It's tax season. Visit www.larosacpa.ca for your tax checklist, important dates, and to sign up for the monthly newsletter.
A few things to consider this month.
2018 Tax Installments, avoid penalty and interest
Personal tax installments, if required, are due quarterly on March 15, June 15, September 15 and December 15. Penalties and interest will be charged if these payments are missed. Check with your accountant or CRA if you must pay.
Tax Filing Dates
April 30th, personal tax returns due. File early if you are expecting a refund.
June 15th, personal tax returns due for those that are self-employed but any taxes payable are due by April 30th. Same is true for your annual HST filing.
2017 Tax Receipts
By now, you should have received most of your tax receipts and so it is a good time to see your accountant or myself to file your return and get your refund.
For those with investments, note that some T3 receipts arrive in March or even April. Ensure you receive all your T3’s before you file and advise your accountant if any are received after you file. You will need to file a T1 adjustment.
Sale of Investments
Ensure you have a summary of your disposition of investments, including your proceeds, cost and selling fees to determine your capital gain or loss.
Note the administrative change to CRA’s reporting requirements for the sale of a principal residence. You are required to report the proceeds of disposition and description of property on your 2017 tax return if you sold your principal residence, to claim the full principal residence exemption. Talk to your accountant.
Visit your pharmacist to get your annual summary of prescription receipts for 2017.
Visit CRA site for list of medical items that qualify for deduction.
Transit fees for service from Jan.1 to June 30th are eligible for the transit deduction.
Fitness and Art
Children’s fitness and arts fees are no longer deductible in 2017.
Ontario Tax Credits
Don’t forget to input your property tax or rent expense on your tax return to see if you qualify for the Ontario property tax credit. Also check form for other credits.
Andre hopes you find this general information helpful. Please consult with your accountant or Andre 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.