Time To File You Taxes

Get More Back On Your Tax Return!

Complete Personal Tax Compilation and Filing
A Stress Free Tax Season
Accountants Who Are Enjoyable To Talk To
Transparent Pricing
8+ Years of Accounting Experience
Hundreds of Happy Clients
Certified Accountants

Book With Us For:

Complete Personal Tax Compilation & Filling
A Stress Free Tax Season
Accountants Who Are Enjoyable To Talk To
Transparent Pricing
12 Years of Accounting Experience
100+ Happy Clients
Certified Accountants

Welcome To Philovera Accounting and Tax

Pay Less To The CRA This Year

At Philovera Accounting and Tax we believe that everyone should get the most back on their tax return. Our team of expert accountants help you not only file this year, but also plan for next year! We'll ensure that you get as much as possible back this year, and then get even more back next year!

You work hard to earn your money, don't let the government take more than they deserve.

Gurek Deol

Partner at Philovera Accounting and Tax

Get A Bigger Personal Tax Return This Year

500 +

Happy Clients

8 +

Years Of Experience

Amazing Team Members

STILL NOT SURE?

Frequently Asked Questions

What are the federal income tax brackets and rates for 2024?

The federal income tax rates for 2024 are as follows:

- 15% on the first $55,867 of taxable income

- 20.5% on taxable income over $55,867 up to $111,733

- 26% on taxable income over $111,733 up to $173,205

- 29% on taxable income over $173,205 up to $246,752

- 33% on taxable income over $246,752

What are the Ontario provincial income tax brackets and rates for 2024?

Ontario's provincial income tax rates for 2024 are:

- 5.05% on the first $51,446 of taxable income

- 9.15% on taxable income over $51,446 up to $102,894

- 11.16% on taxable income over $102,894 up to $150,000

- 12.16% on taxable income over $150,000 up to $220,000

- 13.16% on taxable income over $220,000

How do I calculate my combined federal and Ontario provincial tax liability?

To calculate your combined tax liability, apply the federal tax rates to your taxable income to determine the federal tax owed. Then, apply the Ontario provincial tax rates to the same taxable income to determine the provincial tax owed. Add both amounts to get your total tax liability.

What is the basic personal amount for federal and Ontario taxes in 2024?

For 2024, the federal basic personal amount is $15,705, and the Ontario basic personal amount is $12,399. These amounts are non-refundable tax credits that reduce the amount of income tax you owe.

How are dividends taxed in Ontario?

Dividends are taxed differently based on their type:

- Eligible dividends: These are grossed-up by 38%, and a federal dividend tax credit of 15.02% and a provincial credit of 10% apply.

- Non-eligible dividends: These are grossed-up by 15%, with a federal credit of 9.03% and a provincial credit of 3.12%.

What deductions and credits are available to reduce my taxable income?

Common deductions and credits include:

- Registered Retirement Savings Plan (RRSP) contributions

- Childcare expenses

- Medical expenses

- Charitable donations

- Tuition and education amounts

These can reduce your taxable income or the amount of tax payable.

When are personal income tax returns due in Ontario?

Personal income tax returns for the 2024 tax year are due by April 30, 2025. If you or your spouse/common-law partner are self-employed, the deadline is June 15, 2025; however, any balance owing is still due by April 30, 2025

Clients Feedback

Our Clients Reviews

Just a few of hundreds of happy clients!

Dwight Taylor

Mason and the entire team offer outstanding service, knowledge, and care. When working with Mason I feel like I am his most important client, and this is one of the many reasons I recommend him to family and friends, Dwight Taylor

Ron Dunne

I’ve been extremely pleased with Mason and his team since we connected 2 years ago. I used to do my own taxes when working full time, and when I became self-employed. Once I incorporated, I knew I’d need help, and that’s where Mason and his team came in.

There expertise has saved me thousands of dollars that I was not aware were available. Prompt courteous service…and very easy.

Simply load docs online and the next thing you know, Mason has your returns done.

In addition to my corporate taxes, Mason completed my personal, as well as my daughter’s.

Without hesitation, I would recommend Collective Accounting to help complete your taxes.

Dan Hall

Mason and Debbie have always done an amazing job filing our personal taxes for us. Everything is taken care of efficiently on-line. This year Mason found and filed for an exemption for my wife who was looking at paying a huge capital gains tax on the sale of an investment property. Without Mason we would not have known anything about this. He knows his stuff and knows the right questions to ask. Always available to answer our questions via email or phone. Very knowledgeable and thorough. Highly recommend!