Question 1

How do I file my personal tax return in Ontario?

Accepted Answer

To file your personal tax return in Ontario, you’ll need documents like T4 slips, receipts, and your SIN. You can file online using certified software or work with a personal tax accountant for help with your income tax preparation.

Question 2

What do I need to file taxes for a business?

Accepted Answer

To file business taxes, you’ll need financial statements, payroll records, HST returns, and your business number. Whether you file as a sole proprietor or corporation, it's smart to use business tax preparation services.

Question 3

Can I file my personal and business taxes together?

Accepted Answer

If you’re self-employed, your personal and business income are filed on the same return. For corporations, business and personal tax returns are separate. Always consult a CPA to avoid mixing obligations.

Question 4

When can I start filing my taxes in 2025?

Accepted Answer

The CRA typically opens e-filing in late February. You can prepare early, but filing officially begins once tax season starts. Ask your accountant for the exact 2025 date.

Question 5

Who can help me file my taxes?

Accepted Answer

A tax accountant or CPA can help you file taxes accurately and on time. Many offer tax preparation services for individuals, businesses, and corporations, including consultations and free filing estimates.

Question 6

What documents do I need to do my tax return?

Accepted Answer

You’ll need T4s, T5s, expense receipts, RRSP slips, and previous tax returns. Corporate filers need payroll summaries, income statements, and balance sheets. A tax filing checklist helps avoid mistakes.

Question 7

How much income do I need to file taxes in Canada?

Accepted Answer

In 2025, most individuals must file taxes if they earn more than $15,000. But even lower incomes should file to receive tax credits or refunds. Your CPA can help determine your filing requirement.

Question 8

How do I file my corporation tax return?

Accepted Answer

Corporate tax returns (T2) are filed separately from personal tax returns and include balance sheets, income statements, and expense tracking. A corporate tax accountant can prepare and submit it for you.

Question 9

Can I do my own taxes, or do I need an accountant?

Accepted Answer

If your return is simple, you can use tax software. But for self-employed, corporate, or multi-income situations, working with a tax accountant helps maximize deductions and avoid errors.

Question 10

What is a tax return, and why do I need to file one?

Accepted Answer

A tax return reports your income and tax obligations to the CRA. Filing ensures you pay what you owe or claim refunds and benefits you’re entitled to — including GST/HST credits and child benefits.

Question 11

How much does it cost to file a tax return with an accountant?

Accepted Answer

Costs vary: personal returns range from $60–$200, while corporate filings can range from $300 to over $1,000. Complex returns, payroll tax services, and consultations may affect pricing.

Question 12

Can I get help filing my tax return online?

Accepted Answer

Yes! Many firms offer virtual tax return filing help with secure document upload, video calls, and electronic signatures. ARSC CPA offers remote services for individuals and businesses across Ontario.

Question 13

What’s the difference between tax filing and tax preparation?

Accepted Answer

Tax preparation is gathering and organizing your tax documents. Filing is the act of submitting your return. Most tax accountants offer both as part of their services.

Question 14

How do I file taxes for the first time?

Accepted Answer

You’ll need to create a CRA My Account, gather your T4s and receipts, and use certified software or a tax professional. Filing for the first time can feel complex — help is available!

Question 15

When do I have to file taxes in 2025?

Accepted Answer

For most individuals, the tax deadline is April 30, 2025. If you're self-employed, you have until June 15, but any balance owing is still due by April 30.

Question 16

What are payroll tax services?

Accepted Answer

Payroll tax services include calculating employee deductions, preparing ROEs, and filing T4 summaries. They ensure your company stays compliant with tax law while managing staff payments.

Question 17

What do I need to give my accountant for tax filing?

Accepted Answer

Bring income slips (T4s, T5s), expense receipts, RRSP contributions, property tax bills, and prior returns. For business clients, include payroll summaries and bank statements.

Question 18

Can I get a tax refund if I didn’t earn much?

Accepted Answer

Yes — even low-income earners may qualify for GST/HST credits or refundable tax benefits. Filing ensures you don’t miss out.

Question 19

How do I maximize my tax return?

