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Corporate Tax Return Preparation

Tax Return Preparation for the Self Employed (and Commissioned Employee)

Generally speaking, the Income Tax allows the most limited options available to regular employees when it comes to tax.  However, there are still some mechanisms available to you that Numbers Plus Professional Corporation will consider when preparing your tax return.

Among these is the nature of your employment.  Not all employees are treated equally by the Income Tax Act.  For instance there are more liberal, and sometimes additional, deductions available to commissioned employees , transportation workers, volunteer firefighters, musicians, artists, Canadian Forces Personnel and Police, Professional Athletes and Railway employees.

There are a number of considerations, some of which are listed below, which are always considered when your tax return is prepared by Numbers Plus®.

Deductions, tax credits and other benefits that are available to all employees include:

  • Pension Plan Contributions
  • Automobile, travel, office and supplies – if the employer has signed a T2200 for the current year
  • Trade union and professional dues
  • Transportation Employees’ board and lodging– if the employer has provided a TL2 for the current year
  • Legal expenses to recover, or attempt to claim, salary and wages from an employer.  This includes fees for dealing with a lawyer when considering either an offer (if the offer is accepted) or termination of employment.  This also includes legal fees to get a payment from an insurance plan that is provided via your employer.
  • Tradesperson, and Apprentice, Tool Deductions
  • RRSP deductions
  • Medical expenses
  • Charitable Donations
  • Spousal Support payments
  • Adoption expenses
  • Foreign Pensions and the relevant Tax Treaty implications
  • Disability support and attendant care costs
  • Moving expenses
  • Child care expenses
  • Pension Income Splitting
  • Allocation of Dividend Income between spouses
  • Treatment of stock options
  • Home Buyers Plan and Life Long Learner Plans
  • Student Tuition and Education/Textbook credits

Additional items that Commissioned Sales people may deduct include:

  • Payments made for a client list
  • Employment of an Assistant
  • Possible GST rebate on the expense incurred that are not reimbursed by the employer

Personal Tax Questionnaire

The following excell files may also help you get the most of your tax situation: Medical expenses worksheet, Use of Own Automobile worksheet, Use of Home Office worksheet, Rental Property worksheet, Large Ticket Items worksheet and Self Employed worksheet.