Working At Home? You Might Be Able To Claim Home Office Expenses
Due to the COVID-19 pandemic, the majority of employees are working at home. Many of our clients have asked whether they can claim their home office on next year’s income tax return.
Have You Gone Digital? You could save on Taxes!
Have You Gone Digital? You could save on Taxes! There is a new non-refundable digital tax credit that will be available on the 2020 to 2024 income tax returns.
Do You File Your Income Tax Return Late?
At Calgary’s Choice Tax Services, we always recommend filing your income tax return on time. Canada Revenue Agency are in the business “of taking money” and they want the money they are owed in a timely fashion. As most taxpayers are aware, there is no penalty for filing your return late if you are receiving […]
TFSA’s and the Law.
by Jamie Golombek, October 25, 2019 Woman who used swaps to run TFSA up to $200K from $5K in one year suffers triple loss in court appeal. by Jamie Golombek, October 25, 2019 Most Canadians use TFSAs as intended — as general-purpose savings or investment vehicles to grow funds, tax-free, for future use. And, unlike […]
2019 TAX FILING DEADLINE AND WHAT YOU NEED TO KNOW
Posted by Enoch Omololu | Updated on Apr 24, 2019 The 2019 tax filing season will soon be here and if last years timeline is anything to go by, it will kick off around the third week of February 2019. The tax-filing deadline for most Canadians (for the 2018 tax year) is on April 30, 2019. For those […]
An RRSP or a TFSA? Where should you contribute your money?
An RRSP or a TFSA? Where should you contribute your money? With the RRSP contribution deadline imminent, do you know where to contribute your money? Whether to contribute to an RRSP or TFSA is a decision that many taxpayers are not sure how to resolve. We explain to our clients that an RRSP is […]
The Mysticism of Income Tax Refunds
The Mysticism of Income Tax Refunds Every taxpayer hopes for a tax refund. We explain to our clients that an income tax refund most often, is simply a return of your own money. For employees, your employer is obligated to remit income tax to CRA from each and every paycheque. Employers must follow payroll tables […]
Overcontributing To Your RRSP Can Be An Expensive Mistake
Overcontributing To Your RRSP Can Be An Expensive Mistake An RRSP is one of the best investment tools that many Canadians use to save for their retirement. Saving for your retirement also allows for a deduction on your tax return that provides you with tax savings. There are strict rules surrounding the RRSP contribution […]
Why Is It Taking So Long to Get My Refund
WHY IS IT TAKING SO LONG TO GET MY REFUND? Many taxpayers make plans for their tax refunds long before the money is received. Most of us anticipate that our refunds will typically be deposited into our bank accounts 2-3 weeks after our return is efiled. For some taxpayers filing initiates a nasty […]
CRA is Reviewing Your Tax Return, Now What?
The Canada Revenue Agency (CRA) is Reviewing Your Tax Return, Now What? You filed your tax return and are relieved that the initial pain is over. Now, months later you have received a letter, that you can barely decipher, asking for supporting documentation. Now what? Firstly, keep calm. CRA inquires about the returns of over […]
