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

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⬇️    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)!

Shaelene’s Tax Tip of the Week – November 10th

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Did you know? You can use childcare expenses to lower your taxable income. ?

Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

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

We’ve got you covered!

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

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Did you know?
Many executors who are family members fulfill the role out of a sense of duty.  If you don’t mention Executor compensation it will be governed by the rules of the province where the deceased resides.  Executor fees are treated as taxable income, whereas gifts by a will are not.

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

We’ve got you covered!