Many people don’t understand one of the most fundamental reasons to file a tax return: claim lucrative refundable tax credits. It’s especially important for families that qualify for the Canada Child Tax Benefit, which is expected to be enhanced this July. If you don’t do your RRSP planning now and contribute to your RRSP by this …
From the Knowledge Bureau Network Max the RRSP Now to Maximize the New CTB Posted: February 16, 2016 By: Walter Harder Posted in: Breaking News, CRA News, Current Issue Families who wish to maximize the anticipated new Child Tax Benefit (CTB) for 2016/2017 have less than two weeks left to reduce 2015 net income using …
Taxes 101: Students earn “extra credits” this term! Did you know? The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. Make sure you claim those you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file …
FAMILY TAX TIPS PART 1 There are many benefits, credits, and deductions to help your family with expenses throughout the year and reduce the amount you owe at tax time. CHILD AND FAMILY BENEFITS Canada child tax benefit (CCTB) – You may be entitled to a tax-free monthly payment that helps eligible families with the …
It is possible that the Canada Revenue Agency (CRA) will contact you by phone for legitimate tax reasons. During such phone calls, the CRA officer must validate your identity and therefore will ask for certain personal information, including your date of birth, your address, and in the case of a business some account specific details. …
What to expect when the Canada Revenue Agency calls you Read More »
Tax Season is around the corner. Be sure that you receive and collect all of your tax documents. Slips: Employment Income (T4) Employment Insurance Benefit (T4E) Tuition and Support (2nd Careers) admin by Ministry of Universities, Colleges & Training (T4E) Social Assistance, ODSP or WSIB Income (T5007) Old Age Security …
For most individuals that report employment income, your deadline is April 30! This means that if you owe taxes, you must file your return by midnight on April 30, in order to avoid late filing fees. However, if you are reporting income from an unincorporated small business, the deadline to file is June 15. But …