Author Archives: admin

Self-Employed?

Oct 17, 17
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If you are an entrepreneur running a small business, you don’t necessarily have time to be thinking about tax planning year-round.

However, letting details like these slip through the cracks can lead to a huge headache at tax filing time (which is June 15 for self-employed individuals). You may be scrambling to organize receipts and find other deductions a few days before the deadline, causing considerable stress on top of your usual daily challenges.

A common pitfall for self-employed people is not putting away sufficient money throughout the year to cover tax owing. When you’re employed by a business, you typically have an adequate amount of tax deducted from each paycheque, and you may even end up with a tax return. However, as an entrepreneur, it’s up to you to make sure you are putting enough money aside as you earn revenue. You’re probably also charging HST as a business owner, so remember that you have to remit that money as well.

To deal with this particular challenge, you could automatically have a set percentage of your earnings go into a savings account to at least earn some interest towards helping pay down your tax bill.

To find out more about what the tax experts at Eco Tax offer, including payroll services and the preparation of financial statements, call 905-544-4888. The office offers free parking and is located at 2191 King Street East in Hamilton.

Protect your employees

May 24, 17
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Paying your employees under the table is unfair to them and is against the law. You are robbing them of the benefits they are eligible for, like employment insurance, Canada Pension Plan payments, and workers’ compensation coverage.

Further, if you pay your employee under the table, you could be facing administrative penalties and/or legal repercussions by provincial worker’s compensation boards for failing to report accurate payroll, or failing to report an accident if the worker is injured on the job. In Ontario, for example, the fines for not following provincial workers’ compensation rules can be up to $500,000. You are also putting yourself at risk of being investigated by the CRA which can result in a criminal conviction, fines, and/or jail time.

NO MORE FAMILY TAX CUT

Mar 02, 17
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The federal government has done away with the Family Tax Cut, also known as the Income Splitting Tax Credit, a reduction measure that allowed individuals to transfer up to $50,000 of income to a lower earning spouse, if they have a child under 18 years old, to a maximum benefit of $2,000.

A 2015 report by the Parliamentary Budget Officer found the cut would help just 15 per cent of Canadians while reducing government revenue by $2.2 billion in the 2015 fiscal year.
Critics have said it disproportionately benefited higher income families in which one parent earns significantly more than the other.

Staying ahead of tax season

Feb 07, 17
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We are preparing for a delightful tax season, and look forward to seeing you all. Here is some helpful tips to get you organized and get your tax return as quickly as possible.

Save the date.

Don’t wait until the last minute to make an appointment. Call our receptionist to book a time slot that is best fit for your schedule. This eliminates scrambling and stress!

Receipts.

Don’t wait for April to start gathering all the information to complete  your tax return! Every January assign a folder for filing your receipts that can be brought with you the day of your appointment. Use our checklist to ensure that you have all your receipts ready and organized. Receipts such as rent, public transit, medical and any other financial statements.

Research Eligible Credits

Check out the CRA website for tax breaks and credits that you may qualify for. Even if you have no income to report, you should file a return as you may be entitled to GST/HST and Trillium Benefits.

Going Green.

Help our office transform to an eco-friendly environment. We ask that you bring a USB stick to receive an electronic copy of your return. In addition, enrol in the direct deposit option to receive your refund the greenest and fastest way possible. To do this you must visit your financial institution or go to directdeposit.gc.ca for more information.

We thank you for your continuous business and we will see you soon!

Tax Checklist!

Jan 25, 17
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With tax season approaching, here’s a helpful list to make sure you get the most from your tax return. Call us at 905-544-4888 or visit our office once you have all your documents.

Electricity rates going up May 2017

Oct 28, 16
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It’s the news that most people can’t afford to hear. Electricity rates will be going up again in Ontario, this time it’s to fix an $80 million dollar accounting mistake. The provincial agency, says it will raise fees it charges the power industry to recover the losses as part of its accumulated deficit charge. For the first time in eight years, electricity rates in Ontario will not rise on November 1, but instead electricity customers will continue paying the same rates they’ve had since last May until May 2017.

 

For the full articles visit:

http://www.citynews.ca/2016/10/25/electricity-system-operator-reports-80m-loss-accounting-change/

http://www.citynews.ca/2016/10/19/electricity-rates-wont-going-may-2017/

Check out the new CRA posters, designed to protect you and others from tax scams

Oct 06, 16
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Over the last few months there have been a lot of “tax scams” going around asking for information from you. Here are a few posters the CRA designed to protect you and others from tax scams.

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Minimum wage increase on October 1, 2016

Oct 05, 16
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Are you someone who receives minimum wage? Or are you an employer with staff getting paid minimum wage? Don’t forget that on October 1, 2016 minimum wage rate has increased.minimum-wage

Did you know that CRA now has a mobile app?

Sep 20, 16
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MyBenefits CRA is a new mobile app that lets you instantly view all your benefit and credit information on your mobile device. The app shows you:
-when your benefits or credits will be paid
-the amount of your payments
-the status of your Canada child benefit applications

As of October 2016, the app will also let you update some of your personal information that may affect benefit and credit eligibility such as:
-address change
-your marital status
-children under your care

The app is a fast, easy and secure way to check the amount and date of your upcoming benefit payments.

For more information call our office at 905-544-4888

Things students need to know at tax time

Sep 15, 16
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Students: make sure you claim the tax credits, deductions, and benefits you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to get them.
Here are some tips to help you do your taxes:
1. Remember to collect all T4s from all jobs, and be sure to report them on your tax return. This is to make sure you get the correct refund amount.
2. Know what you are eligible for in advance. As a student, there are many things you may be able to claim, including your:
◦Tuition fees
◦Education amount
◦Textbook amount
◦Interest paid on your student loans
◦Public transit amount (if you use HSR you can only claim monthly PASSES, not tickets)
◦Eligible moving expenses
◦GST/HST credit; and
◦Your child care expenses.
Remember to keep your address up-to-date if you move for work or school. You can change your address easily in My Account.
Need more information? Contact us at 905-544-4888
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