Personal Income Tax

Tax time does not have to be stressful and professional help in this area does not have to be expensive.

Taxpayers with small businesses or rental properties are a major portion of my business and I would be please to advise you in this area. You want to make sure that you are claiming all of the deductions you are entitles to and that is where a professional accountant can help.

Some tax tips to consider for the coming year are discussed below:

RRSP's

RRSP's are still the primary method most people reduce their taxable income. The amount available to contributed is base on 18% of your previous years earned income, plus any unused deduction from prior years. The notice of assessment you received after filing last year's income tax return should indicate the amount of contribution limit currently available. Your deduction limit can also be obtained by calling the revenue Canada automated phone service at 1-800-267-6999.

Labour Sponsored Investments

Investments in labour-sponsored venture capital are eligible for the 15% federal and 15% provincial tax credit. In addition, these investments can be purchased by your RRSP. These investments must be help for a minimum of 8 years to avoid repayment of the tax credits.

Voluntary Disclosure 

Voluntary disclosure was introduced several years ago to assist taxpayers who have never files a tax return or have not filed for at least two years and the taxpayer contacts Revenue Canada first. Penalties on overdue taxes will not be assessed but the tax and interest would still be owing. Depending on the circumstances, not all missing years need be filed if records are not available and/or income was not substantial. The process can initially be on an anonymous basis until an arrangement is made that both sided can live with. You should discuss voluntary disclosure with a professional advisor prior to contacting Revenue Canada.