News

Wednesday, March 06, 2019

Did you hear about the Cannibal Tax Accountant?

She charges an arm and a leg!

 

Tax season can be stressful for the best of us. We have gathered a few tips on things to prep and keep in mind this year when getting organized:

-Step One is to choose a software, or make an appointment if you’re not comfortable doing taxes on you own. Many online options are available at low cost, or to find a tax clinic near you, go to Canada.ca/taxes-help. 

-Get your documents organized: T4, T5, receipts… gather everything together so you have everything handy when you are ready to file. If you scan your documents into the computer, this can be even faster so it just means a quick search rather than digging through files.

-Open an account with CRA online. This makes it easy to access things like your Notice of Assessment, and RRSP contribution room.

-Keep up to date on tax credits. Changes happen every year with credits being added, taken away, or can be indexed to inflation. Take a look at the CRA website for any updates.

-Remember to report business activities even if you earned nothing. The loss will offset other income you might have and will save you tax.

-Keep note of any credits that can be carried over or transferred, like tuition credits.

-Check for accuracy and ensure all the information you’ve entered is complete. Check for any lines on your return that look different than last years to make sure your numbers are right, and that you can explain the differences.

You have ten years to adjust for errors or omissions in tax filings! Remember to keep all receipts.

Posted by Margaret Koniuck at 10:30 PM 0 Comments

Friday, October 05, 2018

Winter Woes

Heading into the long weekend, it's hard not to notice that winter is well on its way! Thankfully we have you covered for for several small mishaps that may happen as the temperature dips.


Pull a muscle shovelling? You can claim your RMT massage or physiotherapy.


Lose a filling when you flew off your toboggan? Dental services qualify.


Crash a bit hard playing hockey with your friends? Ambulance charges can be claimed as well.


As long as you haven't been reimbursed by another plan, these expenses qualify! Just remember to keep your receipts. Give us a call or email with any questions and we can advise you what we can help out with.

 
Posted by Margaret Koniuck at 2:36 PM 0 Comments

Tuesday, April 10, 2018

What Qualifies?

Frequently as you are putting together your claims, you may have questions for us regarding your expenses. Of the questions we receieve, some of the most common surround which medical expenses qualify, and which do not. 

Here are some helpful tips with some of our most common claims:

  • Chiropractic Services
  • Dental services (including teeth straightening! - however toothpaste or toothbrushes and teeth whitening procedures DO NOT qualify)
  • Remedial Massage Therapy (must be RMT - health programs offered by resorts, spas or health clubs DO NOT qualify)
  • Physiotherapy
  • Prescription Drugs (non-prescription birth control devices DO NOT qualify)
  • Naturopath Visits (medications, vitamins and herbs obtained over the counter however DO NOT qualify)
  • Vision care 
  • Prescribed medical devices (prescribed cane, air purifier etc)
  • Laboratory tests
  • Ambulance charges

 

It is important to keep in mind that any illegal operations, drugs or treatments do not qualify. Another important tip...any medical expenses that are reimbursed by other plans DO NOT qualify!

Contact us with any questions regarding your expenses and what is eligible.

Posted by Margaret Koniuck at 11:09 PM 0 Comments

Thursday, March 22, 2018

Things to Remember for Tax Season

Tax season is in full swing! Whether you are filing for the first time or have your forms on auto-fill, there are some important points to remember:

File your taxes

This one seems like a no-brainer to those working, but even if you didn't receive any income last year, you may still be eligible for a benefit and credit payments such as GST/HST credit. Getting your taxes done on time, or even early, is beneficial to getting your return back faster, and limit any interest you may accrue if you owe money and file late.

Get Help

If you are new to filing taxes, there are many resources to assist in making the process as seamless as possible and ensuring you spend as little of your hard earned dollars as possible. The Community Volunteer Income Tax Program can assist you free of charge, as well as a variety of free certified software programs. 

Make the Most of your Claims

As a sole proprietor, corporation or medical service provider, we can assist you to make the most out of your return by putting your health care payments to work for you. A Private Health Services Plan (PHSP) lets you expense your medical and dental costs (for you and your employees) through your company. This provides small business owners with a simple, cost-effective way to extend flexible health care benefits to their employees and provides the added benefit of large tax savings to the business owner.  

Keep those Receipts

Don't throw out your receipts as soon as you file your taxes, you should keep supporting documents for at least six years in case you need to support your claims.

Treat Yourself

Take that refund and treat yourself!

Posted by Margaret Koniuck at 10:41 PM 0 Comments