Tax Tips

Tax Tips

Related Tax Tips Resources

Tip 1:

So, when exactly are your taxes due? Well, that depends. The filing deadline for personal income tax returns is April 30th. However, the deadline’s extended to June 15th for anyone reporting income from an unincorporated small business. Of course, even if your filing deadline is June 15th, the deadline to pay your taxes is still April 30th.

Tip 2:

Do you own property outside of Canada? Do you hold any foreign investments, including shares of U-S corporations, through a Canadian broker? If so, you may need to file a foreign Income Verification Form along with your annual tax return. Penalties for missing this form can be severe, so if you are unsure, call us now!

Tip 3:

Are you a University or College Student, if so, you will need a T2202A form, from your Education Institution in order to claim any tuition credits. If scholarship or RESP income was received a T4A will be issued for each one. These T4A's must be reported on your tax return. Should you be transferring any of these credits to another person, you are required to file your return first. If you have any questions, now is the time to contact us.

Tip 4:

Processing reviews are becoming more common each year. This is when the Canada Revenue Agency requests additional information from you to support certain claims from your return, such as medical expenses. That’s why it’s important to keep clear records and receipts, so you can support your claims.

Tip 5:

If you pay for certain expenses yourself while performing your job, such as the costs associated with using your personal vehicle for work, and you don’t get reimbursed by your employer, you may be entitled to claim these expenses on your personal taxes. To find out which expenses you may be entitled to claim, now is the time to contact us!

Tip 6:

If you operate an unincorporated business, you’ll want to claim ALL your eligible expenses, as they can have a significant impact on your overall tax payable. Expenses such as the use of a home-office, paying wages to family members who provide services to the business, can be easily overlooked. To ensure you don’t miss a thing, Now is the time to contact us!

Tip 7:

Did you recently move over 40 kilometers to be closer to a new job, or to run a business? If so, you may be entitled to claim a deduction on your taxes related to the costs of the move! For more information related to which expenses can be claimed, give us a call!

Tip 8:

Are you the primary caregiver for a parent or grandparent who lives with you? If so, and depending on their income, you might be entitled to a non-refundable tax credit. To find out whether you might qualify for this credit be sure to give us a call!

Tip 9:

Do you know about ALL the expenses that qualify for the medical tax credit? Medical premiums & Travel Insurance are two examples of eligible expense! If you travel over 40 kilometers for medical treatment, you can also claim travel expenses. If you are traveling over 80 kilometers, you can claim meals & Parking! It is important to keep all your receipts, and a logbook of your mileage!

Tip 10:

Did you become a new parent this past year? If so, you are now entitled to receive the Canada Child Benefit. This benefit is based on your family net-income, so you and your spouse are required to have your tax return filed to continue receiving the benefit. That being said, don’t forget to add your newest family member as a dependent, and file your return on time.

Tip 11:

Are you a Long or Short-Haul Truck Driver, did you know you are required to keep logbooks? To claim this deduction, you must obtain a TL2 & a T2200 form. For more information, call us now and we would be happy to assist you!

Tip 12:

Are you the executor of a will for a loved one that recently passed away? You have at least six months to file the final income tax return, or until April 30th of the year after the death, whatever comes later. For help with all filing obligations, now is the time to contact us!