Did you file your taxes this year? What about last year? How far behind are you? Even if you know you will not be able to pay your bill, you should file your taxes. Yes, you will accrue interest on the amount you owe, but this will happen when you eventually file anyway. And, by filing on time, you save yourself the penalties!
If you owe the CRA money, make sure you pay up! Do not just bury your head in the sand and hope it will go away on its own, because it won't. Even if they are not calling you about it, it is still accruing interest...
Have you been running a business through Shopify? Have you been reporting your income properly the whole time? Well, the CRA is taking Shopify to court looking for 6 years' worth of records. If you haven't been reporting, now might be the time to start!
Do you own a business? Do you like to write off as much of your income as possible? Of course it's the smart thing to do, but only if you do it properly. The CRA will not take kindly to it if you try to abuse their deductions!
Going through a separation? This can be a very difficult part of life, and can be made even harder if you don't navigate the financial side properly.
Going through a separation? This can be a very difficult part of life, and can be made even harder if you don't navigate the financial side properly.
Do you own your small business? Is it a sole proprietorship? If you are thinking about making the switch, now could be the right time. Learn more about the pros and the cons, and make the right decision for you!
Are you paying late fees? Feel like you're scrambling to keep up with all the bills and payments on time? You're not alone. It can cost bigtime to be behind on these things. That's why it's so important to make a schedule!
Do you have unregistered investments? Are you paying interest on a non-tax-deductible loan or mortgage? Then you could save BIG next tax season with the Smith Manoeuvre! You could end up with thousands of dollars saved next tax season. But be careful, it can backfire if you don't pull it off properly. Make sure you get professional help.
Keeping your affairs organized is a great way to reduce stress and make things go much more smoothly when you need it all. This applies to all parts of life, not just your taxes!
