Monthly Newsletter – October 2015 Issue
Charity Lotteries
It is charity lottery season. This is a great way for charities to raise money. Please continue to support your favourite charities but keep in mind that it is a lottery and not a donation. Tax receipts are not issued for this and they are not deductible.
HST Installments
If you are an annual HST filer, you may have to pay quarterly installments and the 3rd installment is due October 31st.
Payroll Remittance
Payroll remittances are due on the 15th of each month for most small businesses. File and pay on time to avoid penalty and interest charges. Ensure you are up to date on all your remittances.
Tax Receipts
CRA processing reviews seem to be increasing. Ensure you have all your past tax receipts organized and handy if needed. Also start organizing your 2015 receipts. A receipt scanner is a great way to track and organize your receipts and avoid loss.
CRA Emails
CRA continues to warn us about email scams. CRA does Not communicate by email. DELETE these right away. They are a scam.
CPP
If turning 60 soon, you may want to look at pros and cons of applying for CPP early. Some like to get an early start and get up to 5 extra years of payments. Main disadvantage of starting early is you get less. Your monthly payment will be about 1/3 less if you start at age 60.
CRA authorization forms
You need an authorization form signed by your parents and filed with CRA in order to discuss any tax matters on their behalf. However if they die, you must submit a new authorization form to CRA along with a copy of the will that states that you are the executor of the estate.
Death and Wills
This is not a pleasant discussion but an important one. Make sure you have an up to date will. Ensure you can access bank and investment accounts in case of a death of a loved one. Be prepared.
Death and Taxes
Death does not mean the end of taxes. There is at least one final tax return with a possible large tax bill for things such as RRSP income, deemed or actual disposition of investments and investment properties.
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 you.