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Professional Service Since 1976
447 Frederick Street, unit 301, Kitchener, ON N2H 2P4

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Tax Related News by Eggett Tax Services

What To Do Now for 2014

When you think about saving on taxes, think “RAP“:

REVIEW

  • Review your 2013 Notice of Assessment and take notice of any carry forward amounts particularly for tuition, undeducted RRSP contributions and capital losses. We can help you plan for tax savings based on these amounts.

ANALYZE

  • If your return was reassessed or adjusted by CRA (Revenue Canada) always investigate the changes. CRA does not always have all the information when they assess a situation. You should ask your tax consultant about any changes immediately. If you prepared your return we will review and explain the change for you. There is no fee to you unless we can improve the tax return for you.
  • Evaluate RESP’s and Tax-Free Savings Accounts (TFSA) to ensure they are the best vehicles for your particular tax situation. RESP and TFSA’s are not necessarily the most beneficial for all tax payers.
  • If you have had a major change in any part of your life including marital status, new job, severance or retirement don’t delay in preparing for tax related consequences. We are always available to meet with you to assess and consider your tax reporting requirements.

PLAN

  • Now is the time to plan your RRSP contributions for this tax year. It is never too late to start monthly contributions automatically from your bank account relieving the burden of making a lump sum payment later in the year. We can advise on the amount to optimize your tax savings.
  • If you found the amount you paid at the end of the year difficult to pay now is the time to adjust amounts deducted from your various income sources.
  • If you have capital losses carried forward it may be to your advantage to trigger a capital gain equal to the loss.
  • Be sure to keep all the proper receipts required for charitable donations, medical expenses, summer camps, physical and artistic activities for children under age 16 (disabled children under 18). It is easier to go back now and get these receipts pulled together rather than delaying your refund waiting for slips or requesting duplicates in 2015.

Tax planning should occur now. You cannot do anything about your 2014 taxes after December 31, 2014, other than making RRSP contributions until March 2, 2015. We offer tax planning consultations to review, analyze and plan for your family’s tax structure to maximize your tax savings.