A few items to take note of:
It is time to start thinking about year-end tax planning. Items to consider before year end include, making donations, selling stocks, contributing to RESP, RRSP and TFSA, buying a vehicle, equipment or other capital assets. More details next month.
Avoid unnecessary penalty and interest. If you were required to pay installments for 2021, 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 2021. If you were required to pay HST installments for 2021, ensure that this has been done. Final installment is due by Jan.31/22.
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 up to $30,000 for 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.
Little or No Income
If you had little or no income in 2021, you may want to consider withdrawing some funds from your RRSP before the end of the year and have it taxed in 2021 at the lowest tax rates. Discuss pros and cons with your advisor before doing this.
CRA, My Account
Anyone who has tried to get in touch with CRA on the phone knows it can be a long and frustrating experience. 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.
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.
Chartered Professional Accountants
They can assist with start-up, advice, finance, software installation and training, tax planning, estate planning as well as bookkeeping, accounting and taxation work.
Andre LaRosa hopes you find this general information helpful. Please consult with your accountant or himself 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.