February 24, 2024
Published by Michael Blank at February 24, 2024
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Do you need help with 2023 taxes? Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those. There are new Bare Trust registration requirements; if there are differences between who is the legal owner, and who is the beneficial owner (i.e. parents holding title for a house for their children) this must be reported. Make sure your taxes are filed properly. Contact a tax accountant today!
March 10, 2023
Published by Michael Blank at March 10, 2023
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Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those.
April 4, 2022
Published by Michael Blank at April 4, 2022
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Make sure to check CRA’s Autofill for your tax return! I have seen many clients miss tax slips from Autofill. RRSP slips are usually late because the RRSP ends so late. T4As for seniors are missing this year, or have errors. Two out of three T3s show up. Even a T4 was missing. Make sure you check every slip this year.
April 4, 2022
Published by Michael Blank at April 4, 2022
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Are you using your Capital Losses properly to offset Capital Gains? Many taxpayers have not used Capital Losses from previous years properly. Contact your tax accountant today.
April 3, 2022
Published by Michael Blank at April 3, 2022
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The government of Canada sent CERB payments to over eight million Canadians. Many of those may have received more CERB (Canada Emergency Relief Benefit) than they were entitled to. The government will be mailing out more than 1 million letters to Canadians reviewing their CERB eligibility. If you have any questions, contact service@ottawatax.ca
February 12, 2022
Published by Michael Blank at February 12, 2022
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If you make claims in your taxes, you’d better back them up. Most claims in taxes require invoices and receipts as backup. Jamie Golombek of the Financial Post had to spend over an hour getting backup (receipts / invoices / evidence) of his home office claims after a CRA audit. Read his Feb 10 article.
February 9, 2022
Published by Michael Blank at February 9, 2022
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If you pool donations credits between you and your spouse, you can increase tax credits for the family by $28.
January 26, 2022
Published by Michael Blank at January 26, 2022
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You can claim a Home Office Expense Credit for 2021. Details here. Talk to your tax accountant as needed! https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/how-claim.html
January 26, 2022
Published by Michael Blank at January 26, 2022
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Don’t forget about this! New! https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-46800-46900-eligible-educator-school-supply-tax-credit.html
January 13, 2021
Published by Michael Blank at January 13, 2021
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This is a short reminder that government support payments are often taxable. Some of the payments send out had no tax deductions, so if you received cash, put some aside for taxes. For the CERB, How much to put aside? As it was at a low-income level, use the lowest rate at 20.5% (federal rate at 15% and provincial 5.05%). So the rule of thumb is put aside 20% of CERB. The CRA-administered CRB, CRSB and CRCB all have 10% withheld at source (they deduct 10% for taxes just like you were an employee). So, put aside 10% of CRB, […]