Understanding Taxes Here’s How You CAN Claim Your Pets on Your Taxes Is Your Insta-Famous Cat a Tax Deduction? Yes you can love them, and they are amazing companions, but the CRA won’t generally allow you to claim pet costs on your taxes. Pets are not considered “dependents”, so their medical care (along with the cost of ownership) is considered […]
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Understanding Taxes Did you login to your bank account and see MORE MONEY than you expected? You will only receive your CRA taxpayer benefits deposits, IF you’re up to date with filing your annual tax returns. Listed as EFT Deposit from CANADA as a direct deposit from Canada Revenue Agency benefits office, you can anticipate receiving these types of deposits […]
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Tax Nightmares Need To Fix Your Tax Mistakes, Dispute The CRA Decision, or Request Relief of Penalties? Adjust Previously Filed Returns - apply to have the CRA include a line by line adjustment (and recalculation of refund amounts), to your previously filed and assessed tax returns. Voluntary Disclosure Program - on previously filed returns, correct mistakes that CRA hasn’t yet […]
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Tax Nightmares What If I Owe Money and Can't Pay? Will I Go to Jail??? While most people will not owe any significant amounts of tax income tax when they catch up on tax filing, not everyone will receive any amounts. Some people will owe income tax (more likely with untaxed earnings like tips or self-employment), or may even owe […]
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Tax Nightmares My Tax Fairy Godmother Origins Story Hi, I’m Debbie. My clients know me as their Tax Fairy Godmother, because I help them go from feeling anxious and depressed about their taxes and financial situation, to feeling confident, making bold moves to improve their lives, reduce debt, and establish a legacy of healthy financial habits. Whether you’re many years […]
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Understanding Taxes Did you know that the CRA pays YOU interest when they make a mistake and it's corrected in your favor, years later? Did you know that the CRA pays YOU interest when they make a mistake and it's corrected in your favor, years later? They also charge you interest on your tax debt due from the filing deadline, […]
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Understanding Taxes BEST time of year to take control of your taxes is outside of tax season You might be surprised to learn that the BEST time of year to take control of your taxes is outside of tax season, from July to December! After two years of helping PALZ who are 5-10 years behind on taxes, a major realization […]
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Tax Tips 21 Tax Tips #21 Charitable Donations Charitable donations over $200 per year are automatically eligible to carry forward and apply in the next 5 years, to maximize the refund amount. They are refunded to you at 15% on the first $200 and 29% on amounts over $200, so if you are donating any amount more than $200 on […]
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Tax Tips 21 Tax Tips #20 iZEV programs (Incentives for Zero Emission Vehicles) To promote adoption of zero-emission vehicles on Canadian roadways the federal government is continuing the iZEV programs until 2025.. The incentive for purchasing a qualifying ZEV model is either $2,500 or $5,000 on vehicles that are short-range and under the price price limit of $55,000 (not including […]
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Tax Tips 21 Tax Tips #19 Staycation The Ontario Staycation Credit allows for a 20% a refund on leisure short-term accommodations in Ontario, for taxpayers who are Ontario residents (on December 31, 2022). . The maximum claim (even for multiple staycations) including hotels, motels, campgrounds, AirBNB's, or resorts is $200 of up to $1,000 total receipts for an individual (single) or […]
Read MoreLittle Known Tax Programs For Canadians Who Want To Pay Less Tax and Maximize Benefits