Seniors do not have to prepare their tax returns in order to use the Telefile Service for Seniors. Using a touch-tone phone, clients need only identify themselves and answer some yes/no questions. For more info - http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/tlfl/snrs-eng.html PROS: very convenient for seniors CONS: limited to taxpayers over 65 years old w/ taxable income of less than $11,000 or $16,000 if taxpayer is entitled to disability amount
A lot of Canadians are struggling as a result of the COVID-19 outbreak. The Federal Government has responded with several economic measures to support individuals and businesses. Other organizations including financial institutions have stepped up as...
Income Tax Return Preparation can be a daunting task for many Canadians. It is of utmost importance that you choose the best way to file your taxes depending on your own personal situation. Here are ways to file your taxes with the CRA:Manual Filing – for those who prefer the old-fashioned way, there are printed forms that you will need to complete. Once completed, you can either mail it (where to mail) or if your return is very simple, you can telefile it (TELEFILE info). PROS: No cost to you except for the stamp CONS: Takes a lot of time and patience, not...
Here’s a useful reminder for all taxpayers! Last year, the Canada Revenue Agency (CRA) has announced that taxpayers who phone in can now request the identity of the call agent who handled your enquiry. This policy, according to the CRA, promotes accountability and consistency in the way call agents respond to callers.When you phone in, the call agent will automatically greet you with their first name. In addition to their name, you can also request for the agent’s employee identification number and geographical call centre location.Here is a News Release from the CRA regarding this policy >> http://www.cra-arc.gc.ca/nwsrm/rlss/2009/m05/nr090519-eng.html
The mere idea of BOOKKEEPING is very daunting to a lot of business owners. Those who are new to the basics of bookkeeping find it confusing amidst the various procedures and processes that it involves. But in reality, bookkeeping is not a web of complex systems and processes. It is actually quite simple. Bookkeeping is easy to understand when broken down into the following steps:Keep records of every payment and expenditure, e.g. keep receipts and other documents.Summarize your income and expenses records regularly (daily, weekly or monthly).Make use of your records and summaries to create financial reports that will help you...