If you want to know about Toronto tax return services then read this article which will surely help you in the best possible way to know about this. Also if you are looking for the best accounting firm in Toronto then you can call (855) 910-7234 and contact us to get the best legal services for you.
If you are someone who is finding these tax return services expensive then, there are various free tax return clinics that help eligible people to get their tax returns for free. With the help of the community volunteer income tax program, these clinics are set up all over Canada. You can also file your taxes for free with these clinics.
Where can you get your taxes done for free?
Different types of free tax return services in Toronto that are available in Canada are:
Walk-in: Show up during advertised hours and a volunteer will do your tax return for you on a first-come, first-served basis.
By appointment: Make an appointment to see a volunteer, and the volunteer will do your tax return during the appointment.
Drop-off and pick-up: Show up during advertised hours and drop off your documents. A volunteer will do your return, and you pick it up at a later time. You will have to prove your identity when you pick up your return and documents.
Eligibility for tax-free clinics
You may be eligible for help at a free tax clinic if you have a modest income and a simple tax situation.
In general, a modest income means your total family income is less than the amount shown in the chart below, based on the size of your family. Check with your local community organization, as they may set different amounts.
|Family size||Total family income is under…|
|More than 5 persons||$52,500 plus $2,500 for each additional person|
Why is it important to file a tax return?
A good sign for you
Paying taxes is important for each and every individual, thus filling tax is important as it helps the country to grow. Many people always tend to use unfair means to save their taxes which is illegal. The government mandates everyone to file tax returns according to their earnings. A certain income is a must to file taxes those who earn less don’t have to file any taxes.
Claim tax deductions
The Income Tax Act allows a taxpayer to claim multiple deductions under several sections to reduce one’s tax outgo. However, to claim these deductions under various sections of the Income Tax Act, it is important to file your Income Tax returns every year by the due date
Getting a loan for you
A loan is based on personal income and the proof of your income is only how much tax return you have filled. When you apply for a loan or a credit card, banks will check how you fare when it comes to your finances. If you have filed taxes on time and properly then it will make you a trusted person to give loan to.
The taxes you file are used for the development of the country. Thus if you want to contribute to your countries development filling taxes is the best option for you. Of course, you don’t have to file any taxes if you earn under a certain amount. But if you earn above a certain amount filling taxes is very important as you can be penalized and you might require a Toronto best accounting firm to help you.
If you ever need help with a personal tax audit in Toronto then RC Financial Group is the best option for you to choose. We are a professional accounting firm which will be able to provide you with the best possible accounting services for you.