Make sure you have:
1- All slips such as: T4, T5, T4E, T5007, T4A & ect…
2- Notice of Assessment or Notice of Reassessment
3- Last year tax return
The best time to file your taxes is the middle of March if you just have a simple T4, T4E, otherwise, around April 15 because of T5 , T3 and T5008( Statement of Securities Transactions)
Need more information, please contact ” Ati”
Under the Canadian income tax system, your income tax is based on residency; therefore, you need to know your residency status before filling your income tax return in Canada.
If you became a resident of Canada, you must report world wide income regardless of the source of income on your Canadian tax return since you established significant residential ties such as; home, spouse / common law and dependants in Canada.
There are two types of residency:
– Factual Residents, taxpayers who ordinarily live in Canada but spend their winters in warmer counties, teaching , working temporarily outside Canada, going to school in different countries still may be considered a resident of Canada for income tax purposes.
– Deemed Residents, taxpayers who live 183 days or more during a taxation year and are residents of another country may be deemed to be resident of Canada if they have not established significant residential ties with Canada to be considered a factual resident. Simply Residents and Deemed Residents pay income tax on worldwide income to Canada.
I want to wish you and your family a merry Christmas and Holiday season. If you have any Bookkeeping or Tax Service needs we will be open during the Christmas break.
There are many deductions business owners should be on top of, ranging from accounting and legal fees to home-based business writeoffs and vehicle expenses.
Don’t forget capital asset deductions. Assets belonging to the business, such as computers, automobiles and furniture, may be depreciated at varying rates.
And remember special deductions. For example, computers and accompanying software purchased are eligible to be fully depreciated for tax purposes.
But handle all deductions accurately if you don’t want to raise the ire of CRA. And if you aren’t organized, it’s easy to miss some.
Only contributions made to a charity registered in Canada can be used as a tax deduction.You must have a receipt with the charities registration number printed on it. There are special rules for contributions to charities outside of Canada.