Helping Canadians Get Out of Debt
Tax time is here, which means it is time to figure out how much you owe, or hopefully, you are receiving a refund. But, before filing your taxes, here are 12 ways to minimize your liability.
You may deduct the expenses if you pay for someone to care for your child while you work. The rules are that your child must be under 16, and the spouse with the lowest income must claim the deduction.
Continue reading “12 Ways to Maximize your Tax Refund”
Tax season is here. This means it’s time to learn how to prepare your income taxes effectively. Canadians have until May 1, 2023, to file their taxes and be considered on time since April 30th falls on a Sunday this year.
Tax time can be stressful for everyone. Whether you owe money or get a refund, the process can seem overwhelming. To make things easier, here are five tips to help ease your stress.
Continue reading “5 Tips to Help you Prepare for your Income Taxes Effectively”Goodbye, 2020! It was a strange and challenging year for many of us for several reasons.
This 2020 tax year will be unlike any other, with many individuals collecting CERB without any tax withholdings. However, this income is taxable, which means that individuals receiving CERB will owe tax on the funds they received, which can seriously impact your 2020 tax return. Those who typically expect a refund might owe money for tax in the current year or significantly reduce their refund.
At Creditaid we want to ensure our clients are prepared financially to assure continued success in our program and beyond. We have provided several tax tips below, some of which may apply to the current year. These are beneficial tax tips and suggestions that can benefit you and your family for years to come!
If you have any questions or wish to set up a tax planning session, please give us a call at 204 987 6890.
Working From Home Office Expenses
Employees who worked from home more than 50% of the time over a period of a least four consecutive weeks in 2020 due to COVID-19 will now be eligible to claim the home office expenses deduction for 2020. The use of a shorter qualifying period will ensure that more employees can claim the deduction than would otherwise have been possible under longstanding practice.