M&R Tax Pro Accountants Ltd.

M&R Tax Pro Accountants Ltd. is an accounting office in Toronto providing Taxation, accounting, business advisory, bookkeeping and payroll services to a brand range of clients, including small- to mid-sized businesses, and individuals. we have diversified client base of closely-held businesses, high net worth individuals and sole proprietors that we regularly work with them throughout the year to make sure they have less work to handle when it comes to tax time and deadlines.

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You are subject to Canadian taxation if you are a resident in Canada, carrying on business in Canada, or selling certain real estate or certain property within Canada. Non-resident tourists who own certain types of property in Canada that are available for rent may also subject to Canadian tax.

Many clients struggle with keeping up-to-date with Canada’s always-changing tax laws. This can lead to significant risks, like the CRA assessing additional taxes, interest and penalties

You are subject to Canadian taxation if you are a resident in Canada, carrying on business in Canada, or selling certain real estate or certain property within Canada.

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Have you recently had one the below situations?

We can help you to learn about these special situations, and others, that can get you a bigger refund or less balance owing

We learned form our years of Canadian personal tax filing experiences that accounting and tax matters involve a combination of host of services, knowledge, and respect. At M&R Tax Pro Accountants we act as your personal tax accountant and assist you in identifying the tax slips, tax credits and deductions needed to complete your personal tax return.

What we do:

Our personal tax return services include:

The following are some regular tax slips or sources of income in preparation of personal tax return:

Tax deductions or Tax write-off

Identifying your eligible tax deductions or tax write-off is another great way of reducing your taxable income and pay less tax or receive more refunds. At M&R Tax Pro, we assist you to identify your eligible tax deductions to included in your tax return. Below are some examples of deductions you might be eligible for your personal tax:

Identifying tax deductions is the first step, but the other important aspect is to deduct them properly. For instance, advertising expenses are deducible, but depending on the medium, you might deduct a portion or part of that as below:

There are also several tax credits for individual to consider when filing their personal tax returns. In M&R Tax Pro, we ensure all of them considered properly when preparing your personal tax return. The below list includes some of the tax credits that you might be eligible for:

At M&R Tax Pro, we represent you with CRA and will update you if you have any tax owing with CRA and make sure that your tax return is filled on time unless beyond of our control.

Individual – deadlines

Normally, the deadline for individual to file their tax return is April 30th of the following year to ensure accurate federal and provincial benefits payments. If you owe any tax corresponding to your tax filing, you have to pay until April 30th as above. However, filing date for 2019 tax year set up by CRA until June 1, 2020 and the tax owing payment for 2019 tax year to prevent applying any penalty and interest set up until September 30th, 2020.

Self-employed and their spouse or common law partner – Deadlines

The CRA is seeking T1 returns by June 15, of the following year for sole proprietors in order to ensure accurate federal and provincial benefits payments. Normally, you have to pay until April 30th as other individual. However, for the year 2019, penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 30, 2020

Deceased individuals – Deadlines

Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. However, extended date for 2019 tax year set up by CRA until June 1, 2020

Deceased self-employed individuals – Deadlines

If the deceased or the deceased’s spouse or common-law partner was carrying on a business in 2019 (unless the expenditures made in the course of carrying on the business were mainly the cost or capital cost of tax shelter investments), the following due dates generally apply:

For 2019 tax year (extended):

If you would like to have peace of mind for your personal tax return and receive sufficient and efficient supports afterward, M&R Tax Pro accountants is here to be your personal tax accountant and assist you for your personal tax matters.

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