Personal Tax Accountant:
To Help You Make the Right Decisions
Looking for a personal tax accountant? Our personal tax services offered to individuals in Montreal and the surroundings include many facets. From tax reports production to tax adjustments management, you will find the financial service that corresponds to your situation.
Establishment of residence status, notices of assessment and the monitoring of installment payments, tax declaration for self-employed workers, income tax objection, etc.
Our professional accountants and certified tax specialists can make sure that nothing about your financial health is left to chance!
Did you know?
Personal income tax returns—also called T1—must be filed and paid no later than April 30th of each year. This filing deadline is extended to June 30th for self-employed workers or spouses of self-employed workers.
Even if the delay is longer for the self-employed, they must make the payment of the estimated tax on April 30th, otherwise, interest will begin to accrue from May 1 to the date the tax return is filed.
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Personal Tax Accountant
Which Individuals Must Pay Income Tax?
Canadian Residents
By law, anyone considered a “Canadian resident” is taxed on their income earned in Canada and elsewhere in the world. A person who officially resides in Quebec is therefore required to declare the following income to the Canada Revenue Agency and Revenu Québec: his/her salary, his business income (see business tax accountant) or self-employed income, his/her income pension, all investment-related income, and income earned abroad.
Factual Residents
A person who usually lives abroad, but who has worked part of the year in Quebec can be considered a “factual resident”. The government divides factual residents into 2 categories: new immigrants and emigrants.
To be considered a new immigrant, you must have recently established significant residential ties in Quebec. This status involves paying tax on income related to Quebec employment or income from a business operating in Quebec, on taxable capital gains, and on income from foreign sources after immigration to Canada.
On the other hand, those who leave Canada are considered emigrants and must pay tax on their worldwide source income as well as the departure tax until the official date of emigration.
Deemed Residents
For a person to be considered a “deemed resident”, one must rely on the 183-day rule: if they have resided in Quebec for at least 183 days, but have no significant ties with Quebec, they are then considered a deemed resident. Like any resident of Quebec, this person is subject to personal tax obligations and must declare income from all sources.
If the person has not resided in Quebec for at least 183 days, he/she is not considered a “deemed resident”. In this case, he/she will only have to pay tax on income earned in Québec.
Personal Tax Accountant
Being a Non-resident Does Not Remove Any Tax Liability
Anyone who has not resided in Quebec for at least 183 days and who has no significant or secondary ties to the country is considered a non-resident. However, a non-resident person, but who has income from Quebec sources, is still required to pay tax in Quebec and in Canada.
This includes employment and/or business income earned in Quebec, as well as investment income earned in the province.
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Ask Your Personal Tax Accountant to Find Out About Your Status and Obligations
Depending on your residency status, your obligations with respect to the Canada Revenue Agency and Revenu Québec will not be the same. It is therefore essential to know your status so that you can fulfill your tax responsibilities.
At EB Conseil Fiscal inc., we can help you understand your current situation and obligations toward personal tax. In this way, any unpleasant surprises can be avoided and your good financial health will be ensured.
Need help finding your residency status, taking stock of your international income, or filing a tax return? Regardless of your status, our accounting firm will direct you to the choices best suited to your situation.
Take the financial advice of our chartered professional accountants, and avoid any unpleasant surprises!