We hope you enjoy the Tax Tips below. You still have 62 days to save on your 2015 personal income taxes by contacting 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. We can show you how your personal customized tax strategy will save you money.
To get your free 2015 TAX RETURN ORGANIZER™ please contact us now.
TAX TIP Disorganized bookkeeping of a taxpayer has resulted in Canada Revenue Agency adding additional unreported revenue/income of $88,039 in a recent Tax Court of Canada case Chaloux vs HMQ. CRA also disallowed expenses of $76,976 because of inadequate documentation. This taxpayer had to pay huge additional income taxes, penalties plus interest. Don’t let your bad bookkeeping cost you dearly! To book an appointment for your strictly confidential review of your business or personal bookkeeping, please contact us.
Remember these important tax savings tips:
- Maximize interest deductions by arranging your borrowings first for business or investment purposes and then for personal use
- Revise a maximum 10 prior years’ tax returns for errors or missed expenses to receive tax refunds
- Consider an optimum salary and dividend mix to achieve less income tax if you have your own corporation
- Split pension income with your spouse to minimize tax and maximize the pension credit
- File a tax return for your child if he or she has earned income so that RRSP contribution room will be created
- Defer deductions such as CCA capital cost allowance and RRSP to save them for a subsequent 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 2015, consider carrying them back to previous taxation years to receive tax refunds
- Consider filing Form T1213 to request a reduction in your income tax withholdings from your salary in 2016
TAX TIP If you die without a will and still have outstanding tax returns to file, the Court can force your family to hire an expensive administrator for the purpose of filing these tax returns. Don’t leave this responsibility up to the Courts because it will cause financial hardship to your family. To get all your outstanding tax returns filed, please contact us for strictly confidential assistance.
May 2, 2016 Tax Deadline
You must pay your 2015 personal income tax by May 2, 2016 so be sure to file your 2015 individual income tax return on time to avoid costly penalties and interest.
We Will Help You
Now more than ever you need our strategic tax consulting, financial planning and comprehensive business advisory services. We also use the most advanced state-of-the-art technology to minimize your income tax liabilities.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.