Summer camps for kids - Keep the receipts for any day camps or overnight camps you send your children to. These expenses may qualify as childcare expenses to be claimed on your personal tax return.
Pension Splitting - If you qualify for the pension tax credit, you may are able to transfer up to 50% of your pension income to your spouse. Your spouse will also get a pension credit and If your spouse is in a lower tax bracket, you will save even more taxes.
Home Office Expenses - A self employed person and some employees can write off a portion of their home expenses for their home office - there are some restrictions and rules that need to be considered.
Lease or buy? You will need to consider interest rates, cash flow, future borrowing requirements and your lifestyle.
Corporate filing deadlines - tax returns for corporations are due within six months after the fiscal year-end. However, any tax owing is due within three months of the fiscal year-end (two months for holding and investment corps).
Letters/requests from CRA - When the government sends a letter, they need a response. Its a good idea to phone your accountant to see who should deal with the response. Currently, the CRA is sending letters to tax payers that have unusual expenses or amounts compared to their industry average. This is a good time to make any amendments to amounts that may have been overstated or to just make some notes about why the amount were unusual for that year. These letters may result in further requests for information or even an auddit. Please contact your accountant ASAP if you receive one of these letters.
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