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.

Why Should I Engage with You as My Accountant?

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Regardless of the business climate, all companies need assistance with accounting matters. As a qualified professional accountant, it is essential to engage with us for several reasons:

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Preparing For Your 2022 Tax Returns

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As we head into 2023, simplifying the process of filing your tax returns for 2022 is easily done through proper planning. Taking time to prepare your records can speed up the process of receiving a refund and reduce the cost of services provided by your accountant as they work to meet the tax filing deadline.  

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Tax Deductibility of Medical Expenses in Canada

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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.

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Taxation and Shareholder Loans

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Shareholder loans refer to loans made by shareholders of a corporation to the corporation or from the corporation to the shareholder.  

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Make sure you claim investment fees on your tax return

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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.

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Avoid Penalties by Filing Taxes on Time

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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.

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Early Planning Can Save Taxes in 2023

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Did you get a nasty surprise when your accountant or tax preparer handed you your tax return? It is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year: 

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First Home Savings Accounts Help Save Taxes

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First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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Informational Resources

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