PENSION INCOME SPLITTING: Canadian Residents are allowed to allocate up to 50% of their eligible pension income (income that qualifies for the pension income tax credit) to their lower-earning spouse or common-law partner.
AUDIT REQUESTS – If you receive a request from Revenue Canada to provide supporting documents for an expense you claimed on your 2018 income tax return? Don’t panic. This is very common. On receiving such a notice, first thing you do is Sit Down and Take 3 Deep Breaths – then read it again and try to understand what they are requesting. Send them the receipts they are requesting, with the letter from Revenue Canada. If you have difficulty understanding these letters, contact us immediately. You must respond within 30 days normally, otherwise they will re-assess you and ask for more tax to pay.
NO INCOME – STUDENTS – NEW IMMIGRANTS – FIRST RETURN: People included in this group should call to find out how you can get HST, OTB benefits for the first return even if you had No income during the year. You must file to get benefits.
EMPLOYED/UNEMPLOYED/SELF-EMPLOYED: If you fall into any of these categories, call us to find out how we can help you save taxes. Have any problem with prior years’ returns or audits, we can help. Just call us. Special service to Professionals such as Doctors Dentists, Health Clinics, Real Estate Reps, Commission Salespersons, Taxi & Limo Operators, & Businesses etc.
LAST DATE: To file 2019 individual tax is April 30, 2019. Late filling on the amount owing is 5% & int. 1% monthly compounded.
GST / Ontario Trillium Benefits: – Max. Adult / Child $290 & $153 -5% reduction if family net income is more than $37,789. $308 per individual. Single payment less than $360, otherwise monthly. 4% reduction income over $29,581 for sales tax credit. Ontario Energy & Property Tax Credit max. non senior/senior $1065&$1,213.
CIVIL PENALTIES FOR MISREPRESENTATION – There are civil penalties against third parties who knowingly, or under gross negligence, make false statements or omissions in respect of another person’s tax matters.