Tax Tip Thursdays with The Mad Accountant on 105.5 HITS FM
We are on the radio every Thursday morning at 8:10, with Morning Den host Dan Pollard, giving YOU our latest tax tips. You can listen to highlights and full episodes below, and even engage in discussion with us using the blog posts at the bottom of the page. Hear something you like? Please don’t hesitate to give us a call.
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TTT: CERB Repayment and Short-Term Rentals
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!
TTT: CEBA, CERB, and CEWS
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!
TTT: The Dreaded Brown Envelopes
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.
TTT: Managing Your Business Income
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!
TTT: CEBA Repayment Closing In
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!
TTT: Changes to Your Money From the Government
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!
TTT: Preventing Problems Down the Road
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.
TTT: Japanese Art of Saving Money (Kakeibo)
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!