Monthly Newsletter \u2013 February 2016 Issue<\/p>\n
It\u2019s tax season. Visit my web site for your tax checklist, important dates, and to sign\u00a0up for the monthly newsletter. www.larosacpa.ca A few things to consider today.<\/p>\n
2015 Tax Receipts<\/strong> Tax Free Savings Account vs. Registered Retirement Savings Plan<\/strong> Registered Retirement Savings Plan (RRSP)<\/strong> Medical Expenses<\/strong> Prescription Receipts<\/strong> Children\u2019s Fitness and Arts Tax Credit<\/strong> Tuition Receipts<\/strong> Rental Property Mortgage Statement<\/strong> T4\u2019s and T4 Summary<\/strong> T5\u2019s and T5 Summary<\/strong> I hope you find this general information helpful. Please consult with your\u00a0accountant or myself if you have any questions.\u00a0This material is provided for general information and is subject to change without notice. Please consult\u00a0with your professional advisor before you act on any of the above information to ensure it\u2019s right for you.<\/p>\n","protected":false},"excerpt":{"rendered":" Monthly Newsletter \u2013 February 2016 Issue It\u2019s tax season. Visit my web site for your tax checklist, important dates, and to sign\u00a0up for the monthly newsletter. www.larosacpa.ca A few things to consider today. 2015 Tax Receipts February is generally the month you start receiving your tax receipts such as T4\u2019s\u00a0from work, T5\u2019s from banks, T3\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-569","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=569"}],"version-history":[{"count":1,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/569\/revisions"}],"predecessor-version":[{"id":570,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/569\/revisions\/570"}],"wp:attachment":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFebruary is generally the month you start receiving your tax receipts such as T4\u2019s\u00a0from work, T5\u2019s from banks, T3\u2019s for investments, etc. Make sure you put these in\u00a0an envelope marked taxes to ensure they get to your accountant before they get lost.<\/p>\n
\nSimply put, a TFSA earns interest tax free on contributions (max $5500 for 2016)\u00a0but there is no tax deduction for the contribution. An RRSP contribution will give\u00a0you a tax deduction now and gets taxed when you withdraw funds from the RRSP.<\/p>\n
\nCheck your notice of assessment for your contribution limit and talk to your\u00a0accountant to see if a contribution is right for you. The higher your income, the\u00a0greater the tax savings on contributions. Deadline for contributions is Feb.29th.<\/p>\n
\nThe list of things that qualify as medical expenses for tax is more than you think.
\nYou can visit the CRA website for a complete list.<\/p>\n
\nGood idea to visit the pharmacies you dealt with and ask for a medical receipts\u00a0summary for 2015. It is much easier for tax filing and ensures you do not miss any.<\/p>\n
\n$1,000 Fitness and $500 Arts credit available for kids under 16 at start of 2015.\u00a0Organizations will determine and provide receipts to programs that are eligible.<\/p>\n
\nRemind your kids to go on the university web sites to print their tuition receipts,\u00a0form T2202, in order to claim the tuition and education tax credit. Some Tuition\u00a0credit can be transferred to parents if not required by the student.<\/p>\n
\nInterest expense on rental properties is deductible but the principle is not. Check\u00a0your annual mortgage statement to ensure you pick up the right amount.<\/p>\n
\nFebruary 29th, 2016 is the deadline for companies to file T4\u2019s and T4 Summary with\u00a0CRA and to distribute the T4\u2019s to employees.<\/p>\n
\nT5\u2019s also due February 29th for any dividends paid to shareholders in 2015.<\/p>\n