There is a growing trend amongst taxpayers to purchase a software package and prepare and file their own income tax returns. In a great majority of cases positive results will follow. There are some difficulties involved with this process.
The income tax software packages available on the market are developed to fit a “general” type of return. Despite what the companies say they cannot possibly incorporate all the exceptions to rules and specific circumstances held by a minority of tax payers.
Most people who prepare their own taxes make errors in data input. Boxes can be missed and figures transposed. If you do prepare your own taxes always have someone else check your data input. We often misread numbers the same the second or even third time we see them as they are inputted.
Marital status is a complicated tax preparation concept. Marital status is not determined by the taxpayer but is determined by complex rules initiated by Canada Revenue Agency. Thoroughly investigate your marital status. Do not take the word of a friend or by the status which gives you the largest refund in the pre-packaged software package.
Generally when someone receives a refund smaller than they expected or has a balance owing more than they calculated they usually presume that CRA is correct. This is not a correct assumption. If you prepare your return and there are changes you should thoroughly investigate the situation.
Eggett Tax Services is a full time tax preparation services. Our experienced staff provides a full range of tax services from preparation to appeals of decisions and reassessment. There is no tax software package which can claim the realm of experience provided in the professional preparation of your return. We act as your agent in getting the largest refund or the smallest balance payable when your tax return is prepared by our firm.
We’ve created a website that delivers helpful information to you when you need it. Included in our new website is useful tax tips and and pitfalls you may not know, articles on new tax rules each year, a calendar with important dates, frequently asked questions and various ways to get in contact with our knowledgeable staff.
Here you will find all of our services online. Our website has been designed with ease-of-use in mind.
We look forward to helping you with your taxes and saving you money in the process.
If you haven’t made a charitable donation since 2007 you are eligible for the temporary first time super credit for donations between $200 to $1000. This credit is eligible for donations starting March 20th 2013. This credit is available until 2017.
A new kind of deferred income plan designed to provide retirement income for employees and self employed individuals who do not have access to a workplace. A PRPP can either be opened with or without the employer’s participation. Investment options in a PRPP are similar to those available to RPP. You must make application to register a plan and work with or administer.
FAMILY CARE GIVER AMOUNT
The amount for this credit has increased to $2040 for dependants with a physical or mental disability. This is in addition to the disability amount and medical expense credit.
The period to claim adoption expenses has been extended for adoptions finalized in 2013 and later years. The period will begin when the original application was made.
EMPLOYEES BETWEEN 65 & 70
If you are an employee between 65 and 70 you will automatically have CPP deducted on your wages. You have the option to stop these deductions by giving a signed and completed copy of Form CPT30, Election to Stop Contributions to Canada Pension Plan. Your employer then will send the original form to CRA. If you are having CPP deducted the deductions should stop the month after you turn 70.
Accupuncture is now a recognized as a acceptable medical treatment in Ontario and therefore these services are eligible for the medical tax credit.