Important DatesMarch 1, 2013 - RRSP contribution deadline
March 1, 2013 - Deadline for 2012 Home Buyer Plan repayments
April 30, 2013 - Personal Tax Return deadline
April 30, 2013 - Payment to the CRA for your 2012 balance owing including Self-Employed
June 17, 2013 - Self-Employed Tax Return deadline
Author Archives: Allan
The Releve-4 is an official Revenu Quebec tax slip prepared by the landlord of a residential rental unit and issued to the tenant who was the occupant as of December 31 of the prior year. The value in the box A– “Impot fonciers relatifs au logements” represents the combination of property tax and school tax allocated to your dwelling which was included in your rent.
All tenants may be entitled to a Property Tax Refund if their family income does not exceed $50,411 for the tax year of 2009.
If you are a tenant and have not received your Releve-4, kindly ask your landlord for this document.
If you are a landlord and have not issued this document to your tenants, please do so immediately. The deadline to issue this document was February 28. Please remember that a copy of this Releve-4 and the RL-4 Summary must be mailed to Revenu Quebec. Failure to do so, may result in penalties of $25 per day up to a maximum of $2,500.
Overall, yesterday’s Quebec budget meant terrible news for all middle class citizens. Some of the new measures I do not agree with and others I feel as being long overdue. Highlights of the 2010 Quebec budget presented on March 30th, 2010:
We will see an increase of another percentage point in the provincial sales tax which will rise to 9.5% on Jan. 1, 2012. An increase of a couple percentage points in the QST is going to hit the pocket books of wealthier citizens as they naturally have more disposable income. A consumption tax is probably the best tax increase a government can make as it has no real impact on an individual’s motivation to work.
There is a $0.01 a liter fuel tax, with additional increases of $0.01 each year until 2013. Why did they decide to add an extra gas tax which will inevitably penalize all drivers? Instead of this measure, they should have decided to bring back tolls on our highways and bridges. Toll fees would help to prevent urban sprawl which is taking a toll on our cities and on the environment. People, who have large houses in the suburbs and commute daily to downtown, should contribute financially for having such a privilege.
A two-year pay freeze for the politicians is long overdue! I would have preferred to see pay cuts and job cuts. Government is way too large and should be downsized just like most major corporations have done in recent years. Also, how about cutting back on their overinflated expense accounts!
A hike in postsecondary tuition fees is Ok with me. Quebec currently has the lowest tuition rates in North America. Higher fees will encourage students to take their studies more seriously because they have more at stake. A problem arises when a student’s designer jeans cost more than their history or math class!
There will be an annual increase of 3.7% in the price of electricity for all Quebec consumers, beginning in 2014-15, with the exception of large industrial customers. The hikes are in addition to regular rate increases requested by Hydro-Quebec over the coming years. This of course is like an additional tax on all Quebecers. But why let the industrial consumers off the hook? This remains a mystery….
Brand new annual individual health care fees of $25 in 2010, $100 in 2011 and $200 in 2012 will be instituted. New additional healthcare user fees were also mentioned, however no definitive details were announced. How about providing a new tax credit for fitness activities instead? Healthy citizens will inevitably lower our global healthcare costs.
This new budget full of tax hikes makes it even more important to hire a professional Accountant who will review your situation and look to minimize your overall tax burden. Contact us today for an appointment to evaluate your situation and help plan for the future.
If you are a student and you are interested in reaping the benefits of all that our Canadian tax system has to offer you should definitely read the following article published by our Accountant, Allan Fefergrad, CGA.
Allan graduated with a Bachelor’s of Commerce degree from Concordia University and he prepares hundred of tax returns each year. Contact us so that we can get started on your file immediately.
The following artice was recently published by Revenue Canada which listed out the various tax deductions available to tradespeople. The credits include Deduction for tools, Goods and services tax / harmonized sales tax (GST/HST) rebate and employment expenses.
Get in touch with us to learn how to claim you to claim your tax deductions!
Spring is a beautiful season. It’s a season where the temperature slowly rises, the snow begins to melt and flowers start to bloom. Summer is fast approaching and for the majority of Canadians, we cannot wait!
Spring also signifies that Tax Season is in full swing. We hear the advertisements on the radio, television, read them in the newspapers and see them on our favourite websites. The advertisements are generated by Accountants and companies producing tax software. Most Canadians do not like paying taxes and hate filing their taxes annually. They procrastinate and put off their tax filing until the very last minute on the annual deadline of April 30.
Most Canadians are employed in a full-time job and are limited to the amount of tax deductions they can take advantage of. With proper planning and a bit of knowledge you will be able to Maximize your Tax Refund.
Here is a list of some tax tips:
- Read and keep your notice of assessment. There may be some tax credits carried forward which are available to you such as tuition, capital losses, medical, etc… The notice of assessment also tells you how much you may contribute to your RRSP.
- Every year the Government of Canada spends millions of dollars in advertising the latest tax credits available to you. Pay attention. Were you aware of the 2009 Home Renovation Tax credit?
- Hire a professional Accountant to prepare your taxes. Accountants keep up to date with the latest tax changes from the current budget. They will ask you about your family situation and financial situation. They do charge fees for their work, but believe me, its money well spent.
When was the last time a Government official called you at home to advise you that if you had contributed an extra $1000 to your RRSP, you could have saved $400 in taxes? Your Accountant will.
The Honourable Keith Ashfield, Minister of National Revenue, encourages all Canadians to visit the Canada Revenue Agency (CRA) Web site to learn about ways to protect their tax information and avoid being a victim of fraud.
Please refer to this link to read this very important press release issued by the Canada Revenue Agency. Fraud
Did you know that payments made to subcontractors for construction services must be reported to the Canada Revenue Agency (CRA) using a reporting system called the Contract Payment Reporting System?
Payments greater than $500 including sales taxes must be reported to the agency.
To view the official document from Revenue Canada: Construction Reporting
Did you know that if you are a resident of a northern region, you may be able to get tax relief based on your travel and living costs? That’s right. The northern residents deductions allow those who have lived in a prescribed northern zone or a prescribed intermediate zone on a permanent basis for at least six months to take advantage of two types of deductions…
View the official article Northern Resident
A Registered Retirement Savings Plan (RRSP) is an investment plan registered with the government to which you or your spouse can contribute to save for retirement. Investments can be made through stocks, mutual funds, bonds, etc… For information on what investments are RRSP eligible, please contact your financial advisor and/or your financial institution.
RRSP contributions can be used as a means to reduce your taxes payable and can increase your refund. Amounts earned in the RRSP investment are exempt from tax for the time the funds remain in the plan. When you cash in or receive payments from the plan (typically at retirement) you will then pay tax on those amounts.
March 1, 2010 is the deadline for making contributions to your RRSP for the 2009 tax year. The maximum amount you may contribute to an RRSP is 18% of your “earned income” up to a maximum of $21,000. You will find your maximum contribution limit for 2009 on your 2008 Federal Notice of Assessment.
The deadline is fast approaching! Contact us as soon as possible for an evaluation to determine your optimal RRSP contribution amount for the 2009 tax year. We have Financial Advisors on call to help you invest wisely.