Tax Tip Thursday

Let’s dive into getting your taxes ready – it is that time of year!

But 1st, some really good news!

The CRA cancelled the proposed capital gains increase inclusion rate!!!!!! That is great news for a lot of people. And it does not look like any of the 3 parties will bring it back either. So I think we might be safe for 4 years!

No guarantees in life, well, except death and taxes!!!!!!

If you are an individual (not a sole prop or corp)

Some things that you will want to gather up from 2024:
• Property taxes
• Medical expenses
• Donation receipts
• T2202 (education receipt for university or college)
• RRSP contributions (to verify against the slips you will receive at the end of the month)
• Last pay slip (with ytd earnings) to verify against your T4 – you should always check your T4

If you get all that documentation together now, you will find your tax preparation process will smoother!

Also, be sure to come to the free skate on Sunday March 2 at the arena, sponsored by The Mad Accountant!

If you need your taxes done, come see us! But book an appointment first! We are holding last year prices for another few weeks and then they go up!

We can help you prepare for tax season! Make An Appointment today!

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.