Personal Tax Return and Credits Specialist
Coordinating your T1 personal tax return with corporate income, rentals and investments
Personal tax for business owners is about more than filing a T1; it is about coordinating salary, dividends, rentals and investments so your overall tax bill stays under control. Greg Cowan CPA helps professionals and self‑employed individuals across Ontario file accurate personal tax returns and keep corporate and personal tax working together.
What is a personal tax return?
A personal tax return (T1) reports your income, deductions, and personal tax credits for the year so the CRA can calculate how much tax you owe or how much refund you are entitled to. It can include employment income, self‑employment and business income, rental properties, investment income, and various federal and provincial personal tax credits.
Why your personal tax return matters?
More than just a refund:
A well‑prepared personal tax return helps you use the right personal tax credits, avoid missed deductions, and understand why you owe or are getting a refund this year.
Connected to your business:
If you own a corporation or are self‑employed, coordinating your T1 personal tax return with your corporate tax return can reduce your overall tax burden over time
Less stress with CRA:
Accurate personal tax returns, filed on time, lower the risk of CRA letters, reassessments, and interest charges, especially when you have multiple income sources.
Personal tax return preparation
Business owners and incorporated professionals who need their T1 personal tax return coordinated with their corporation and overall tax plan.
Rental property owners and investors with non‑registered investments who want to report multiple income sources correctly and avoid overpaying tax.
Includes
Preparation and filing of your personal T1 return, including employment income, business and self‑employment income, rental properties and investments.
Careful review of available credits and deductions so your personal tax return is complete and optimized.
Coordination with your corporation or business records to align salary, dividends and other income sources with your overall tax plan.
Electronic filing (EFILE) of your return with CRA confirmation for your records, plus phone and email support to answer questions before and after filing, not only at tax time.
FAQs
What documents do I need to file my personal tax return?
You typically need your T4s, slips for investment and rental income, RRSP and other deduction receipts, plus any documents related to your corporation (salary, dividends, expense reimbursements)
Do I need to file a return if I had little or no income?
Yes, filing is usually recommended because it allows you to access benefits and credits such as the GST/HST credit and Canada Child Benefit, even if you owe no tax.
How do you coordinate my T1 personal return with my corporation?
Greg reviews your corporate salary, dividends and expense reimbursements together with your personal income and deductions to choose a mix that keeps your overall tax bill as low as possible over time
When is my personal tax return (T1) due?
Most individuals must file by April 30, and any balance owing is also due that day; if you or your spouse has self‑employment or business income, you can file by June 15 but interest still starts after April 30.
What happens if I’m missing a slip or need to correct my return later?
If a slip is missing, it can often be downloaded from CRA’s My Account or estimated from pay statements so you can still file on time; if new information arrives later, an adjustment can be filed electronically or with a T1 Adjustment Request.