As a Calgary accounting firm, many of our clients provide tax tips and questions to help them save money on taxes. The Canadian Financial Agency receives many of the same questions and answers them through various useful articles, which we are happy to share with you.
Are you ready for your taxes in 2022? The Canada Revenue Agency (CRA) has some tips that can save you time and money.
There are eight things to keep in mind during the tax period:
Enter your tax return
It’s important to file your tax return on time to avoid interest and penalty charges, and possible delays or interruptions in your benefit and credit payments. Even if you didn’t receive any income this year, you may still get a tax refund and be eligible for benefit and credit payments.
Make sure you apply tax breaks and deductions
There are tax breaks and deductions that you can get upon your return, as well as a benefit for your income tax. Not sure what tax breaks and deductions you might be entitled to?
No Worries. Matrix Accounting’s Professional Tax accountants are here to help you all the time.
If you run your own registered business, you may have the right to charge a number of business expenses upon return, such as the cost of a car or home use. For more information about the expenses you may incur, see the Business Expenses page.
Report all your earnings
Make sure you list all your earnings. You must have most bills, such as T4 bills, from your employer, payer, or administrator by the end of February.
Other income you earn cannot be included in the tax credit. Tipping, money earned by providing accommodation or joint rides, regular sales at a flea market or online, providing trucking services, maintenance services or snow removal – all this is considered income to be reported.
If you have already filed all of your tax returns but have not reported all of your earnings or deductions, Be in touch with the Calgary’s best accountants to help you with your personal and corporate tax needs.
Make a valid claim
Make sure you know what you can and can’t have. Non-deductible amounts are sometimes embezzled, such as funeral expenses, marriage expenses, loans to family members, the loss of the sale of a house used primarily for housing, and other similar amounts.
If the CRA finds that you have made a mistake or a mistake in the complaint, it will change your refund. For a list of the most common changes made by the CRA, see the Common Changes section.
Get free tax help
If you have a small income and a simple tax situation, you can easily find the best tax professional to guide you.
Submission and payment on time
If you have a debt balance and do not submit your return on time, the CRA will charge you a late filing penalty. The penalty is to pay 5% of your balance on the due date of your return plus 1% of your balance due for each full month you return later, for a maximum of 12 months. Even if you can’t pay your balance due to the shipping deadline, you can avoid the late shipping penalty by sending it on time.
If you receive benefits, such as Canadian Child Allowances, and do not file your tax return in a timely manner, your payments may be delayed or stopped.
In our beautiful city, there are many professional tax accountants from Calgary who provide tax services. However, we hope you enjoy working with CPA, which specializes in accounting and consulting for small businesses. Whether you are for a profitable business or not for a profitable business and you are looking for a Personal or Corporate accountants, we can help you. Contact us today or call us at (403) 668-4070 / (403) 770-8419.