Shaelene’s Tax Tip of the Week – February 16th

Books In Line

⬇️  Important dates to remember and RRSP limit changes for 2021 and 2022. ⬇️

  • March 1st is your deadline for RRSP contributions
  • March 15th is your deadline for all paperwork (included completed bookkeeping) to be handed into the office. This is in order to have your income taxes completed by May 2nd
  • May 2nd is your deadline to file your taxes (unless self-employed)
  • June 15th is your deadline to file your self-employed taxes, but any money owing must be paid by May 2nd
The limits have been changed for RRSP and are as follows:
  • For 2021 your RRSP limit is 18% of your earned income to a maximum of $27,830, minus any pension adjustments
  • For 2022 your RRSP limit is 18% of your earned income to a maximum of $29,210, minus any pension adjustments

We’ve got you covered!

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

Shaelene’s Tax Tip of the Week – February 9th

Books In Line

⬇️    Did you know?   ⬇️

Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products.

The CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, the CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

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

We’ve got you covered!

Your February 2nd Tax Tip of the Week – from Shaelene! ?

Books In Line

⬇️    Did you know?   ⬇️

The deadline for filing your income tax return is June 15th if you’re self-employed. However, you must still pay taxes owing by April 30th. If your taxes owing is more than $3,000 in the current or previous two years, you will be required to pay quarterly installments. There could be interest and penalties incurred by the CRA if you miss meeting your income tax filing and payment deadlines.

To avoid being hit by a huge tax bill or missing deadlines, it may be wise to make it a habit of estimating taxes owing based on your income throughout the year and making monthly or quarterly tax payments to the CRA by setting them up as an online vendor via online banking.

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