January 2016 – Happy New Tax Season

By January 5, 2016Uncategorized

Please note and spread the word that I am now officially a licensed public accountant (LPA) and will be completing review engagements for clients who require such services.

Tax Season!

I am getting very excited for tax season. I hope everyone is getting ready. If you have any questions about your tax return, whether you are an existing client or not, feel free to contact me as I offer initial complimentary consultations.

In The News

Surprise, total Canadian government debt is very high and an increasing percentage of our tax dollars are being used to pay interest on the debt:

http://news.nationalpost.com/news/canada/government-debt-in-canada-set-to-top-1-3-trillion-in-2016-fraser-institute

The Ontario government seems very excited to pursue their new Ontario Pension Plan which will affect every single employee eventually in the province by further reducing our paycheques. Please read this important article:

http://www.thestar.com/news/queenspark/2016/01/04/ontario-pension-plan-will-launch-in-2017-regardless-of-cpp-changes-kathleen-wynne-says.html

TFSA Contribution Limit

The TFSA contribution limit for 2016 has been rolled back to $5,500 (from $10,000 in 2015).  For those of you considering contributing to your TFSAs please contact your tax advisor before doing so to ensure you do not over-contribute past the limit.

CRA Tips

  • The CRA does NOT require original copies of any documents. To reduce clutter and increase organization, you ARE able to scan in all your documents and discard the originals.

  • Use the free app Genius Scan or take pictures from your phone to scan in  your documents and send to your accountant electronically.

  • Check out the CRA’s “My Account” http://www.cra-arc.gc.ca/myaccount/ – I recommend everyone sign up to have online access to all their important CRA documents and information.

Important Dates for 2016

  •  RRSP contribution deadline is February 29th
  • T4/T5 filings must be completed by February 29th
  • T3 filings must be completed by March 31st
  • Personal tax returns are due by April 30th
  • Self-employed returns are due by June 15th

Should you have any questions or concerns regarding your taxes (business, corporate and/or personal), contact me at 416-722-1543 or neal@winokur.ca.

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