Accepted Answer

Claim eligible deductions like RRSP contributions, medical expenses, tuition credits, and home office costs. A tax accountant can help you uncover what applies.

Question 20

What is bookkeeping, and how does it help with taxes?

Accepted Answer

Bookkeeping tracks your income and expenses — essential for clean tax filing. Good bookkeeping helps you avoid missed deductions and CRA penalties.

Question 21

What’s the best way to file corporate taxes in Ontario?

Accepted Answer

The best way is with a professional. Corporate filings require specific forms and calculations. CPAs also help with corporate tax planning, payroll, and CRA compliance.

Question 22

How do I know if I need to file taxes this year?

Accepted Answer

If you earned income, paid taxes, or want to claim credits/refunds, you likely need to file. CRA also requires returns to access benefits like the CCB.

Question 23

What’s included in accounting and tax services?

Accepted Answer

These services typically include tax preparation, tax filing, bookkeeping, payroll processing, CRA representation, and financial consultation — all in one place.

Question 24

How do I file my taxes if I worked multiple jobs?

Accepted Answer

You must report all T4s and income. Failing to include each source can result in penalties. A tax accountant can help you consolidate all income properly.

Question 25

What happens if I file my tax return late?

Accepted Answer

You may be charged interest and penalties. Filing late can also delay your refund and benefits. File on time or ask your accountant about CRA payment arrangements.

Question 26

Do I need to file a tax return every year?

Accepted Answer

Yes — even if your income is low or you owe nothing, filing helps you qualify for government benefits and keep your tax history clean.

Question 27

Can you file business taxes with your personal taxes?

Accepted Answer

If you're a sole proprietor, yes. If you run a corporation, no — they are separate filings. Knowing the difference avoids CRA issues.

Question 28

What’s the benefit of hiring a corporate tax accountant?

Accepted Answer

Corporate tax accountants help you stay compliant, reduce tax liability, and access strategic benefits like small business deductions and corporate tax breaks.

Question 29

How do I find my tax return from last year?

Accepted Answer

You can access past returns through your CRA My Account. If filed with a tax professional, request a copy directly from your accountant.

Question 30

Can I get help with payroll and bookkeeping in one place?

Accepted Answer

Yes — many accounting firms, including ARSC CPA, offer bundled bookkeeping and payroll services for small businesses and corporations.

Question 31

What is a holding company and how is it taxed?

Accepted Answer

A holding company in Canada owns shares in other businesses. It may offer tax advantages, like income splitting and capital gains deferral. Ask about real estate holding companies.

Question 32

When should I hire a tax accountant?

Accepted Answer

Any time your taxes get complex — multiple incomes, business ownership, real estate, or audits — it’s wise to bring in an expert.

Question 33

How do I check the status of my tax refund?

Accepted Answer

Log into your CRA My Account or use the CRA’s “Where’s My Refund?” tool. Your accountant can also check the filing status.

Question 34

What are common tax deductions for small businesses?

Accepted Answer

Deductions include vehicle expenses, office supplies, software subscriptions, advertising, and professional services. A CPA helps track and file them accurately.

Question 35

How do I prepare for my tax consultation?

Accepted Answer

Gather income slips, expense summaries, previous returns, and business financials (if applicable). Write down any tax questions you have.

Question 36

Is payroll taxable in Canada?

Accepted Answer

Yes — employers must deduct income tax, CPP, and EI from employee pay and remit them to the CRA. A payroll tax accountant helps with this process.

Question 37

Can I refile my taxes if I made a mistake?

Accepted Answer

Yes — through a T1 Adjustment (for individuals) or amended T2 return (for corporations). Speak to your accountant before submitting corrections.

Question 38

What tax services does ARSC CPA offer?

Accepted Answer

We provide personal and corporate tax return preparation, payroll services, bookkeeping, CRA audit support, and business consulting in Ontario and beyond.

Question 39

How do I choose the right tax accountant?

Accepted Answer

Look for credentials (CPA), client reviews, specialization (personal, corporate, payroll), and whether they offer free consultations.

Question 40

What questions should I ask my accountant about taxes?

Accepted Answer

Ask about deductions, filing deadlines, business structuring, audit protection, and how to get the most out of your tax return.

FAQ