Monthly Newsletter – November 2015 Issue
HST Electronic Filing changes
New unique access codes and filing packages were mailed out to HST registrants in October. Ensure you review this package and note the changes. You may want to download the CRA business tax reminders mobile app to help keep track of your due dates. Go to www.cra.gc.ca/mobileapps for more.
CRA Phone Scams
CRA continues to warn us about email scams and now phone scams. They call saying your return was reviewed and you owe money. If they ask you to send money right away by any means you should hang up. They may also threaten you or give you a phony number to call if you ask questions. Hang up and call CRA to advise them and ensure that your account is fine. 1-800-959-8281.
Wills and Power of Attorney
It is very important to have an updated Will in place along with a power of attorney for both property and for personal care. It is also important to choose the right executor and to grant power of attorney to the right person. Talk to your lawyer about this and to your financial planner and accountant about estate planning.
Tax Planning
It is time to start thinking about year-end tax planning. Items to consider before year end include, making donations, selling stocks, contributing to RESP and TFSA, buying a vehicle, equipment or other capital assets. More details next month.
Books for Self-employed
If self-employed but have not kept a proper set of books for 2015 you should start now and avoid the stress and rush during tax season.
Little or No Income
If you had little or no income in 2015, you may want to consider withdrawing some funds from your RRSP before the end of the year and have it taxed in 2015 at the lowest tax rates. Discuss pros and cons with your advisor before doing this.
RESP’s and CESG
Contribute $2,000 to your child’s Registered Education Savings Plan and the federal gov’t will contribute $500 to the plan through the Canada Education Savings Grant. Repeat annually to get maximum benefit of $7,200 per child from the government.
Disability tax credit
If you have parents or children with a disability, have your doctor complete the disability tax credit form T2201 and send it to CRA to see if they qualify for the credit. Credit can be claimed by the taxpayer or transferred to you in some cases.
I hope you find this general information helpful. Please consult with your accountant or myself if you have any questions.
This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it’s right for yo