Personal Tax Bookkeeping

At CPA PRO SERVICE, we understand the complexities of managing T1 tax filings in Canada. Our specialized add-ons streamline the bookkeeping process, ensuring accurate and comprehensive management of various income sources. Here’s how our tailored solutions can benefit you:

1. Cryptocurrency Bookkeeping:

• Highlight: Stay compliant while managing cryptocurrency transactions.
• Benefits: Accurate tracking of gains/losses, capital gains reporting, and tax filing for crypto-related income.

2. Rental Income Bookkeeping:

• Highlight: Simplify recording and tracking of rental property finances.
• Benefits: Clear segregation of income/expenses, automated calculations for property-related deductions, and detailed reports for tax filing.

3. Investment Bookkeeping:

• Highlight: Streamline management of diverse investment portfolios.
• Benefits: Automated tracking of stock transactions, dividends, capital gains, and integration with tax forms for easier reporting.

4. Freelancer/Contractor Bookkeeping:

• Highlight: Tailored bookkeeping for freelance or contract-based income.
• Benefits: Categorization of earnings/expenses, mileage tracking, and simplified reporting for self-employment taxes.

5. Small Business Bookkeeping:

• Highlight: Comprehensive accounting for small business owners.
• Benefits: Invoice management, expense categorization, payroll integration, and simplified tax filings for business-related income.

6. Foreign Income Bookkeeping:

• Highlight: Manage income earned outside Canada efficiently.
• Benefits: Accurate conversion of foreign currencies, tax calculation for foreign income, and simplified reporting for CRA compliance.

7. Real Estate Bookkeeping:

• Highlight: Specific bookkeeping for real estate professionals or investors.
• Benefits: Streamlined tracking of property acquisitions, depreciation, property taxes, and capital gains/losses for tax reporting purposes.

8. Family Income Splitting Bookkeeping:

• Highlight: Optimize income distribution within the family for tax efficiency.
• Benefits: Calculation and tracking of income splitting strategies, ensuring compliance with CRA guidelines.

9. Charitable Donations Bookkeeping:

• Highlight: Simplify documentation and tracking of charitable contributions.
• Benefits: Detailed recording of donations, automated tax credit calculations, and easy integration with tax filings.

10. Education Expenses Bookkeeping:

• Highlight: Effortlessly manage education-related expenses for tax purposes.
• Benefits: Categorization of tuition fees, textbooks, and other eligible education expenses for tax deductions or credits.

Additional Features:

• Custom Reporting: Generate detailed reports tailored to specific tax requirements.
• Preparation of Management Accounts: Detailed financial statements for informed decision-making.
• Trial Balance Preparation: Accurate balancing of ledger accounts for financial accuracy.

Ready to streamline your T1 tax filings in Canada?

Contact CPA PRO SERVICE today to discover how our specialized bookkeeping add-ons can simplify your tax management.