Personal Tax Return (T1)
Complete personal tax return preparation for business owners and their family members, including tax planning and optimization.
PRICING
REGULAR PRICE
ADDITIONAL SCHEDULES
$299 / RETURN
+ $75 / SCHEDULE
OVERVIEW
Personal tax return (T1) preparation is a service that helps entrepreneurs navigate their personal tax obligations while accounting for their business income and various sources of revenue. We focus on preparing accurate T1 returns that reflect the unique tax situation of small business owners.
Professional T1 preparation ensures proper reporting of business income, dividends, and other earnings while maximizing eligible deductions and credits. This service is specifically tailored to help business owners maintain clear separation between personal and business finances.
WHEN AND WHY DO YOU NEED IT
Business owners often face more complex personal tax situations than typical employees. Professional T1 preparation becomes particularly valuable when managing multiple income sources and understanding various deductions available to entrepreneurs.
Professional T1 preparation becomes essential when:
You receive income from your corporation through salary or dividends
Your family members are involved in the business
You need to report business income from sole proprietorship
You want to ensure proper allocation of business expenses
You need help maximizing eligible deductions and credits
You want to maintain clear personal tax records alongside your business
HOW IT GENERALLY WORKS
The T1 preparation process begins with gathering all relevant tax documents, including T4s, T5s, business income statements, and documentation for deductions. This information is organized to ensure all income sources are properly accounted for.
The process includes reviewing personal and business-related expenses to identify eligible deductions. Each income source is carefully categorized and reported according to tax regulations, ensuring accurate representation of your total taxable income.
Once all information is processed and verified, the return is prepared and reviewed for accuracy before submission to the Canada Revenue Agency. Proper documentation is maintained to support all reported income and claimed deductions.
OUR PROCESS
At Logetica, we provide comprehensive T1 preparation services tailored to business owners and their families. We begin by reviewing your various income sources and gathering all necessary documentation. Our team ensures accurate reporting of business income, dividends, and other earnings while identifying opportunities for eligible deductions.
We help you understand how different types of income affect your tax situation and assist in organizing your financial records for effective tax reporting. Our service includes clear communication about documentation requirements and filing deadlines.
Through careful preparation and review, we help ensure your personal tax returns accurately reflect your income situation while maintaining compliance with tax regulations. Our approach focuses on meeting the specific needs of business owners while providing clear guidance for future tax planning.
EXAMPLE CASE
A business owner and their spouse both received income from their corporation through a combination of salary and dividends. They also had rental income from a personal investment property and wanted to ensure everything was reported correctly.
The professional T1 preparation service helped organize their various income sources, identified eligible deductions, and ensured proper reporting of both business and investment income. The service also helped optimize their tax situation by properly allocating eligible expenses and credits between spouses.
The completed returns accurately reflected their complex income situation while maximizing available tax benefits. The process also helped them better understand how different types of income affect their overall tax position.
Have Questions?
Book a free 30-minute online consultation with us, and we will be happy to answer all your questions.