If you are required by the conditions of your employer to pay your own expenses to earn employment income you employer must fill out and sign the T2200. We need this form when we prepare you tax return.
Q. I get knocks on my door or see ads in the paper advertising low fees to prepare my tax return. Are these legitimate offers?
A majority of these offers may be from well meaning qualified professionals. You should be aware that your tax return provides the preparer with all the personal information to enable fraudulent financial representations. Before you accept these offers ask for references or names of other clients. Ask for photo I.D. and a business card. The preparation of your income tax return is the most important financial decision you make on a yearly basis.
If you have dependants over 18 with no income they should file to receive both the HST Credit and Ontario Trillium Benefit.
Your marital status is determined by your status as of December 31, 2013. If you separated in 2014 you are considered as being married in 2013. If you separated late in 2013 and were separated for 90 consecutive days ( even if the period extends into 2014) will be considered as being separated in 2013. You must live separate and apart to claim as separated. Marital status is very complicated. Filing with the incorrect marital status can cost you many unnecessary tax dollars.
If you haven’t received a demand to file a tax return from Canada Revenue Agency they probably think they owe you money. We offer a flat rate catch up service for anyone 3 or more years behind in filing their taxes.
If you made an error you can go back up to three years to correct the error by making an adjustment. We can verify if indeed an error was made and can file the appropriate adjustment for you.
Rental income must be reported like any other income you earn. You can deduct whatever expenses you have incurred to earn the rental income thereby reducing whatever tax is payable on that income. We specialize on rental income to enable you to minimize tax payable.
Q. My 2012 return was reassessed six months after I received my refund. Now CRA is requesting a great deal of money back! What should I do?
If your return was professionally prepared the company who prepared your return should explain the change to you. Often these reassessments are not errors in preparation but information slips which were not presented on preparation. Before paying any reassessed amount you should make certain that the reassessment is correct. A majority of reassessments are correct but a significant number are incorrect or need further explanation to be reversed. Our experience will be of great assistance to a successful outcome in such situations.
No a parent cannot claim residence fees. The student can make a small claim on the Ontario Trillium Benfit for student residence fees. If your child lives off campus in a private home or apartment the rent can be claimed on the Ontario Trillum Benefit. Be sure to have receipts.
It is helpful to bring a copy of last year’s tax return with your notice of assessment. We need all your tax slips and any other receipts you expect to claim.
If you have a missing T4 and you cannot get a duplicate an estimate will be acceptable. If you have a year to date pay stub the amounts we need will be on the year-to-date summary.
If you have a balance owing for 2013 you must file on or before April 30th, 2014. No penalty will then be charged but you will be charged interest from April 30th. If you or your spouse are self employed you have until June 15th 2014 to file your return. Remember if you have a balance due you will be charged interest from April 30th.