The tax numbers for 2024 are in and inflation has pushed them substantially higher. On top of that, there are changes to almost every other aspect from CPP, TFSAs, RRSPs, and the new Alternative Minimum Tax (AMT). Are you ready for 2024 tax season?
Do you have a corporation that only serves one client? Be careful how you file your taxes! The CRA is cracking down on Personal Service Businesses big-time and the costs can be huge.
Guess what? The CRA actually admitted they were wrong about part of CEBA! They were not clear about eligibility near the start for small businesses, and are giving people a break if they were fooled by this. But make sure you get it right! Not everyone is getting a break!
Deadlines are coming for CEBA loan repayments and the CRA is on a rampage going after people who may not have been eligible for the grants they took. Lots of audits are happening, and it can be hard to navigate!
Did you know that forgetting to respond to CRA emails or letters is not an excuse to not file your taxes? Unless you can prove that you never received the email or letter, you are on the hook and they will come after you for it. Don't wait! Respond to that brown envelope right away.
Do you run your own business and share the income with your spouse? Make sure that you're doing it properly, or the CRA might not like it. The best thing you can do is have the right strategy going into it, so hire an accountant today!
Did you take a CEBA loan for your business? They've extended the deadline for repayment into January. It's not much, but it is better than nothing. Make sure you're planning for this, though, because there could be serious implications if you don't!
Check your bank account! It's that time of year again -- the government is sending out money. If yours is missing, it's time to check your MyCRA account!
Did you know that if you owe the CRA $10,000 at tax time and are even one day late, you will owe them over FIVE HUNDRED dollars? That's right -- it could cost you big-time if you don't stay on top of things. That's why it's best to do what you can now to avoid this situation entirely.
With the cost of living rising faster than our wages, it can be hard to set aside money for savings or for taxes at the end of the year. Try using the $5.34 rule to save small amounts frequently so it can add up and contribute to your future!
