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Hesabu
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What we do
We prepare the following returns for you
T1
Individual Income Tax and Benefit Return
Imagine you have a piggy bank, and every time you do chores or help someone, they give you a little bit of money. That’s like you earning money.
Now, in Canada, the grown-ups have to tell the government how much money they earned in the year — just like showing what’s in your piggy bank. They do this using something called a T1 return. It’s like a big grown-up paper (or computer form) where they write down how much money they got, how much they already gave to the government, and if they need to give more or maybe get some back.
So, the T1 return is just a way of saying:
“Hey government! Here’s how much I earned, here’s what I gave you, and let’s see if everything’s fair.”
It’s like your report card that you submit to the government!
T2
Corporation Income Tax Return
Let’s imagine that instead of you doing chores or helping someone to earn money, you start a lemonade stand. That lemonade stand makes money — not for you, but for your lemonade stand.
Now, in Canada, when a business (like a lemonade stand) makes money, it also has to tell the government how much it made. Grown-ups do this using something called a T2 return.
So, a T2 return is like the lemonade stand saying:
“Hey government! We sold some lemonade, here’s how much we earned, here’s what we spent, and here’s what we owe you or what you owe us.”
It’s like a report card, but for a business instead of a kid!
T3
Trust Income Tax and Information Return
Imagine your grandma gave you and your cousins a big jar of cookies to share. But she said, “You can’t eat them all now — someone will help give them out a little at a time.”
Now, the person giving out the cookies (maybe your aunt) has to tell the government:
“Here’s the jar of cookies, here’s how many I gave to each kid, and here’s how many are left.”
That’s kind of like a T3 return in Canada. It’s what people use when there’s a trust — like someone saving money or things (instead of cookies!) to give out slowly to others.
So, a T3 return is like saying:
“Hey government! We’re sharing something special with others, and here’s what we gave and to who.”
T5013
Statement of Partnership Income
Let’s say you and your friends all put your toys together to open a toy rental club — people can borrow your toys and pay a little bit for it. You all share the work and the money you get.
Now, every year, you need to tell the government how much money the club made and how much each friend gets. That’s where a T5013 return comes in.
A T5013 return is like a big sharing chart that says:
“Hey government! Our toy club made some money, and here’s how much each of us gets to take home.”
It’s for partnerships, which means when a group of people work together and share everything — like your toy club!
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