CPA-led T1 personal income tax return preparation for Canadian residents, newcomers, self-employed individuals, owner-managers, and individuals with cross-border income.
The T1 is not a data-entry exercise. For individuals with employment income, investment income, self-employment income, rental properties, foreign assets, or cross-border obligations, the T1 requires judgment — about which income is taxable, which deductions are available, which elections are beneficial, and which disclosure obligations apply.
A missed T1135 disclosure, an unreported capital gain, or an RRSP over-contribution can result in penalties that exceed the tax owing on the underlying income. TYM prepares T1 returns with the documentation standard that CRA review requires.
$25 per day penalty, up to $2,500, for failure to file. Additional penalties for gross negligence. The CRA has been actively enforcing T1135 compliance — voluntary disclosure is available but requires proactive action before the CRA contacts you.
Capital gains on the sale of securities, real estate, or business assets must be reported in the year of disposition. The principal residence exemption must be designated on Schedule 3 in the year of sale — failure to designate gives the CRA discretion to deny the exemption.
Over-contributions exceeding the $2,000 lifetime buffer are subject to a 1% per month penalty tax. The penalty applies from the month of the over-contribution and continues until the excess is withdrawn or absorbed by new contribution room.
Individuals whose T1 must be coordinated with the T2 corporate return — salary versus dividend decisions, shareholder loan balances, RRSP optimization, and TOSI compliance.
Year-of-arrival returns addressing the transition date, worldwide income for the period of Canadian tax residency, foreign asset disclosure, and treaty-based positions.
T2125 business income and expense schedules, HST/GST obligations, home office deductions, vehicle expenses, and capital cost allowance for business assets.
T776 rental income schedules, CCA elections, principal residence designations, and the interaction between rental income and the passive income rules for incorporated investors.
T1135 foreign asset disclosure, foreign income reporting, foreign tax credit calculations, and treaty-based positions for individuals with assets or income in the U.S. or other jurisdictions.
Individuals with concurrent Canadian and U.S. filing obligations — T1 coordinated with Form 1040, FBAR, Form 8938, and applicable treaty positions.
TYM reconciles all T4, T5, T3, T4A, and other information slips to the client's records. Investment income, dividend income, and capital gains are reported with the correct inclusion rates and eligible dividend designations.
TYM calculates available RRSP contribution room, identifies the optimal contribution amount based on current and projected income, and tracks unused room and over-contributions. For owner-managers, RRSP strategy is coordinated with salary-versus-dividend decisions.
T776 rental income schedules and T2125 self-employment schedules are prepared with documented expense allocations, CCA elections, and home office calculations. Each schedule is supported by a reconciliation to the client's records.
T1135 foreign asset disclosure is prepared for clients with specified foreign property exceeding the $100,000 cost threshold. For cross-border clients, the T1 is coordinated with applicable U.S. filings and treaty positions.
TYM provides a structured information request covering all applicable income sources, deductions, and disclosure obligations. The scope is confirmed — including any year-of-arrival, departure, or cross-border considerations — before work begins.
All information slips are reconciled. Rental income, self-employment income, capital gains, and foreign income schedules are prepared with documented expense allocations and elections.
The T1 is prepared and reviewed by a CPA. RRSP optimization, foreign tax credits, and any elections are confirmed. The return support file is assembled.
The completed T1 and return support file are provided to the client for review. After approval, the return is filed electronically with the CRA.
If the CRA requests documentation or selects the return for review, TYM provides the return support file and manages the response.
TYM Business Consulting provides T1 personal income tax return preparation services in Toronto for individuals, owner-managers, newcomers, and cross-border clients across the Greater Toronto Area — including North York, Mississauga, Vaughan, Markham, Oakville, and Brampton.
It is a penalty that accrues daily until it is corrected — and a CRA file that is now open.
Schedule a T1 ConsultationThe content on this page is for informational purposes only and does not constitute professional tax or legal advice. Tax rules change frequently. Consult a qualified CPA or tax advisor for guidance specific to your situation.