Tax Tip Thursday

For our last blog post of 2022… I bring you a list of tax chores to tackle over the holidays!

Who doesn’t love a bit of homework?

On the First day of Christmas

Make sure you have a CRA account for your business and/or HST! The CRA is making everything more difficult these days and for us to get representation of a client is getting harder too. We cannot do any work for you unless we have access to your CRA accounts and now it is pretty much a requirement for a business to have access to their own CRA MyBusiness account in order to get representation.

On the Second day of Christmas

Make sure you have a personal CRA account too!  You can see all your assessments, T4, T5, T3, etc….  plus you can authorize a representative!  Which could include family members for later in life!

On the Third day of Christmas

Take some time and call up your monthly services such as phone, internet, cable, satellite, etc….  Many of them have deals at this time of year.  You don’t even necessarily have to change anything, they just have better deals available.

On the Fourth day of Christmas

For all you shoppers out there, you might want to try and pay for some things using Debit instead of Credit to avoid, big credit card bills in January!  Looks like it might be a rough 2023 for our economy.

On the Fifth day of Christmas

Personal or business, if you are expecting a tax bill, start saving now!  Individuals and sole proprietors have a little over 4 months until your taxes will be due (April 30).  If you are a corporation with a December year-end, you have 3 ½ months til your taxes are due (March 31)!

On the Sixth day of Christmas

If you have HST payable as an annual filer, it is also due April 30!

On the Seventh day of Christmas

If you are making RRSP contributions, while you have until March 1 to make them December is quite often a very good time of year to purchase investments or at a minimum to plan it out for the year!

On the Eighth day of Christmas

If you were supposed to make tax installments – make one now!  Dec 15 is installment day!

On the Ninth day of Christmas

If you claim your automobile, feel free to create your mileage log now if you don’t have one already.

On the Tenth day of Christmas

Did you sell a house in 2022 – make sure you have all the paperwork.  While there are no tax consequences, you have to report it on your tax return.  And beware, if you think not reporting it is not important, think again.  Not reporting it, could cause you grief in the future if the CRA comes knocking.

On the Eleventh day of Christmas

If you are a business and haven’t done your bookkeeping for 2022 yet, don’t wait any longer!  We can help you get caught up as well as set you up on a system for the start of the new year!

On the Twelfth day of Christmas

Sit back and relax and enjoy the last few days of 2022!

Call Us in the New Year!

Did you do all your homework? Did you get stuck on any of it? Let us know! Book an appointment now.

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.