Subscribe to this list via RSS Blog posts tagged in Personal Income Tax Return
Here are some tips to avoid interest and penalties during tax season.  Pay any balance owing on time. If you have balance owing for 2015, the CRA charges compound daily interest starting May 1, 2016 on any unpaid amounts owing for 2015 including any balance owing when your return is reassessed.  The CRA will also charge you interest on the penalties starting the day after your tax return is due. If you have amounts owing from previous tax years, the CRA will continue to charge compound daily interest on those amounts as well.  Note that payments you make are first applied...
Continue reading
Rate this blog entry:
0
Most Canadian taxpayers complain that they pay too much income tax.  And there is truth to that.  Over the past years, taxes have increased and eroded the disposable income of Canadian households.  Thus, the importance of saving tax to put more cash flow in rather than out has never been more relevant especially in this economy.  Fortunately, among the many taxes we pay, the income tax is the one we have most control over.  Here are a few important points we, as taxpayers, should focus on to be able to maximize our tax savings. 1.    Tax Planning.  The key to successful...
Continue reading
Rate this blog entry:
0
Everyone can use a little help filing taxes. As tax season is starting to come to a close, we decided to compile a five-point list of helpful tips to make filing your taxes just a little bit easier! Stay Organized At the beginning of each year, label a file folder with the year and use it to store all medical, business, and home improvement receipts that can be written off on your taxes. You can also use this folder to keep your T4s and investment receipts in one place. Don’t File Your Taxes All At Once Filing your taxes is something...
Continue reading
Rate this blog entry:
0
Being a dual citizen of Canada and the United States poses a lot of complications especially because of recent tax changes in the United States. According to Terry Ritchie, author of the Advisor.ca article, “Does your client have U.S. tax risk?” clients and advisors alike have to be aware of the issues related to being dual citizens – “American citizens are deemed to be residents of the U.S. for income, gift and estate tax purposes.  A U.S. citizen who is also a resident of Canada would be deemed to be a Canadian tax resident and also subject to tax on their...
Continue reading
Rate this blog entry:
0
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets