ready to file your taxes review the checklist
Claim expenses or rebate
Personal taxes
1. Disability tax credit – need medical practitioner to provide a letter
2. Taxes from capital gains – reduce by investing in TFSA/RRSP
3. Write off capital loss – If you have capital gain income in current year write off (if any) capital losses from prior years
4. Claim your moving expenses – if you move 40KM closer to work
5. HST rebate for new house (rental properties)
6. First time home buyers credit – if you bought a home during 2020 calendar year $5,000
7. Claim spousal support
8. RRSP contribution – check your last year’s notice of assessment and maximise (contribution deadline March 01, xxxx)
9. Child care expenses
10. Claim your professional dues/ union dues
11. Claim student loan interest
12. Claim your education / tuition expenses or transferred from child
13. Claim your medical expenses or donation
14. Claim employment expenses – if employer requested to pay for some supplies
15. Claim your child tax benefits
16. Claim your HST/GST credit
17. Rental income – claim mortgage interest, repairs, property taxes, utilities (if any), related expenses and many more – call me for more details
18. Claim pension adjustment
19. Claim Registered pension plan deduction
20. Allowable business investment loss
21. Carrying charges and interest expenses
22. Canada caregiver amount
23. Adoption expenses
24. Disability expenses amount for self or transferred from spouse
CORPORATE TAXES
Self Employed
1. Claim self employment expenses -
There are many ways to claim self employed business expenses such as meal receipts, gas, telephone , home office, amortization of assets and so on.. call me for more details
2. Tax return filling deadline June 15, however estimated tax liability payment due by April 30
3. Keep your books in order , CRA started many audits which could result in penalty, interest or additional tax liability
4. If you are registered for HST your due date is April 30 for payment and filling the HST return June 15
Corporation
Tax due dates (assumed Dec year end)
1. Payroll tax: Feb 28 for T4 Summary and T4 for employees
2. HST: April 30 for estimated tax liability payment and June 15 for tax return
3. Income Tax: April 30 for estimated tax liability payment and June 15 for tax return
4. Dividend or Salary, call me for more details to understand benefits of each payment options
5. Keep your books in order - CRA started many audits which could result in penalty, interest or additional tax liability
6. Small Business Deduction (SBD): It helps to reduce your tax liability at reduce rate, the maximum federal claim amount upto $500K