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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

Monday, November 19, 2018

Welcome to Financial Literacy Month!

Financial literacy month is a great time to take a closer look at your finances to see how to spend and save wisely. There are many aps out there to help you take a closer look at where your spending is going, and where you could fit in some savings. We all know every little bit helps coming up to the Christmas season!
 
Here are some of our top tips:
 
Set up a budget with clear savings goals. Once you have a schedule down on paper it's a lot easier to stick to. 
 
Those coffees and food truck lunches add up! Save fancy coffees and lunches out for special occasions or even just Fridays and you'll be saving in no time and will have something special to look forward to all week.
 
Talk to your bank about how they can help you save a bit extra. Many banks have rounding up programs where you can round up your purchases and put the extra directly into your savings account. While you're at it, set up an emergency fund if you don't already have one.
 
Take a look at your credit cards. Make sure you're using cards with benefits you can actually use. In addition, it never hurts to make a phone call to ask about lowering your interest rate or annual fee.
 
Save your receipts for tax season. Bus passes, charity donations, adoption and child care expenses can all be claimed. You can even get free help at the Community Volunteer Income Tax Program (CVITP) at tax time to assist you in maximizing your return and finding out what you can claim. 
 
And our number one tip... Have a look at our Savings Calculator to see how much you could be saving as a business owner!
 
Posted by Margaret Koniuck at 10:19 PM 0 Comments