My Bookkeeping Girl

1 more day and tax season is over for another year!! Hurry and file before you run out of time!!

Everyone is getting T4's preparing to either pay the government or enjoy some "extra" money for vacation, pay bills or just have a nice dinner!! I love this time of year!!

Tax time is here!! CRA is taking about 10 days to process your return and Revenu Quebec is taking about 10 business days for your return!! I have a few spots left if you are looking to get your income tax done for 2019.

top five things you missed on your tax return 1.Employment expenses You may incur expenses for your job but they are not automatically a tax credit. You can only claim employment expenses if it is part... of your job contract and you have a signed T220 0 Declaration of Conditions of Employment. Plus you need supporting receipts to see the tax savings. 2.Student loan interest: If you have graduated or left school and are paying off government student loans, you can claim your annual interest as a tax credit. Interest on private loans or lines of credit dont qualify 3.Public Transit passes This credit was originally introduced to encourage people to take public transit regularly but there are rules around what passes you can claim. Monthly passes are easy to claim but passes for shorter periods only qualify if they last for at least 5 consecutive days and you buy enough of them to give you unlimited travel for at least 20 days in any 28 day period Electronic payment card rules can also qualify depending on how often you use them. But you must keep your receipts and passes to be able to claim the credit. 4.Moving expenses You can claim expenses if you move 40 kms or more for work or school. Besides the usual moving and transportation costs, you are also allowed to claim storage costs, up to 15 days of temporary accommodations, meals, the cost of cancelling a lease or selling your old home. The legal costs incurred in buying a new home can also be claimed, but only if you sold your old home as a result of the move. 5. Medical expenses The amount you can claim is tied to your income so the more receipts you have, the better chance you will see some tax savings . Receipts for alternative practitioners like acupuncturists,naturopaths and practitioners of traditional Chinese medicine can be claimed only in provinces where they are regulated . Amounts not covered by your employer health plan are medical expenses. And if you have to travel more than 40 kms to get healthcare, you can claim transportation expenses

TAX SEASON IS OFFICALLY OPEN!!!

Everyone is getting T4s preparing to either pay the government or enjoy some "extra" money for vacation, pay bills or just have a nice dinner!! I love this time of year!!

Netfile opens on February 24th!!!

Its getting close!! T4 time is coming!!

Welcome to 2020!! Soon tax time--are you getting ready?!

Wish to Thank all of my clients from 2019 and look forward to helping you in 2020. Have a Merry Christmas and Happy New Year!!

Just a reminder that end of April is deadline for filing your income tax!!

#mybookkeepinggirl #taxtime #canadiantaxes2019 Most Canadians' income tax and benefit returns are due on April 30, 2019. Self-employed individuals have until June 15, 2019 to file their returns. Since June 15, 2019 falls on a Saturday, the CRA considers your return to be filed on time, if the CRA receives it by or it is postmarked midnight June 17, 2019

April 30 As usual, April 30 is the date most Canadians need to keep in mind. For the majority of tax filers, this is the deadline to both pay any tax due and file your return. If youre self employed, this year you have until June 17 to file (the deadline is normally June 15, but that falls on a Saturday this year).

Good link to have for anyone posted with Military. https://www.canada.ca//department-natio/services/benefits- military/pay-pension-benefits/benefits/relocation-travel-accommodation/guide-tax-caf-relocation-benefits.html #mybookkeepingirl #canadamilitaryposting

