February 20, 2022

How to Confirm CRA Called You

Here is how to confirm if the CRA called you…and not a scammer: Tell the caller you would like to first verify their identity Ask for, and make a note of their: name phone number office location Check that the call you received was legitimate by contacting the CRA at the number that you look up yourself on the CRA website before you provide any information to the caller.  Call the CRA employee back to discuss the reason for the call.
February 12, 2022

Maximum Home Office Subsidy

The maximum home office equipment subsidy (March 15, 2020 to Dec 31, 2022) is $500. Anything above that is taxable income. See your tax accountant for more
February 12, 2022

Back Up Your Tax Expenses!

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

Pool Donation Credits and Save Tax

If you pool donations credits between you and your spouse, you can increase tax credits for the family by $28.
February 8, 2022

RRSP Deadline March 1 2022

The deadline to contribute to your RRSP for the 2021 year is March 1, 2022. Check your CRA account, previous year’s Notice of Assessment, or ask your tax accountant for more information.
January 26, 2022

Home Office Expenses Credit

You can claim a Home Office Expense Credit for 2021. Details here. Talk to your tax accountant as needed!
January 26, 2022

Eligible Educator School Supply Tax Credit

Don’t forget about this! New!
April 14, 2021

Tax Deadline April 30th

The Tax deadline for T1s is April 30th. As of today, April 14th, no extension has been offered by the CRA. Ottawa Tax offers an online Portal for safe document transmission if needed.
April 4, 2021

2020 Tax Deadline

The 2020 Tax deadline is approaching on April 30, 2021. Make sure, you do your taxes properly with CERB income and other government (CRB, CESB, CRSB,CRCB) supports. Penalties ~5% and interest may apply if you file and pay late.
January 13, 2021

Taxation of Government Support

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, […]