Sybille Schaufler Accounting Blog
Sybille Schaufler Accounting is pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact me, and I will be happy to discuss your needs with you.
Now that we are into the 2022 income tax season, it is a good time to talk about the medical expense deduction on your personal tax return.
Shareholder loans refer to loans made by shareholders of a corporation to the corporation or from the corporation to the shareholder.
When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.
It’s tax time again. If you are like others, you may feel overwhelmed by the process. Sadly, scammers are aware of this and take advantage of people's fears by trying to steal money and gain unauthorized access to personal data and financial details. The Canada Revenue Agency has seen a dramatic increase in the sophistication of scam attempts, so it is essential that you learn the difference between legitimate communication and a scam from the CRA. The best way to protect yourself from potential fraud is by learning the signs.
Numbers from the Canadian Anti-Fraud Centre show that direct calls remain the number one means of solicitation for fraudsters.
Although the CRA may contact you via phone to review your income tax and benefit return, it's important to note that legitimate government employees will always identify themselves with their ID number and first name.
The Canada Revenue Agency (CRA) might email you:
- to let you know that a new message is available on your CRA website account.
- to send you a link for a webpage, form, or publication that you requested during a call or meeting with a CRA representative.
- to let you know about tax credits and benefits for individuals or online services such as My account.
Despite the strike affecting the CRA and the public sector workers, you will not avoid penalties if you file your taxes later than the May 1st deadline.
Filing your Canadian income tax on time is essential to avoid penalties and interest charges. In this blog post, we will discuss the importance of filing your Canadian income tax on time and the penalties you may be subject to if you are late.
