There are only 34 days left for you to pay your 2016 personal tax. May 1st is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2016 Personal Tax Return now to avoid costly penalties.
Finance Minister Bill Morneau tabled many tax changes in the new federal budget last week on March 22, 2017. These tax measures will impact you personally and also your business. In next month’s Tax & Financial eNewsletter we will explain how they will affect you. Rapidly changing tax legislation means our personal and business tax planning advice will save you money.
Please contact us now for a strictly confidential assessment of how it will affect you, your family, as well as your business.
TAX TIP Real estate owners should know the following: (a) costs you incur to ready the property for use are generally capital expenditures not to be deducted as a current expense, (b) repairs you make before selling your property are generally capital in nature and not deductible as a current expense, and (c) you do not necessarily need to hold legal title to the property in order to claim CCA Capital Cost Allowance. Please contact us now for professional advice concerning real estate property to avoid costly mistakes.
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 6 TAX TIPS
- Consider incorporating your unincorporated business to obtain potential tax and commercial benefits.
- 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.
- If you do not need the cash, try to retain income in a corporation to defer income tax.
- 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.
TAX TIP There are very important new tax rules for principal residences like your house, condominium or cottage. You may have a very nasty surprise just by renting out part of your home, or setting up a home office because you may have to report a “deemed disposition” of your property on your Personal Tax Return, unless you handle this correctly. Please contact us now for professional assistance with regard to your house, condo or cottage.
May 1, 2017 Tax Deadline
You must pay your personal income tax by May 1, 2017 so be sure to file your 2016 Personal Tax Return now to avoid costly penalties.
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.