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RISING WOMEN EXPERT
ADVICE...
Keeping up with Canada Revenue Agency’s new rules and guidelines can be
difficult and time consuming. Is there anything I should know for 2009
taxes?
It’s time to get your paper work organized and ready for filing. Have a
checklist and folder, specifically for all your tax documents so you do not
miss anything. It is a good idea to speak with your tax preparer prior to
tax season to make sure you are not missing out on any credits or
deductions. You should also be sitting with your financial planner and
mapping out your strategies to ensure you are getting the most for your
investing. A good plan is to work a year ahead of time, rather than waiting
for the last month to figure out what you can do.
Know when your documents are required to be sent and follow up if you do not
receive them. T4’s are required by the end of February. T5’s and investments
do not go out until the end of March. Be aware: if you misfile your return
for 2 of 3 consecutive years, there can be a rather large penalty assessed
on the second misfiled return; both provincially and federally. Thinking the
government has copies of the missing slips does not make you exempt but
could ultimately lead to an audit and penalty.
Now on to more pleasant thoughts for the tax season. Let’s review the “Home
Renovation Tax Credit” on home renovations done from January 27, 2009 until
February 1, 2010. The maximum, non-refundable tax credit is $1,350. For more
complete information and acceptable renovations, go to the Canada Revenue
Agency site:
www.cra-arc.gc.ca or talk to your tax/financial specialist.
On a final note: File on time! If you owe money, file regardless to avoid
the late filing penalty (it’s your money) and call CRA to make arrangements
if you cannot pay your taxes owing all in one shot. If you have on average
had to pay taxes every year “it may be in your best interest” to send in
installment payments ahead of time.
The last day for filing personal returns is April 30th; small business is
June 15th, but remember if you owe, your outstanding taxes must be paid by
April 30th to avoid interest charges.
As always, to your success!
Need more clarity when it comes to your taxes? Contact Diane Colton of
Mobility Tax at 403.235.0095. Diane also offers informative business
seminars. Call for details. |
