Shaelene’s Tax Tip of the Week – August 17th

Books In Line

Do you have any uncashed cheques from the CRA? Here’s how to see if you do. 👇

Since February 2020 the CRA has been reaching out to individuals who have uncashed cheques from the CRA. Because the cheques are from the government, they never expire and cannot reissue a new cheque until it has been requested by the receiver. Many times cheques can be lost or forgotten, other times it can be that the receiver of the cheque has moved and did not update their address with the CRA.

This month the CRA will be reaching out to 25,000 individuals about their uncashed cheques. Later in the year in November another 25,000 will be notified and again in May 2023. If you would like to know if you have any uncashed cheques from the CRA you will need to check your My Account through the CRA.

It can be found on the right hand side under “related services section” of your home page of your account. If you do not have an account already you can create one with the link below. You will need the current tax year return or the previous year to create the account.

Have questions?

Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – August 3rd

Books In Line

Have you had to take any prescription medications (that aren’t vitamins) that you don’t have coverage for?

You can write off any prescription medications that you took this tax year, before December 31st. You can also claim medical insurance that you have purchased for an out-of-country trip!

Have questions?

Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – July 27th 💸

Books In Line

Do you plan on selling your principal residence?

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale. If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.

Have questions?

Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!