There are only 34 days left for you to pay your 2015 personal tax. May 2nd is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2015 Individual Income Tax Return now to avoid costly penalties.
Finance Minister Bill Morneau tabled many tax changes in the new federal budget on March 22, 2016. These tax measures will impact you personally as well as your business and include, for example, cancellation of the previous government’s $2,000 Family Tax Cut income splitting credit, cancellation of Children’s Fitness and Arts Tax Credits, cancellation of Education and Textbook Tax Credits, and closure of tax loopholes for Corporations regarding life insurance policies, amongst many others.
Rapidly changing tax laws means our personal and business tax planning advice will save you money. Please contact us now for a strictly confidential assessment of how the federal budget will affect you and your family as well as your business.
TAX TIP When you sell your condominium, house or cottage for a profit, you can avoid paying income tax by claiming the Principal Residence Exemption. But did you know that a property you own outside Canada, like a Florida condo, might also qualify for this exemption which can be very beneficial, especially due to the weak Canada vs USA dollar resulting in significant gains? Please contact us now for assistance with the sale of your real estate property to avoid costly mistakes and save you money.
We will show you how your personal customized tax strategy will save you money. It’s not what you earn…it’s what you keep!
TOP 5 TAX TIPS
1. Deduct your employment expenses
2. Deduct your automobile expenses and home office expenses
3. Establish a self-employment business
4. Deduct qualified payments to your spouse, children or parents
5. Incorporate a Company for the purpose of holding your investments, real estate or business
TAX TIP In a marital separation/divorce, did you know that Spousal Support Payments paid to a former spouse for her/his maintenance are deductible to the payor and taxable to the recipient as long as there is a qualified Written Agreement or Court Order? Your Written Agreement or Court Order must be “registered” with Canada Revenue Agency and please remember that Garnishment Orders and Requirements to Pay do not qualify! Please contact us now for strictly confidential assistance with your marital separation/divorce issues.
May 2, 2016 Tax Deadline
You must pay your personal income tax by May 2, 2016 so be sure to file your 2015 Individual Income Tax Return now to avoid costly penalties.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.