If you ever receive a bonus, you can defer it up to 3 years. This may make sense for you, if you expect the bonus will put you in a higher tax bracket for the year you receive it.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
Keep your tax return documents, even after you file! The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.
Have questions?
Are you retired and still working? Stop paying for CPP: “If you’re 65 or older, and plan to continue working, you can choose not to contribute to CPP by completing Form CPT30 Election to stop contributing to the Canadian Pension Plan, or Revocation of a Prior Election.”
Have questions?
