Have you made any mistakes on any of your tax returns? Fear not! Amending these mistakes does not increase your chance of being audited, nor does it mean you have done something illegal. You can always fix these honest mistakes and the CRA would rather you do it instead of having to spend the time figuring it out.
Have questions? Give us a call at 905-571-2665.
Did you know? If you have childcare expenses such as: caregivers (nannies, babysitters), nursery schools, educational institutions that provide childcare services, day camps and sports camps with a primary goal of childcare, or boarding schools – you can claim them!
For more information on the amounts you can claim, click here!
Have questions? Give us a call at 905-571-2665.
Consider this…
As is the standard in much of Canadian Law, the CRA uses a “reasonableness” test to determine their decisions as they relate to business income. In fact, “reasonable” and “reasonably” shows up an astounding 1,219 times in our Income Tax Act. Before you plan on doing something, consider for example whether or not the CRA would think you “reasonably” expected a profit from your undertaking.
Have questions? Give us a call at 905-571-2665.
