Personal Tax
At Blue Ocean Tax, we provide comprehensive personal tax compliance and planning services for individuals, self-employed professionals, investors, and business owners. Our focus is on accurate reporting, tax efficiency, and proactive planning to minimize tax exposure and avoid compliance issues with the CRA.
Personal Income Tax Returns (T1)
- Preparation and filing of personal income tax returns (T1)
- Tax planning for salaried individuals and owner-managers
- Review of CRA notices and reassessments
- Support with CRA correspondence and audits
Departure Tax Planning & Filing
- Departure tax calculations for individuals leaving Canada
- Deemed disposition reporting
- Election and deferral planning where available
- Final Canadian resident tax return filings
- Ongoing non-resident tax guidance
Rental Income & Real Estate Tax Reporting
- Rental income and expense reporting
- Capital cost allowance (CCA) planning
- Short-term rental income (Airbnb and similar platforms)
- Capital gains reporting on sale of real estate
- Principal residence exemption analysis
- GST/HST considerations on short-term rentals
Capital Gains & Investment Income Reporting
- Capital gains and losses reporting
- Securities, real estate, and private share dispositions
- Capital gains reserve planning
- Stock option and investment income reporting
- Cryptocurrency transactions (buy, sell, trade, staking)
Foreign Income & International Reporting
- Foreign income reporting
- Foreign Income Verification Statement (Form T1135)
- Foreign tax credit optimization
- Cross-border income coordination (Canada–U.S.)
- Compliance support for offshore assets and income
Self-Employed & Sole Proprietor Tax Services
- Statement of Business or Professional Activities (T2125)
- Business expense optimization
- Home office and vehicle expense claims
- Installment tax planning
- Transition planning from sole proprietor to corporation
Employment Expense Deductions
- Employment expense deductions (T2200-supported claims)
- Work-from-home expense claims
- Vehicle and travel expense analysis
- CRA compliance and documentation review
Moving Expenses
- Moving expense eligibility review
- Inter-city and inter-provincial moves
- Employment and education-related moves
- Proper allocation and documentation
Estate, Trust & Deceased Tax Services
- Final (terminal) tax return for deceased individuals
- Optional rights or things returns
- Estate income reporting
- Application for CRA Clearance Certificate
- T3 Trust Returns (estates and family trusts)
- CPP/QPP death benefits guidance
- Coordination with executors and legal advisors
Advanced Planning for Families & Business Owners
- Estate freeze planning
- Family trust setup and tax reporting
- Intergenerational wealth planning
- Succession planning for family-owned businesses
Estate & Inheritance Tax Planning
- Estate tax minimization strategies
- Inheritance and succession planning
- Capital gains planning on death
- Income splitting through trusts (where applicable)
- Coordination with wills and estate plans
Our Approach
We combine technical tax expertise with a practical, client-focused approach, ensuring compliance while identifying planning opportunities that align with your long-term financial goals.
Our services are tailored for individuals, self-employed professionals, and owner-managed businesses.
Who We Serve
Our personal tax services are designed for:
- Individuals and families
- Salaried employees with employment expenses or complex deductions
- Self-employed professionals and sole proprietors
- Investors and rental property owners
- Short-term rental operators (Airbnb and similar platforms)
- Individuals with foreign income or assets
- New immigrants and individuals departing Canada
- Executors and beneficiaries requiring estate and trust tax filings