Canada Child Benefit (CCB) is the topic of much discussion these days. It has been increased by over 6%, but has had some of the thresholds changed. Similarly, there have been some reports of overpayment that the CRA is coming back for.
Do you own a business that sells products or services to customers in other provinces? Did you know that you most likely have to pay taxes there, too? Make sure you don't get caught out this tax season with a bunch of money owing to other provinces.
Interest rates are high and they just keep getting higher. There are rumours that it might start to decrease in a couple of years, but most peoples' mortgages are going to renew before that! Be prepared. Start working now to make sure you have the room in your budget for an extra few hundred dollars a month.
We work hard to save people as much money as possible on their taxes. But you know what makes that impossible? People who have so little information about themselves that we cannot even access their CRA account. Don't make things harder for yourself than you need to! Keep your files and papers straight and tax season will be smooth sailing.
Did you take CERB that you might not have been entitled to? How about a CEBA loan? Both of these things are coming due, and the CRA is not going to play around. Make sure you open your mail when you receive it and make arrangements to pay!
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.
