Personal Tax Issues You Shouldn’t Tackle Alone
Filing your own taxes might seem simple enough when your income is straightforward. But once life becomes more complex — through business ownership, property investments, or family changes — so do your tax obligations. At ANR, we regularly see clients who come to us after realizing that DIY software or quick-fix tax preparers can’t always handle the nuances of Canada’s tax system. Here are key personal tax situations where ANR can be your Trusted Personal Tax Advisor.
1. You’re Self-Employed
If you operate as a sole proprietor, we can help you:
– Maximize deductions for home office, vehicle, and equipment expenses,
– Ensure you are claiming all available deductions,
– Build a plan to utilize planning opportunities using an RRSP contribution,
Without professional guidance, it’s easy to overclaim or miss legitimate deductions — both of which can trigger audits or lost refunds.
It is also important to understand any HST obligations that you may have being a sole proprietor business.
2. You Own Rental Properties or Investments
Investment income — from real estate, stocks, or mutual funds — brings added tax layers such as capital gains, interest, and foreign reporting requirements. At ANR, we can help you:
– Optimize capital gain/loss strategies
– Track and claim eligible rental expenses
– Navigate complex T776 and T1135 reporting
– Assess tax-efficient ownership structures
With growing CRA scrutiny on real estate transactions, professional oversight is more important than ever.
3. You’ve Experienced a Major Life Change
Marriage, divorce, a new baby, or a death in the family can all alter your tax picture. ANR Tax Advisors ensures you understand:
– How to transfer or split income efficiently
– Eligibility for child and caregiver credits
– Impacts on spousal support or separation settlements
– Estate and inheritance implications
These transitions often create overlooked tax opportunities — or risks — that software simply doesn’t catch.
4. You’ve Received a CRA Review or Audit Notice
If you get a CRA letter, don’t panic — but don’t go it alone. ANR Advisors can:
– Communicate directly with CRA on your behalf
– Prepare documentation to support your claims
– Prepare an Objection or Taxpayer Relief claim if reassessments occur
Having ANR involved early often reduces the scope and stress of a CRA review.
5. You’re Planning for Retirement
Tax-efficient retirement can preserve more of your wealth to enjoy in retirement. An ANR Advisor can:
– Optimize RRSP/RRIF withdrawals
– Splitting income between you and your spouse
– Managing retirement income to avoid OAS clawback
These forward-looking strategies go beyond annual filing — they build long-term financial security.
Working with ANR and our Advisors is not just about getting your taxes filed — it’s about building a trusted advisory relationship that helps you make informed financial decisions year-round. Whether you’re managing a growing business, planning retirement, or navigating a CRA inquiry, professional tax expertise can ensure you do not have CRA on your doorstep.