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 a yearly basis and you […]
21 Tax Tips #21 Charitable Donations Read More »
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 I’ve had is that the opportunity to pay the least amount of
BEST time of year to take control of your taxes is outside of tax season Read More »
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, if you file late, AND they apply a penalty (10% of your amount due) at 12:01 am after the
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 behind in filing
My Tax Fairy Godmother Origins Story Read More »
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 back benefits to be repaid to CRA, if they previously
What If I Owe Money and Can’t Pay? Will I Go to Jail??? Read More »
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 caught, and apply for forgiveness of penalties & interest. Taxpayer Relief Request
Need To Fix Your Tax Mistakes, Dispute The CRA Decision, or Request Relief of Penalties? Read More »
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 monthly, quarterly, and sometimes annually based on your personal qualifications for
Did you login to your bank account and see MORE MONEY than you expected? Read More »
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 to be personal consumer spending, optional, which
Here’s How You CAN Claim Your Pets on Your Taxes Read More »
Many people feel a pull to renew their life and make big changes around the new year, with New Year’s Eve being the calendar point that makes people feel THIS year can be completely different than the last. Once you’ve begun to improve your financial confidence, everything else in life begins to improve > not
Planning Your New Year’s Resolutions: Turning Over A New Money Leaf For The New Year Read More »
Dear Tax Fairy Will You Help Let Other Financially Stressed Canadians Know They’re Not Alone? Have you ever had tax-related worries that keep you up at night? Perhaps you’ve been putting off dealing with the CRA for some time, feeling uncertain, embarrassed, or just plain overwhelmed with years of back taxes to straighten out, correct,
Will You Help Let Other Financially Stressed Canadians Know They’re Not Alone? Read More »
