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Tax time

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It’s almost Tax Time. Here is a list of some items worth noting for this year’s tax filing.

  • RRSP contribution deadline:  March 3, 2014 to be able to deduct on your 2013 tax return.
  • Due Date for filing: Taxes owing on all personal tax returns are due April 30, 2014.
  • Life Changes: Newly married/separated, moved, started a family, etc? These changes can affect your tax outcome.
  • Direct Deposit: CRA will stop issuing cheques as of sometime in 2016. Direct Deposit can be set up with your 2013 tax filing.
  • Ontario Healthy Homes Reno Tax Credit: Over 65, or do you live with someone over 65? You may qualify for a tax credit when you make your home more accessible.
  • Foreign Income Reporting: Taxpayers who own foreign property NOT used for personal use and/or are assets used in an active business, may need to file a separate “Foreign Income Verification Form”. Specified Foreign Property includes: amounts in foreign banks, shares in foreign companies, real estate holdings outside Canada, and others. The penalties for non-compliance are severe.
  • U.S. Status: Please advise us of your U.S. Status.
  • Ontario Trillium Benefit: If you qualify for this benefit you can now choose to receive a single payment in July of 2015, or monthly beginning in July 2014.

Given the ever changing landscape of tax regulation research shows that approximately seventy percent of individuals and small businesses use tax preparers to file their taxes. We believe that it is money well spent to consult a professional and should be viewed as money well spent. Preparing tax returns can be complicated and understanding each taxpayer’s unique situation is crucial in ensuring the best tax outcome.

At TriDelta we work with many accountants and tax experts and will be happy to refer you to a specialist depending on the complexity of your financial situation.

Shoebox Tax Prep & Accounting Services compiled this list of tips to get you thinking about your tax return www.shoeboxtaxprep.ca

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