As tax season approaches, many taxpayers experience a surge of anxiety and procrastination. For those who tend to file late or struggle with organization, try to do their accounting & tax preparation on their own or lack the experience, the current landscape of the Canada Revenue Agency (CRA) presents additional challenges. With increasing processing delays and organizational issues at the CRA, it is more vital than ever for taxpayers to file their tax returns on time, to be done correctly the first time, be error free and to be organized in their approach. Continue reading →

Unlocking Home Ownership: Why First Home Buyers Should Take Advantage of the FHSA

For many couples and individuals, buying a first home is a dream long cherished. However, the path to homeownership can be daunting, mainly due to financial constraints. Fortunately, the First Home Savings Account (FHSA) was designed with first-time home buyers in mind, providing an excellent opportunity to save for a home while enjoying significant tax benefits. If you’re eligible, here’s why you shouldn’t miss out on this valuable opportunity. Continue reading →

When it comes to effective tax planning, understanding the differences among non-registered investments, Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and First Home Savings Accounts (FHSA) is crucial. Each of these investment vehicles offers unique advantages and tax implications that can significantly impact your financial strategy.  A CPA Accountant can also assist with understanding these and much more so you can make the right choices to minimize your taxes payable going forward.

Here is a general description of these investment options :

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Mon service est bilingue et il me fera plaisir de vous servir dans la langue de votre choix.  Au plaisir!

Get started with your 2022 tax preparation now to avoid the tax rush:

• • You will incur lower hourly fees  for regular clients and there will be more appointment availability to choose from.
  • The accountant will have more time to answer your questions and will do so more promptly.
  • And your return will get process more quickly.

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Most of us have heard, seen or know of someone who was under or over paid by $10, $25 or even $45,000 due to the Phoenix debacle. From what I have personally experienced I would not trust any figures or accounts supplied by Phoenix, even less any request for an over or under payment. I strongly recommend that you do your own homework and get a detailed and accurate review and reconciliation performed to get the facts of the situation straight for financial reasons and for your own peace of mind. I have tools to help you and can assist you in reconciling the situation.
 

Did you know that the Government of Canada is offering it’s employee a reimbursement for those who need fiscal assistance to sort out the facts and issues with their pay situation? 

Read links below for more information:

• Information on submitting a claim for the reimbursement of fees for tax advisory services
• Claim form to submit
• Departmental claims officers list

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What is the truth regarding the deductibility of income tax preparation and legal fees?  Many taxpayers and even some accountants have perpetuated this inaccuracy to take advantage of the situation,  perhaps to alleviate the client’s tax pains or enhance the attractiveness of their services. 

What is not deductible: 

Regular taxpayers:

• Purchase of tax software
• Personal tax preparation fees
• Legal fees for any other personal reason.

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Financial Literacy Sessions – Adult Program 2017

Effective Tax Strategies – Bilingual Session (free admission)
Location: Cumberland Branch Library, 1599 Tenth Line, Orléans
Date: Wednesday, February 8th, 2017 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

Ateliers littératie financière – Programme adulte 2017

Stratégies fiscales efficaces – séminaire bilingue (admission gratuite)
Lieu:  Bibliothèque, succursale de Cumberland, 1599 Tenth Line, Orléans
Date: le mercredi, 8 février, 2017 de 18:30 à 20:00
Veuillez vous enregistrer: En ligne à la Bibliothèque publique d’Ottawa

Would you like to learn more, in simple terms, about the Canadian Tax Laws?

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Many of those who fear going in to see a professional CPA accountant to have their returns prepared and filed, hesitate for simple reasons such as not have all their documents, not knowing where to start or think they will surely end up owing a lot of taxes. 

Preparing for the Tax Consultation: 

Most professional accountants have probably seen most scenarios before your visit and they are normally more than happy to assist in making things easier for you. Many clients are also often pleasantly surprised by the bottom line result of their returns that comes from being organized, cooperative and getting past the procrastination phase.

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Last year, Quebec introduced new barriers and limitations on out of province accountants equitable and warranted? All accountants performing serves for the MRQ are now being limited to in province office locations. You are now required to have a physical office location in the province itself or assume the additional costs of going through another in province organization to obtain the Quebec Netfile transmission code to have the privilege to be able to Efile returns to the MRQ.

All provinces currently limit accountants who can perform audits & reviews in their province to those who are registered in the respective provinces.

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Financial Literacy Sessions – Adult Program

Effective Tax Strategies – Bilingual Session (free admission)
Location:  Orleans Branch Library, 1705 boul. Orléans
Date: Tuesday, January 26th, 2016 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

Effective Tax Strategies – English Session (free admission)
Location:  Centennial Branch Library, 3870 Old Richmond Road
Date: Tuesday, February 2nd, 2016 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

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