Businesses can appoint Expert Fiscaliste as their Authorized Business Representative with the Canada Revenue Agency (CRA) and we work on behalf of the business and not CRA. Authorized Business Representatives have online access to the tax information about the business.
An Authorized Business Representative is an important advantage for business owners and their dealings with the CRA avoiding costing errors, adds professional tax skills, improves communications with CRA, and better manages the tax process overall.
If you or your spouse carried on a business in 2016 , your personal return for 2016 has to be filed on or before June 15, 2017.
However, if you have a balance owing for 2016, you have to pay it on or before April 30, 2017.
Important facts
If you earned self-employment income from a business you operate yourself or with a partner, you must report it.
Keep thorough records if you own a business or are engaged in a commercial activity. The records have to provide enough detail to determine the taxes you owe and support the benefits you are claiming, and must be supported by original documents.
Québec Budget – Modifications introduced in the 2017-2018 Budget, tabled March 28, 2017 Health Contribution In its budget tabled on March 28, 2017, the Québec government announced that the health contribution has been abolished retroactively beginning with the 2016 year for all taxpayers 18 years of age or older whose income for that year was under $134,095.
Taxpayers with income over $134,095 for 2016 will have to pay, unless exempt, a health contribution equal to the lesser of the following amounts: $1,000 or 4% of their income in excess of $134,095.
About Expert Fiscaliste
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.
There were a significant number of tax changes which took effect during the 2016 tax year which affected individuals, and which are reflected on the 2016 return to be filed this spring.
Call us at 514-954-9031
There are important deadline dates that apply to all Canadian returns and tax slips which are required to be filed during 2016. To avoid penalties all returns must be postmarked by the due date specified.
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.
The Canada Revenue Agency has indicated that an indexing factor of 1.4% will apply to federal individual income tax brackets for the 2017 tax year. The personal income tax brackets and rates which will apply for 2017 are therefore as follows.
$11,635 to $45,916 ………… 15%
$45,917 to $91,831 ………… 20%
$91,832 to $142,353 ……… 26%
$142,354 to $202,800 …… 29%
Over $202,800 ……………… 33%
The federal government does not impose a general or high-income individual income tax surtax.
For more informatation on preparing your 2016 tax return click here http://www.expert-fiscaliste.org/individual-tax/2016-tax-return/
About Expert Fiscaliste
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.
Call us 1-877-542-2130 Let us prepare your Tax Returns
At Expert Fiscaliste let us prepare your tax returns for you. Our tax experts help you get every tax refund you deserve because we know how hard you work. This means that we work for you to make sure you get all the deductions and tax credits you are entitled to and offer you year-round tax advice. Rapidity changing and increasingly complex tax legislation means that experienced personal tax return preparation is essential for all individuals. Our experts receive extensive training to keep current on all the tax changes to ensure you get back all the money you’re entitled to. Expert Fiscaliste will support you throughout the year if you are audited or asked questions by government authorities or interested in tax planning.
Call us 877-542-2130
It’s that time of the year again and we offer convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, and foreign income. We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed. Just follow three simple steps. For more information on how click here for our PDF
Call us 877-542-2130
Tax Returns can be complicated and extremely time consuming. Tax payers can be particularly challenged and stressed in knowing what information is required in compiling a tax return. Use our check list to help you prepare the documents that you will need for your 2016 tax return.
For more information click here for our PDF
About Expert Fiscaliste
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.
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.
In a tax-free savings account:
All investment income (interest, dividends, trust distributions and capital gains) will accumulate tax free
Considering this all capital losses are not tax deductible, and
not eligible for Canadian dividend tax credits
Interest on money borrowed to invest in TFSA is not tax deductible
Contributions are not tax deductible
Excess contribution are subject to 1% monthly tax
Contributions are reported directly to CRA by your financial institution (ask your tax professional for your details)
2017 contribution annual limit is $5,500, for total of $52,000 contribution room
2015 limit $10,000
2013-2014 limit $5,500 annually
2009-2012 limit $5,000 annually
Withdrawals are not taxable
Death of the TFSA Holder
Can name a spouse or common-law partner as “successor holder” and on death the spouse keeps tax exempt status without affecting the spouse’s contribution room
Martial Breakdown or divorce
Can transfer directly to former spouse without affecting their contribution room.
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
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.
