TFSAs and RRSPs are wonderful things. They can save you thousands of dollars in taxes if you use them, and everybody should take advantage of them! But did you know that there are steep penalties to pay if you abuse them? Even if it's unintentional, the CRA does not take kindly to people who over contribute to these accounts.
The Canada Revenue Agency offers an automatic tax filing service called Auto-File. It has some requirements, but they have made it very accessible. Unfortunately, it doesn't always work as intended. One unlucky Quebec resident ended up owing $70,000 due to a technical mishap. Save yourself the trouble!
Do you know what a Bare Trust is? Do you have one? Are you eligible for one? The requirements and criteria for these have changed significantly recently, and you might just be surprised.
Did you know that the CRA can seize your assets if you don't pay them your taxes owing? They give you some time and it doesn't happen right away, but you can't bury your head in the sand about it.
Tax season is only just getting started and we are already having widespread issues with peoples' MyCRA and MyBusiness accounts. Make sure yours is set up properly! It is for your own benefit.
MyCRA and MyBusiness make it much easier for you and your accountant to manage and file your taxes, HST, and everything else for you, your family, or your business. It's quick and easy to set up, and is well worth your time!
The CRA changed how they handle home office expenses for the 2023 tax season, and it's important that you are on the up-and-up if you are going to claim them! The conditions are very specific, but most people who work from home should be eligible.
Do you know how your contribution room in your savings accounts change in every circumstance? Listen now to find out.
With our real estate market ballooning out of control, it's all the more important for first-time home buyers to make every dollar count. FHSAs and TFSAs are a great way to do this, but it can be challenging to understand all the rules and penalties can be costly if you make a mistake.
Savings, savings, savings! It's a great thing to work on, and a lot of people have been asking some questions about them as we roll into the new year. When in doubt, always ask your accountant first!
