There are only 28 days left for you to pay your 2017 personal tax. April 30th is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2017 Personal Tax Return now to avoid costly penalties.
Please enjoy viewing this month’s Tax Tips below and please feel free to contact us for professional assistance or to answer any of your questions.
It’s not what you earn…it’s what you keep! We will show you how your personal customized tax strategy will save you money.
Finance Minister Bill Morneau delivered the majority Liberal government’s third Federal Budget on February 27, 2018. Budget 2018 tax measures will impact you on both a personal and business level. In the following months’ Tax & Financial eNewsletters we will explain how they will affect you.
TAX TIP Certain travel expenses for medical treatment may be claimed as medical expenses, including public transportation (taxi, bus or train) at least 40 km one way to obtain medical services not available near your place of residence. Vehicle expenses may be claimed instead where public transit is not readily available. Accomodation, meal and parking expenses may also be claimed where travel is required of at least 80 km one way. A companion’s expenses may also be claimed if a medical practitioner certifies in writing that the patient cannot travel alone. Please contact us now for professional advice concerning all your medical, caregiver, nursing and retirement home expenses to avoid costly mistakes.
TOP 7 TAX TIPS
- Consider incorporating your business to obtain potential tax and commercial benefits.
- If you do not need the cash, try to retain income in a corporation to defer income tax.
- Determine the preferred mix of salary and dividends for you and other family members in your business because each type is taxed differently.
- If you’re an employee who works out of your home, try to arrange your terms of employment so that you can deduct expenses related to your home office.
- Because several types of investments are taxed differently, determine the optimal mix of investments in your portfolio to achieve the best after-tax returns.
- Keep an automobile logbook to support your motor vehicle and taxable benefit calculations. Except in Quebec, a logbook maintained for a sample period may be sufficient to support your calculations.
- Consider requesting reductions in your payroll income tax withholdings by filing Federal Form T1213.
TAX TIP For an employee to deduct travel or motor vehicle expenses against employment income, she must normally be required to work away from the employer’s place of business, be required to pay the travel expenses, and have a signed and completed Form T2200 Declaration of Employment Conditions. Also, the employee cannot receive an allowance excluded from income in order to claim an employment expense. Please contact us now for professional assistance with regard to your employment expenses deductions.
April 30, 2018 Tax Deadline
You must pay your personal income tax by April 30, 2018 so be sure to file your 2017 Personal Tax Return now to avoid costly penalties.
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