Only 58 Days Left to Save
You only have 58 days left to save on your 2018 personal income tax by contacting us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™. To obtain your free 2018 TAX RETURN ORGANIZER™ please contact us. Now more than ever you need to know that you are paying the least amount of tax.
TAX TIP Regarding Canadian tax evasion cases, the courts have convicted hundreds of taxpayers, which involved 245 years in jail, $134 million in federal tax evaded, and $37 million in fines. We recommend you not ignore any outstanding tax filing obligations. And certainly never disregard any correspondence you receive from Canada Revenue Agency as that will create bigger future problems. Indeed it is never too late to file your outstanding income tax and HST Harmonized Sales Tax returns. In order to get all your tax filing obligations up to date, and to avoid jail time and costly penalties, please contact us now for professional assistance.
Tax savings tips to remember:
● Obtain Form T2200 Declaration of Employment Conditions from your employer in order to deduct various employment expenses
● If you had qualifying self-employment activities, you can claim business expenses, including home office and vehicle
● You may claim the new Climate Action Incentive refundable tax credit if you qualify
● You can revise up to 10 prior years’ tax returns for errors or missed expenses to receive refunds
● You may claim moving expenses for work or school if you qualify
● If you were a first-time homebuyer in 2018, you may qualify for the $5,000 Home Buyers’ Amount regardless of how much you actually spent
● Consider making a $2,000 over-contribution to your RRSP as it can stay there for many years and grow on a tax-deferred basis
● If you own a corporation, you should calculate the optimum salary and dividend mix to reduce your income tax
● Maximize interest deductions by first arranging your borrowings for business or investment purposes, and then for personal use
● Defer deductions such as CCA capital cost allowance and RRSP to a future year when you will have a higher tax rate or if you are not fully utilizing all non-refundable personal tax credits
● If you incurred capital losses in 2018, consider carrying them back to previous taxation years to receive refunds
● Split your pension income with your spouse to minimize your taxes
● File a tax return for your child if he or she had earned income so that RRSP contribution room can be created
TAX TIP Good news – a taxpayer has won her public court case! The Tax Court of Canada ruled that Ms. Cochrane’s depression and anxiety qualifies for the valuable Disability Tax Credit (DTC) which helps persons with disabilities or their caregivers reduce income tax. The DTC amount for 2018 is $8,235 with a supplement up to $4,804 for those under 18. You may continue to claim the disability amount once you are eligible for the DTC. To qualify, a Form T2200 DTC certificate must be completed, certified and submitted. If you have any questions or need professional assistance, please contact us.
April 30, 2019 Tax Deadline
You must pay your 2018 personal income tax by April 30, 2019 so be sure to file your 2018 personal income tax return on time to avoid costly penalties and interest.
We Will Help You
HALPERN Chartered Professional Accounting Firm is a full-service Tax, Business Advisory, Accounting and Financial Planning CPA firm. Accurate and timely information is only one piece of any effective solution. We are dedicated to bringing you all of the pieces together – knowledgeable and innovative advice, leading-edge technology, and a strong relationship with our clients. This type of creative thinking also enables us to help you and your business organization to solve complex problems and significantly enhance your ability to build value, improve performance and manage risk.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.
About the Author: Howard Halpern
Howard Halpern CPA (Canada), CA, CPA (USA), CFP, TEP, has spent over thirty years providing financial management, strategic business planning and tax advice to closely held business, professional service providers, and high-income taxpayers.