Tax installments
Avoid unnecessary penalty and interest. If you were required to pay installments for 2022, ensure that this has been done. The final installment is due by Dec.15th.
Self Employed HST Installments
If you are self employed and registered for HST you may have to pay HST installments for 2022. If you were required to pay HST installments, ensure that this has been done. Final installment is due by Jan.31/23.
Car Expense
Did you know you can expense a % of your car expenses used for business based on your mileage log. Car expense can include depreciation on the cost of the car or monthly lease expenses. It also includes operating expenses such as gas, repairs, insurance, parking and 407. Talk to your accountant for details.
Car Mileage Log
A constant reminder because many people are still not aware . CRA requires you to keep a car mileage log to claim car expenses. Keep track of distance traveled, destination, business reason, etc. to support business mileage.
Charity Lotteries
It is charity lottery season. This is a great way for charities to raise money. Please continue to support your favourite charities but keep in mind that it is a lottery and not a donation. Tax receipts are not issued for this and they are not deductible.
Disability tax credit
If you have parents or children with a disability, have your doctor complete the disability tax credit form T2201 and send it to CRA to see if they qualify for the credit. Credit can be claimed by the taxpayer or transferred to you in some cases.
Estate Executors
Dealing with the loss of a loved one is difficult, but executors then have to deal with final and possible estate tax returns for the deceased as well. Contact a CPA for assistance with this task. Ensure your loved ones have an updated Will.
CRA, My Account
If you have not done so yet, register for My Account on the CRA web site to access your tax information on line, such as your notice of assessment and statement of account. It is the fastest way to get information and deal with CRA
Corporations can register for My Business Account to access their tax information.
Chartered Professional Accountants
We can assist with start-up, advice, finance, software installation and training, tax planning, estate planning as well as bookkeeping, accounting and taxation work.
Andre hopes you find this general information helpful. Please consult with your accountant or myself if you have any questions.
This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it’s right for you.
Andre LaRosa, CPA
31 Wright Street
Richmond Hill, L4C 4A2
416 648-4418
[email protected]
www.larosacpa.ca
