You only have 59 days left to save on your 2019 personal income tax by contacting us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.
To obtain your free 2019 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 If you own a vehicle and use it for business purposes, consider asking your employer to pay you a per-kilometer allowance. Your employer could pay you 59 cents per kilometer for the first 5,000 kilometers, and 53 cents for each additional kilometer. The good news is that these payments to you would be a tax-free allowance and your employer could still deduct it for tax purposes! For valuable information about all the other types of tax-free employee benefits you can receive, please contact us now.
Tax savings tips to remember:
- If you have self-employment activities, consider claiming business expenses including home office, vehicle and salaries to family
- You can only revise a maximum of 10 prior years’ tax returns for errors or missed expenses to receive refunds
- If you own a corporation, calculate an optimum salary and dividend mix to reduce income taxes
- Obtain Form T2200 Declaration of Employment Conditions from your employer to enable deductions for various employment expenses
- File a tax return for your child who had earned income so that RRSP contribution room may be created
- You can claim the Climate Action Incentive refundable tax credit if you qualify
- You can claim moving expenses for work or school if you qualify
- Consider making a $2,000 over-contribution to your RRSP as it can stay there many years and grow on a tax-deferred basis
- Maximize interest deductions by arranging your borrowings first 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 your non-refundable personal tax credits
- If you incurred capital losses in 2019, consider carrying them back to previous taxation years to receive refunds
- Split pension income with your spouse to minimize income taxes
TAX TIP Do you or a family member have any dealings with the USA like, for example, being a U.S. citizen or Green Card Holder, owning shares in U.S. investments, being a business owner, or making sales to USA customers, etc? Nearly a million financial records have been sent by Canadian banks to the USA Internal Revenue Service as part of the information sharing agreement under FACTA. This brings the 5-year total to 2.6 million bank financial records and please note that account holders are not automatically notified! To avoid problems and to ensure you are in compliance with tax authorities, please contact us for professional assistance.
April 30, 2020 Tax Deadline
You must pay your 2019 personal income tax by April 30, 2020 so be sure to file your 2019 personal income tax returns on time to avoid costly penalties and interest.
We Will Help You
HALPERN Chartered Professional Accounting Firm is a full-service Tax, Accounting, Business Advisory 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 enables us to help you and your business organization to solve complex problems and significantly enhance your ability to improve performance, manage risk and build value.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.