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Year-end Tax Planning Tips

Taxes are likely the last thing on your mind before the end of the year but for individuals payments made before December 31st can allow for deductions or credits for the current year ratherthan a deferral to next year.

Consider these (2) types of payments that individuals normally can claim:

Maximize medical expenses

While medical expenses must be paid by Dec. 31 to a claim a tax credit for 2016, the related good or service doesn’t always need to be acquired in the same year.  You may want to do this to exceed the minimum threshold This provides an opportunity to prepay certain items for 2017 and claim them for 2016, if it enables you to exceed the minimum of 3% of Net Income.  For couples either spouse can claim the medical expenses so the 3% of Net Income of each spouse is very important consideration.

Maximize charitable donations

If you’re going to make a qualified charitable donation, and if you make the payment before the end of the year you will get donation credit on your 2016 taxes.

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts. If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.  

2016 CRA Phone scam

CRA Phone Scam.

If you receive a telephone call, voice mail, or email asking for personal, credit card, and bank account information it maybe a tax scam from someone is not from Canada Revenue Agency (i.e. “CRA”):

Be aware that the CRA will never:

  • Contact anyone for personal or financial information,
  • Request payments from prepaid credit cards or iTunes gift cards,
  • Give personal information to a third party,
  • Leave personal information on voicemail,
  • Send email with a link and ask for personal or financial information, or
  • Ask for personal information of any kind by email or text message

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

What’s New for Families

Whas new for families
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What’s New for Families

    1. Universal child care benefit (UCCB) – The UCCB has
      increased to $160 per month for each qualified dependant under 6 years of age and there is a new benefit of $60 per month for each qualified dependant aged 6 through 17.
    2. Child care expenses – The maximum limit per child has increased by $1,000.
    3. Family caregiver amount for children under 18 years of age – The amount for children under 18 years of age has been eliminated and replaced by the enhanced universal child care benefit.
    4. Family tax cut – For 2014 and later years, the calculation for the family tax cut has been revised to allow unused tuition, education, and textbook amounts transferred from a spouse or common-law partner.
    5. Children’s fitness tax credit – The children’s fitness tax credit is now a refundable credit.
      family

2016 Tax Free Savings Accounts

2016 Tax Free Savings Accounts

Tax-free savings accounts are available for Canadian residents who are 18 years of age or older. The first tax year that they were available was 2009.
There is no deadline for contributions to a TFSA, as the unused contribution room is carried forward into the next year. However, a withdrawal in any year increases the TFSA room in the following calendar year. Thus, if you are thinking of making a withdrawal close to year end, make sure it is done by December 31st, in order to have the withdrawal amount added back to the TFSA room sooner.

For additional information in PDF format: 2016 TFSA summary

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2016 Personal Tax Credits Return

2016 Personal Tax Credits Return

td1-16e td1-16f tp-1015.3(2016-01) tp-1015.3-v(2016-01) One way to reduce the taxes withheld by your employer in 2016 is to file a TD1 form by claiming additional personal tax credits

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2016 Federal Budget – Corporate Class Funds

Call us at 514-954-9031
Call us at 514-954-9031

2016 Federal Budget

If you hold a corporate class mutual fund, or plan to purchase one, we want to make sure you’re aware of an upcoming change that could affect you. The 2016 federal budget includes a change to all corporate class funds that eliminates the ability to switch between different classes of shares within a mutual fund corporation without triggering a capital gain or loss, effective October 1, 2016.

Do you have to file a Canadian return

Do you have to file a Canadian return

  • You must file a return for 2015 if any of the following situations apply:
  • You have to pay tax for 2015.
  • You have received a request to file a return for 2015.
  • You and your spouse or common-law partner elected to split pension income for 2015.
  • You received working income tax benefit (WITB) advance payments in 2015.
  • You disposed of capital property in 2015 (for example, if you sold real estate or shares) or you realized a taxable capital gain (for example, if a mutual fund or trust attributed income to you, or you are reporting a capital gains reserve you claimed on your 2014 return).
  • You have to repay any of your old age security or employment insurance benefits.
  • You have not repaid all amounts withdrawn from your registered retirement savings plan (RRSP) under the Home Buyers’ Plan or the Lifelong Learning Plan.
  • You have to contribute to the Canada Pension Plan (CPP). This can apply if for 2015 the total of your net self-employment income and pensionable employment income is more than $3,500.
  • You are paying employment insurance premiums on self-employment and other eligible earnings.

Even if none of these requirements apply, you can file a return for other reasons:

2015 Do you need to file a Canadian Tax Return

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

Pre-authorized debit (PAD) agreement with CRA

Pre-authorized debit (PAD) agreement with CRA

CRA now allows tax return preparers to electronically transmit PAD agreements to authorize CRA to debit a predetermined amount directly in a taxpayers bank account, at a specified date, to pay the income tax of this taxpayer.  To transmit a PAD agreement, complete Part F, “Pre-authorized debit agreement”, of Form T183.

T183

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2015 CRA tax returns deadline

Tax Return deadline for the 2015 tax return

Generally, your return for 2015 has to be filed on or before April 30, 2016.  For the 2015 taxation year April 30th due date falls on a Saturday, and CRA will consider your return to be filed on time if we receive it or it is postmarked on the next business day or May 2, 2016.

Self-employed persons

If you or your spouse or common-law partner carried on a business in 2015 has to be filed on or before June 15, 2016. However, if you have a balance owing for 2015, you have to pay it on or before April 30, 2016.

Filing Late Tax Returns & Penalties

Interest

If you have a balance owing for the year, you are charged compound daily interest starting May 1 on any unpaid amounts owing. This includes any balance owing if your return is reassessed. In addition, you will be charged interest on the penalties starting the day after your return is due. The rate of interest you are charged can change every three months. If you have amounts owing from previous years, they will continue to charge compound daily interest on those amounts. Payments you make are first applied to amounts owing from previous years.

Late-filing penalty

If you owe tax and do not file your return on time, you will be charged a late-filing penalty. The penalty is 5% of your current tax year balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
If you were charged a late-filing penalty on your return for any of the previous three years your late-filing penalty for this year may be 10% of your current tax year balance

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2015 IRS Tax Returns

2015 IRS Tax Returns

Need more time to prepare your US federal tax return?

April 18 is the deadline for most to pay taxes owed and avoid penalty and interest charges.

If you cannot file by April 18th 2016, apply for an extension of time to file. Please be aware that an extension of time to file your return does not grant you any extension of time to pay your taxes.

Fore more information see the attached form: f4868

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

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