Tax Tips 21 Tax Tips #18 Tax Slip T2202 Tuition Paid Tax receipts on tuition paid to post-secondary schools are reported to CRA for recent years but if you're catching up on multiple or older years you’ll want to get those receipts from the registrar office of your school. For most people your online student portal will have an accessible […]
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Tax Tips 21 Tax Tips #17 Tax Advantages of Filing Common-Law or Married In Ontario, your official Common-Law start date is 12 months after you begin cohabitating in a conjugal relationship, or your baby's birth date if it’s within the first 12 months of living together.. Many of my clients have been mistakenly filing as Single instead of Common-Law, because […]
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Tax Tips 21 Tax Tips #16 Kids: Birth Registration & Canada Child Benefit You can begin receiving Canada Child benefits within 8 weeks of having your child’s online birth registration application approved. The Canada Child Benefit can be a significant amount, and is paid monthly, so as soon as your child is born, it's a smart idea to register their […]
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Tax Tips 21 Tax Tips #15 Paying Personal Rent / Property Taxes: (Trillium Benefits & OEPTC) If you pay rent or property taxes and your income is under the maximum qualifying amount, you can claim these amounts paid on your tax return to receive the Ontario Energy and Property Tax Credits portion of Trillium Benefits for Ontario residents. Even if […]
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Tax Tips 21 Tax Tips #14 Self-Employment (T2125 worksheet) The most important thing to avoiding accidental overpayment of self-employed income taxes, is accurately managing your transactions throughout the year, so that at tax time it’s easy for you to know the exact amounts to claim. As much as you can, also keep printed or digital files of all your claimed […]
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Tax Tips 21 Tax Tips #13 Metropasses Prior to June 30, 2017 taxpayers could claim the cost of monthly metropasses (the pass itself serves as your receipt/documentation), in a program intended to help encourage the use of environmentally friendly transportation. For more details and information, Please Click the CRA website here: Metropasses Join Our Newsletter Subscribe ❤ Follow us Facebook […]
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Tax Tips 21 Tax Tips #12 Medical Expenses If you ever have a period where you or your dependant’s medical costs for the year exceed 3% of your net income (or $2421 minimum in 2021), you can claim your medical expenses for a deduction on income tax. Many people forget that a major medical expense like laser eye surgery or […]
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Tax Tips 21 Tax Tips #11 Moving Expenses Generally, you can claim eligible moving expenses during the year: - If you move 40+ kms closer to your new location of employment or school-You moved to work, begin business operations, or study at the new location Eligible moving expenses can include meals on the road, travel costs for all members of […]
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Tax Tips 21 Tax Tips #10 Tax Slip T4A Box 048 Fees For Services (includes Box 020 Self-Employed Commissions) If you work for a large organization and you receive employee profit sharing payments (EPSP), the Tax Slip (T4PS) that you receive from your employer, which is also reported to CRA will NOT be visible to your tax preparer, unless you […]
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Tax Tips 21 Tax Tips #9 Tax Slip T4A Box 048 Fees For Services (includes Box 020 Self-Employed Commissions) If you have a Tax Slip that shows Box 048 Fees For Services or Box 020 Self-Employed Commissions, then this is income that must be claimed as self-employed using the T2125 worksheet, that will allow you to also claim business expenses, […]
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