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5 Tips for Tax Season 2016

5 Tips for Tax Season 2016.

1 minutes 43 seconds read.

Since we are in the beginning of Tax Season, these are five tips that can help you gain some information.

1).- Start Early, don’t procrastinate: Since we are already in the middle of February, it is never too early to start getting things organized. Don’t wait until the last minute, since you might miss, lose or forget items that can cost you money in missing tax savings.

2).- Keep all your Slips and receipts in a safe place: I probably will receive soon (if you have not already received) a T4 from your employer if you receive income from employment. Keep it in a safe place (Preferably a big envelope) along with the rest of the information that you utilize for your taxes (Donations Slips, Investments Slips -T5, etc).

3).- Some changes for 2016: The CRA has introduced some changes for 2016 amongst others these are some highlights:
Reporting of the Sale of a Principal Residence: Although the capital gain rules have not changed and any gain realized from the sale of your primary home is still exempt from tax under most circumstances, the CRA now requires the information recorded on your return.

4).- Are you over 65? The CRA introduced this year a new Home Accessibility Tax Credit (HATC): For renovations that will make homes safer or more accessible for seniors or disabled persons now may qualify for a new tax credit in 2016. If you are a senior or hold a valid disability tax certificate or are supporting a qualifying individual, up to $10,000 in expenses can be claimed. Check with your accountant to see how to qualify.

 

5).- Get help: A Professional accountant can be your best resource for getting organized, help you navigate your specific tax situation, saving you money and time, avoiding penalties and dealing with the CRA. You have enough to worry about running your business, let your accountant take care of your bookkeeping, taxes and payroll is a smart decision for any business owner, particularly small business that need to be focused on their cash flow to be able to succeed.

 

Gabriel Krozkin, CPA, GGA is a nicknamed “problem solver” specialized in small businesses offering bookkeeping services, tax, profit improvement measures. He can be contacted at info@krozkin.ca
Start your free consultation with us today and let us show you how we can help your business and be a partner in your success.

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