Only 33 Days Left For You To Pay
There are only 33 days left for you to pay your 2018 personal tax. April 30th is your tax payment deadline. The time to reduce your tax bill is now. Be sure to file your 2018 personal income tax return now to avoid costly penalties.
Enjoy all of the Tax Tips below! It’s not what you earn…it’s what you keep!
Since 1987, HALPERN Chartered Professional Accounting Firm has specialized in tax, accounting and consulting services for businesses and individuals throughout the GTA Greater Toronto Area. Our goal is to help you handle the entire financial side of your business so that you can focus on growing your company and enjoying life.
Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™. Now more than ever you need to know that you are paying the least amount of tax.
TAX TIP There are many changes to the 2018 tax return rules and forms, including to just mention a few: new TOSI Tax on Split Income rules which apply to amounts received by adult individuals from a related business; elimination of Schedule 4 Statement of Investment Income; new Schedule 14 Climate Action Incentive payments; elimination of the Employee Home Relocation Loan Deduction; elimination of first-time donor’s super credits; and addition of service animals to eligible medical expenses, etc. Please contact us now for professional advice concerning all the new changes and rules which may apply to you and your family.
TOP 7 TAX TIPS
1. Try to income split with your family, and determine the preferred mix of salary and dividends for you and family members in a business because each type is taxed differently.
2. Try to keep income in a corporation to defer income tax if you do not need all the cash.
3. If you’re an employee, claim employment related expenses as tax deductions on your tax return, including home office expenses, vehicle, and supplies, just to name a few.
4. Consider incorporating your unincorporated business to obtain potential tax and commercial benefits.
5. Buy a home tax-free using the RRSP Home Buyer Plan if you qualify.
6. Borrow money to make prudent investments and deduct the interest expense on your tax return if you qualify.
7. Your children should file an income tax return to create RRSP contribution room, given the Federal Budget proposed increase to RRSP Home Buyer Plans.
TAX TIP Please remember that certain payments you received in 2018 will be taxable income to you while other payments will not be taxable income. For example, an employee allowance you receive from your employer would generally be taxable because it is usually a predetermined arbitrary amount intended for a specific purpose but usable as you see fit without providing receipts. By contrast, a reimbursement you receive for specific expenses would be non-taxable as this would require detailed receipts provided by you as employee to your employer. Please contact us now for professional assistance with regard to your employee benefits to save you income tax and avoid errors.
April 30, 2019 Tax Deadline
You must pay your personal income tax by April 30, 2019 so be sure to file your 2018 personal tax return now to avoid costly penalties.
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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.