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        <p>The T1 personal tax return is the tax return form required to be filed by all taxpayers in Canada.</p>
        <p>This form is mostly filed electronically either by tax professionals using the Efile Service or by individuals using the Net File Service.</p>
        <p>Softron tax has been filing the T1 returns for past 40 years. The T1 General Form lists all sources of your income, your refundable and non-refundable tax credits and calculates the taxes payable or refund for an individual.</p>
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        <p>The T2 Corporate tax return is required to be filed by all the corporations’ resident of Canada.</p>
        <p>A Corporation is separate legal entity and therefore needs to file its own return.</p>
        <p>The corporate tax rates are and taxation laws are totally different from the individual taxation laws and tax rates. Softron tax has a team of experts that specializes in Corporate Taxes, Accounting and Bookkeeping</p>
        <p>To learn more about our Corporate Tax Services, click <a href="/corporate-tax" target="_blank">here</a> Or Visit a Softron location today to discuss your Corporate Tax needs</p>
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        <p>At the time of death of an individual, all his assets are considered to be deemed disposed and become part of his estate.</p>
        <p>As estate is considered a Graduated Rate Estate for a period of 36 months after the date of death. For the purposes of taxation, a T3 trust return needs to filed for all estates and trusts resident of Canada.</p>
        <p>A trust is not a separate legal entity but is considered a separate entity for the purposes of taxation in Canada. Visit a Softron Location today to discuss your estate planning needs.</p>
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        <p>It is now mandatory to report the sale of your house even if that house was your principal residence.</p>
        <p>To avoid any capital gains tax, principal residence exemption can be claimed by filing the principal residence exemption form T2091. The claim for principal residence exemption becomes complicated if the house was not your principal residence for all the years you owned it. It is highly recommended that filing of principal residence exemption should be handled by a tax professional.</p>
        <p>You can learn more about Principal Residence Exemption by clicking <a href="/sale-of-property-tax" target="_blank">here</a>.
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        <p>It is mandatory for every Canadian taxpayer to report any foreign property that you owned during the year valued over $100,000.</p>
        <p>Foreign property can be reported by filing T1135- Foreign Income Verification Form.</p>
        <p>T1135 – Foreign Income Verification Form needs to filed on annual basis for all the years a foreign property is owned.</p>
        <p>Foreign property may include:</p>
        <ul>
         <li style="list-style: disc; margin-left: 30px;> Real Property</li>
         <li style="list-style: disc; margin-left: 30px;> Foreign private corporation ownership</li>
         <li style="list-style: disc; margin-left: 30px;> Foreign stocks</li>
         <li style="list-style: disc; margin-left: 30px;> Mutual funds</li>
         <li style="list-style: disc; margin-left: 30px;> Cash and Cash Equivalents in Foreign Banks</li>
        </ul>
        <p><br/>To learn more about foreign property reporting, click <a href="/sale-of-property-tax" target="_blank">here</a>.</p>
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        <p>If you are self employed or run your own small business that is not incorporated, you are required to file T2125- Statement of Business Activities with your T1 tax return for reporting your business income.</p>
        <p>You can claim expenses on your Gross Business Income business income and this will allow you to pay taxes only on income net of expenses</p>
        <p>Small business and self employed people should collect GST and file a separate GST return.</p>
        <p>You can claim all expenses relevant to your business. It is recommended to talk to accountant to ensure accurate claim of expenses on the business statement</p>
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        <p>The schedule 3 form is used for reporting and Capital Gains or Losses on your capital property.</p>
        <p>The capital property might include:</p>
        <ul>
         <li style="list-style: disc; margin-left: 30px;> Real Property</li>
         <li style="list-style: disc; margin-left: 30px;> Stocks</li>
         <li style="list-style: disc; margin-left: 30px;> Mutual Funds</li>
         <li style="list-style: disc; margin-left: 30px;> Small business corporation shares</li>
         <li style="list-style: disc; margin-left: 30px;> Farm or Fishing property</li>
         <li style="list-style: disc; margin-left: 30px;> Bonds, debentures and other debt instruments</li>
         <li style="list-style: disc; margin-left: 30px;> Personal Use property</li>
         <li style="list-style: disc; margin-left: 30px;> Listed personal property</li>
        </ul>
        <p><br/>You may be issued T3 , T5, T4PS, T5013 or T5008 information slips by your financial institution that will show your gains or losses.</p>
        <p>The CRA records all your net losses and they will be reported on your Notice of Assessment.</p>
        <p>Visit a Softron Tax location to discuss all your Capital Gains Fillings.</p>
