When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation, and food are usually top of mind. While all those expenses certainly matter, something else you should keep a watchful eye on is income tax. It’s the single biggest expense for most Canadian families.

For many Canadians, the unique events of 2020 have raised many questions about what their taxes will look like in 2021. With the disastrous effects of COVID-19, the previous year’s tax deadline was extended in 2020; however, in 2021 the tax paying deadline is once again April 30th. By keeping up to date with all the tax changes, you can help keep more of your money in your pocket where it belongs.

We are proud to present our updated annual 2020 TAX RETURN ORGANIZER™, your indispensable reference guide to help you save money by reducing the amount you pay in income taxes. Click here to read and print it.

TAX TIP         If you cannot maximize your TFSA Tax-Free Savings Account contribution, that’s okay because what you don’t contribute gets carried over indefinitely. Remember to not over-contribute because you don’t want to be penalized 1% a month on the excess amount! Finally, don’t just treat your TFSA like a high interest savings account. You can use it to hold investments like Mutual Funds, GICs, publicly traded stocks, bonds, ETFs and segregated funds. To obtain more information about your TFSA contributions and TFSA investing, please contact us now.

This 2020 TAX RETURN ORGANIZER™ is in PDF Adobe Format. If you don’t already have Adobe PDF Reader, you may download it for free by clicking here.
Please ensure that your tax documents and completed 2020 TAX RETURN ORGANIZER™ are sent or dropped-off at our office as soon as possible, preferably by Monday March 15, 2021.
TAX TIP         If you earned and paid income taxes on your Canadian income in the 2020 tax year, you can contribute to an RRSP and thereby save income tax. A Spousal RRSP can help shift future income from a higher income spouse to a lower income spouse which could result in tax savings. You can withdraw from your RRSP before you retire, however that will be added to your taxable income and and you will lose that RRSP contribution room with the exception of:   LLP Lifelong Learning Plans and HBP Home Buyers Plans. To ensure you are taking full advantage of your RRSPs, please contact us.
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.