Personal Tax Accountants In Hamilton

If you are looking for personal tax accountant in Hamilton, look no further than NBG Chartered Professional Accountant. We can assist you in navigating the complex personal tax system and ensure that your tax return is filed correctly and on time while maximizing the deductions and credits you are entitled to. At NBG Chartered Professional Accountants in Hamilton, we specialize in personal tax preparation and planning. 

For many individuals, it might be more difficult to handle their personal tax returns than it appears, especially if you're dealing with issues like incorrect reporting, retirement planning, or an audit. For many people, this may be a time-consuming exercise that takes up more time than it should. That's why we're here to help. We're a team of experienced and qualified personal tax accountants in Hamilton dedicated to providing our clients with the best possible service. 

Whether you are an individual or a small business owner, our personal tax accountants in Hamilton have extensive experience to handle a variety of complex tax situations. Because we understand that everyone’s personal tax situation is different, we offer a personal and tailored approach to all our clients. Furthermore, we work with you to ensure that your personal tax affairs are in order and that you meet your obligations. We'll also provide you with advice and guidance on how to optimize your tax situation.

Personal Tax Services

Our personal tax services include:

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Personal Tax Preparation

We have many years of experience in filing personal for many individuals. We prepare the following returns:

Personal tax returns for individuals with employment income
Sole-proprietorship tax returns
Terminal personal tax returns for deceased individuals
Trust and estate tax returns

Individual Tax Planning

There are many factors to consider when it comes to individual tax planning. Your specific circumstances will determine which strategies are right for you. Working with a qualified personal tax accountant can help you navigate the individual tax planning process and make sure you're taking advantage of all the opportunities available to you. We provide individual tax planning in the following areas:

Retirement planning
Tax considerations for Sole-proprietorship
Tax considerations for Canadian real estate tax and rental property tax assistance
Tax considerations for residents, non-residents or dual residents of Canada
Tax consulting for Immigrants and Emigrants

Get in touch today with our personal tax accountant to learn more

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Tax Dispute Resolution

If you are selected for a CRA audit, we can help. We have a team of tax professionals who are experienced in dealing with CRA audits. We will work with you to understand your specific situation and needs and will develop a customized plan to resolve your dispute.

Canada Revenue Agency’s (CRA) audits and filing Notice of Objection

In addition to the above, our experienced personal tax accountants can provide expert guidance on a variety of other personal tax topics. If you have a question that is not listed above, contact us today so we can help.  Learn more about our corporate tax accountant services. 

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Why Choose Us As Your Personal Tax Accountants?

Filing your taxes can be complex and confusing, but ensuring you get it right is important. That's where we come in. We are a leading accounting firm in Hamilton and we pride ourselves in helping individuals file their annual personal income tax returns as efficiently as possible.

When it comes to filing your taxes, it's important to choose a  personal tax accountant that you can trust. Here are some reasons why you should choose us as your personal tax accountant:

  • We have years of experience in the field and are experts in tax law
  • We take the time to understand your unique financial situation and goals
  • We personalize our services to cater to your specific needs
  • We work efficiently and effectively to maximize your tax return and minimize your tax liability
  • We provide hassle-free tax filing services, making the process as easy and stress-free as possible

Contact us today to schedule a consultation with our personal tax accountants in Hamilton, and let us help you with your personal income tax return. 

Frequently Asked Questions

There is no general answer to this question since everyone's personal tax situation is different. However, if you are self-employed or have rental income, for example, it may be beneficial to hire a personal tax accountant to ensure that your taxes are filed correctly. Working with a personal tax accountant not only provides assurance of accuracy, but also saves time and aids in tax planning and optimization.

  • Employment Income: This includes all the money and other benefits you make while working for an employer. It includes commissions, tips and gratuities, even if they are not reported on your employer's tax records. 
  • Income from Self-Employment: This is income you make by working for yourself in a trade or business. The money you make is taxed like employment income, but only net income is included, that is, total income minus the expenses of running the business. So keep careful track of self-employment business expenses!
  • Investment Income: Investment income falls into several different categories such as interest, dividends, capital gains from sale of property, and rental income. 
  • Pension and other income: Pension income such as Old Age Security, CPP or QPP benefits, or foreign pensions are reported just like any other income. Most other forms of income are treated as standard income with no special provisions, except for gifts and windfalls, insurance, lotteries and gaming wins.

There are other types of income that may be taxable, depending on your circumstances. It is important to keep track of all your income sources so that you can be sure to declare them all on your tax return. If you are unsure of which types of income is taxable, it's always best to speak to a qualified tax accountant to ensure you meet your obligations.

There are a number of common deductions that can taken on your personal tax return. Tax deductions are amounts you can subtract directly from your income before calculating tax, thereby making your taxable income lower.  There are not as many deductions for individuals earning employment income, in comparison to individuals who carry on a business. 

However, some common deductions include:

  • Support payments made to a spouse  
  • Registered retirement savings plans contributions up to your annual maximum. 
  • Moving expenses
  • Self-employment expenses
  • Employment expenses
  • Child care expenses
  • Carrying charges related to Investment income
  • Membership fees, union and professional dues
  • Disability support expenses
  • Legal fees

While tax deductions and tax credits both help improve your tax outcome, they are actually different and not interchangeable. Tax credits work differently from deductions in that they are subtracted from the amount of tax you owe, as opposed to your income before taxes.  In addition, most tax credits are non-refundable, which means they can only reduce the amount of tax you owe and not result in a refund.

The most common credits that everyone can claim is a federal basic personal tax credit, which allows you to subtract an amount set by the government every year. Other common tax credits include:

  • Charitable donations (including Federal or Ontario political contributions)
  • New home buyer credits
  • Disability amounts 
  • Tuition tax credits 
  • Interest paid on student loans
  • Medial expenses
  • Adoption expenses
  • Caregiver amounts
  • Rent or property tax credits
  • Caregiver amounts

The above represents only the most common tax credits. The government of Canada offers Individuals a variety of federal tax credits on their personal tax returns, depending on their personal situations. In addition, different provincial credits could be available to individuals based on their province of residence.  To ensure that you are getting all the tax credits that you are entitled to, it is important to consult with a qualified personal tax accountant. 

If you have any amounts owing in taxes for a tax year, they will have to be paid by April 30th of the following year. For example, if you have taxes owing for 2021, the amount owing needs to be paid by April 30, 2022. 

For most individuals, the filing deadline is April 30th of the following year. If the individual or the individual’s spouse carried on a self-employment business, the filing deadline is extended to June 15 of the following year. However, any amounts owing must still be paid by April 30th.


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