If you are wondering when you will receive your income tax refund, you can login to My Account online, or call Telerefund at 1-800-959-1956. Most refunds will come within 10 business days if the income tax return was e-filed, and 8 weeks if paper filed.
Have questions? Give us a call at 905-571-2665.
Have you given your employee a gift recently? It isn’t always a taxable benefit. Non-cash gifts for a special occasion have an upper limit of $500, and non-cash gifts for a work anniversary have an upper limit of $500 every five years. Anything in excess, however, is a taxable benefit.
Beware of “superficial” loss, which happens when you dispose of capital property at a loss but then purchase it back less than 30 days later. This includes any property that creates any capital gain or loss such as an investment. The end result is not being able to claim the loss as a capital loss on your income tax.
