There are lots of things you can deduct from your taxes, and your Home & Automobile expenses are some of the big ones, especially if you are self-employed! However, the CRA looks at these very closely and audits them often. So make sure you do it right, otherwise you could be in for a nasty surprise!
RRSP, RESP, TFSA, FHSA... The acronyms add up. And so do the contributions! Each account has different limits and different rules about what happens if you add more money than you're supposed to. The penalties often add up quickly, so it's very important to stay on top of them!
Running your own business can be very rewarding and very lucrative. But there's a lot that goes into it, and bookkeeping is one of the biggest challenges that small business owners face. Check out this week's post for some bookkeeping tips that will help keep you on track for a good year!
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.