#mybookkeepinggirl #taxtime #canadiantaxes2019 Lower tax rate for small business. The federal small business tax rate applies to business income up to $500,000 dropped from 10.5 per cent to 10 per cent in 2018 and came down another notch, to nine per cent, as of Jan. 1, 2019. On the other hand, Ottawa also tightened the rules on so-called passive income. This is the income businesses earn when they invest surplus profits in things like mutual funds and real estate. As long as... the extra cash stays inside the company, it is taxed at the corporate tax rate, which is lower than the rates that apply to individuals. The federal government contends many Canadians have been using passive income and its low corporate tax rate to grow their personal savings, so it tightened passive income rules. Under the new regimes, businesses with less than $50,000 in annual passive income can claim the full $500,000 at the small business rate. The federal government also cracked down on the practice, common among business owners, to sprinkle income to relatives in lower tax brackets as a way of reducing the family tax bill. With the new rules theres no tax advantage to income sprinkling unless business owners can prove that family members are, or have been within the previous five years, actively engaged in the business. The reduction in the small-business tax rate softens the effect of the tighter passive income and income sprinkling rules, Orlans noted. For some business owners, the changes will cancel each other out, he said. When people file through the software, everything calculates itself in the back end, so people arent going to see a change in the income theyre claiming. See more

RRSP season has a way of creeping up on us. It's the two-month period between the start of the year and the deadline to make RRSP contributions (the 2018 RRSP contribution deadline is March 1, 2019).

Tax breaks you can no longer claim: Tuition. Students in Saskatchewan, Ontario and New Brunswick can no longer claim a provincial tax credit for their tuition expenses, noted Warren Orlans at TurboTax. The federal tuition tax credit, however, is still alive and well. Students over the age of 16 who are enrolled in post-secondary level courses can usually claim their tuition costs to help offset their tax bill. If they dont have a lot of taxes to offset which is often the c...ase for students they can carry forward the credit or pass it on to an eligible relative, which includes parents and grandparents. However, its the student who needs to claim the tax credit on her or his return, regardless of who will ultimately benefit from the tax break. The federal credit is 15 per cent of your eligible tuition. For example, if you paid $2,000 in fees, you would be able to claim a $300 tax credit. See more

#mybookkeepinggirl #taxtime #canadiantaxes2019 Most Canadians income tax and benefit returns are due on April 30, 2019. Self-employed individuals have until June 15, 2019 to file their returns. Since June 15, 2019 falls on a Saturday, the CRA considers your return to be filed on time, if the CRA receives it by or it is postmarked midnight June 17, 2019

netfile will soon be open for 2019! Everyone ready for tax season!netfile will soon be open for 2019! Everyone ready for tax season!

Netfile opens February 18th! #mybookkeepingirl #taxtime #tax2019

Is now on instagram! #mybookkeepinggirl

the race is on...hahahaha Efile has opened up and tax season has started!!!! Don't forget to buy your RRSP!! Happy Tax Season!!!

I have made a mistake, you can't start netfiling/Efiling until Feb 26!!! Sorry for any confusion!!

RRSP season has a way of creeping up on us. Its the two-month period between the start of the year and the deadline to make RRSP contributions (the 2018 RRSP contribution deadline is March 1, 2019).

Now that the New Year has begun, time to think about getting our paperwork ready for TAX TIME!!!

2019 I will be expanding my business to offer Virtual Assistant services.

As 2018 comes to a close, I would like to wish all my clients a Merry Christmas & Happy New Year! Thank you for your business throughout 2018 and look forward to helping you again in 2019!!!

#bookkeepinggirl is now on instagram!!!

Filed online and made a mistake on your taxes? Dont fret, you can easily make a change to this and last years tax return! Find out more about ReFILE and making adjustments to your taxes: http://ow.ly/J5zA30iCDFZ

Good information to share!!

the race is on...hahahaha Efile has opened up and tax season has started!!!! Dont forget to buy your RRSP!! Happy Tax Season!!!

I have made a mistake, you cant start netfiling/Efiling until Feb 26!!! Sorry for any confusion!!

Few more days and we will be able to file our income taxes. Feb 12 is when it opens!!! My rates are $35.00 for basic return and $65.00 for couples. PM for more details!!

Last day of January!! Wow almost a whole month into 2018!! Efiling with CRA opens on Feb 12!!!

Top Tax Reduction Tips for Canadians Save in tax-efficient accounts. When you have extra cash to invest, make sure you invest it in a way that allows you to pay the least amount of tax possible. ... Income split for family tax savings. ... File your tax return on time. ... Take advantage of tax-free perks at work.