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        <p>It is important to inform the Canada Revenue Agency if the marital status of a taxpayer changes.</p>
        <p>The benefits given by the government such as Canada Child Benefit or the GST/HST credit are calculated based on Net Income of the family. Any change in marital status changes the Net Income of the family and therefore the amount of benefits the taxpayer is eligible for.</p>
        <p>It is important to update the marital status even if you have a non-resident spouse who is not in Canada.</p>
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        <p>All permanent residents of Canada are eligible for the Canada Child Benefit.</p>
        <p>If you have recently immigrated to Canada and have children, you may be eligible for this benefit. Canada Child Benefit is non-taxable benefit that is paid out to families to help them with parenting costs and ensuring that no child lives in poverty in Canada.</p>
        <p>The Canada Child Benefit decreases with increasing income to better target lower and middle income families.</p>
        <p>Families having an income over $150,000 generally do not benefit from this program.</p>
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        <p>This year the government is increasing fuel charge rates in order to make way for a greener future. The effects of the fuel charge will hit the wallets of Canadians pretty hard, after all, we need fuel to heat our homes and drive our vehicles. Luckily, the government is providing Canadians with a new tax credit to ease the financial burden of rising fuel charge rates.</p>
        <p>The climate action incentive, abbreviated as the CAI, can be claimed by residents of Ontario, Saskatchewan, Manitoba, and New Brunswick. Amounts will vary depending on your province of residence. The credit corresponds to provinces in which the residents will be charged the fuel charge. Residents of Ontario can expect a basic amount of $154 for an adult over the age of 18. The second adult in a family can claim $77 while the first child of a single parent will also be eligible to claim $77. Single parent families will claim $38 per child starting with their second child while families with two parents will claim $38 for every child. A family of four in Ontario can expect to receive up to $307. The government estimate for the amount that the average household will spend in Ontario because of increased rates is $244.</p>
        <p>The federal pollution pricing system is set to add the fuel charge in April 2019. Get your CAI before April and prepare yourself for the increased rates. Come in to one of our Softron Tax locations and have a professional assist you in getting your CAI credit!</p>
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        <p>GST/HST credit is a government program where government pays back a part of GST/HST credit spent by low income individuals and families.</p>
        <p>All New immigrants including temporary workers and international students are eligible for this credits from the date of their arrival in Canada.</p>
        <p>For the province of Ontario, Applying GST/HST credit will also make you eligible for Ontario Trillium Benefit. Therefore, individuals are not required to file a separate application for Ontario Trillium Benefit.</p>
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        <p>The Disability Tax Credit program is designed to help disabled individuals help cover additional expenses they incur due to their condition. The key features of this program are:</p>
        <ul>
         <li style="list-style: disc; margin-left: 30px;> Additional Tax Credit for disabled individuals</li>
         <li style="list-style: disc; margin-left: 30px;> The disability needs to be approved by the CRA</li>
         <li style="list-style: disc; margin-left: 30px;> The credit can be transferred to spouse or other family members if the disabled individual is dependent on them and does not have a taxable income</li>
        </ul>
        <p><br/>To apply for the Disability Tax Credit , you need to complete Form T2201 – Disability Tax Credit Certificate.&nbsp;You can click <a href="/service/disability-tax-credit-program">here</a> to learn more about this program.</p>
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        <p>Notice of Assessment is the notice sent to a taxpayer by Canada revenue agency.</p>
        <p>It includes the details of your income and your final tax liability.</p>
        <p>If you have a refund, you should receive a notice of assessment and a cheque for your refund or the notice of assessment will state that money is being deposited directly into your account.</p>
        <p>If you have an owing, the notice of assessment will state that and all amounts owed to the CRA should be paid April 30<sup>th</sup></p>
        <p>If you are looking for a Notice of assessment, authorized representatives such as Softron Tax will be able to get your Notice of Assessment through “Represent a Client” Service.</p>
        <p>You can also register for My Account for CRA and access your Notice of Assessments. Visit a Softron Location today and we will be happy to help.</p>
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Forms

T1 - Personal Income Tax Return

T2 - Corporate Tax Return

T3 - Trust Tax Return

Principal Residence Exemption Form

Foreign Property Reporting Form

Reporting Business Income Form

Reporting Capital Gains Schedule 3

Marital Status Change Application

Canada Child Benefit Application

Climate Action Incentive

GST/HST Application for New Immigrants

Disability Tax Credit Certificate

Notice of Assessment

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