credit supports families with income up to $150,000, especially those with low and moderate incomes. The credit is calculated as a percentage of your 2019 Child Care Expense Deduction. Eligible child care expenses include:
- Caregivers providing child care services
- Day nursery schools and child care centers
- Camps where overnight lodging is involved
- Educational institutions (child care fees only)
- Half-day and full-day camps
Low-Income Individuals And Families Tax Credit – NEW For 2019
This new tax credit will provide up to $850 in Ontario personal income tax relief to low-income workers, including those earning minimum wage.
This non-refundable tax credit can be used on your 2019 tax return to reduce or eliminate your Ontario personal income tax, excluding the Ontario Health Premium.
To qualify:
- you must be a Canadian resident in any province or territory at the start of the tax year
- you must be an Ontario resident by the end of the tax year
- you must have employment income
- you must owe Ontario personal income tax
- your individual adjusted net income for the year must be below $38,500
- your adjusted family net income for the year must be below $68,500
- you must not have spent more than six months in prison during the year
Home Buyers Plan – Increased to $35,000!
First-time homebuyers can now access more of their RRSPs to buy a home. The withdrawal limit has increased to $35,000 from $25,000 as part of the 2019 budget.
Access will also now be extended to help Canadians maintain homeownership after the breakdown of a marriage or common-law partnership. This measure will apply to withdrawals after 2019.
Home Buyer Amount
You can claim a $5,000 non-refundable tax credit if you qualify as a first-time homebuyer.
You Can be a First-time Home Buyer More Than Once
If you have not lived in a house owned by you, your spouse or common-law partner for 4 consecutive years, you can be a first-time home buyer again!
Sale of a Principal Residence
The principal residence exemption is a very attractive feature of the Canadian tax system, as it allows a capital gain.
Realized on the sale of a principal residence to be earned free from tax, provided the residence was designated as the taxpayer’s principal residence for every year of ownership.
The CRA will only allow the principal residence exemption if you report the sale and designation of principal residence on our income tax return. If you forget to report the sale of your principal residence, you can amend your return, but a penalty may apply.
Students
The T2202 tuition certificate will be ready to print by February 28th. Most students don’t pay income tax and don’t benefit from the tuition credits, so students can transfer up to 5,000 credits to a parent or grandparent. Any unused credits will carry forward. When you begin working and paying income tax, claiming these tuition credits can help you save taxes.
Renting Off-campus? – Get up to $300 More on Your Ontario Trillium Benefit
Ask your landlord for a rent receipt for 2019, a rent receipt must include:
- Total rent paid in the tax year
- Landlord’s name
- Address of rental property
- Landlord’s signature
The student must claim the rent paid, regardless of who paid the rent.
Living on Campus? – Get $25 More on Your Ontario Trillium Benefit
Are you living in residence? Write us a note on your T2202 and we will apply for you.
Looking to Upgrade Your Skills?
Canada Training Credit – NEW for 2020 Taxation Year
A new refundable tax credit called the Canada training credit will help cover up to one-half of eligible tuition and other fees paid for courses taken in 2020 and future tax years. Individuals between 25 and 64 years of age will accumulate a $250 credit each year, up to $5,000 in a lifetime. You must file a 2019 tax return to start accumulating the tax credit.
Frequently Asked Questions
No. Feel free to drop off your documents as soon as you have received ALL expected slips/information.
When ALL tax information is given to us at ONE time, we can typically complete your return within 1 to 3 days (more days may be required mid to late April).
No. We offer a quick pick up service. Please come in during our office hours and one of our tax team members will review your return with you. An appointment is only required if you need to meet with a tax preparer.
Yes. We recommend booking an appointment. We prefer that you drop off your tax information and book a pick-up appointment with the tax preparer you would like to speak with. Your time is better spent discussing your return than watching us work.
Yes! We understand that it is not possible for everyone to come to our office. Feel free to scan your tax information and email cindy[at]exceltaxservice.ca or aldo[at]exceltaxservice.ca. Once your return is complete, we will email the necessary documents to be signed and sent back to us. Payment can be arranged over the phone.
Excel Tax Service has expertise in preparing taxes for those who are recently separated, new parents, new homeowners, the recently deceased, new small business owners and more. Please let us know of any major life changes when you drop off your information.
There is no need to submit original receipts to us. We provide free forms for rental and business income/expenses. Please bring the applicable form to us when submitting your information. Filling in your yearly totals ahead of time will save you money on your tax preparation fee. Keep all receipts for 6 years. Forms are available on our website, in-office, or by email request.
