Mar
03

Making changes to your tax return part 2

To request for a change to your tax return online, you simply have to log in to your account on the CRA website.  Making changes online is applicable to your most recent tax return or your returns for the previous two tax years. Remember that you have to file separate requests for each tax year. If you prefer to request a change by mail, you would just have to complete a T1 Adjustment Request Form and mail it in along with documents supporting your request.  You have 10 years to file adjustments to your tax returns if you do it by...
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Mar
02

Making changes to your tax return part 1

In cases where you have already filed your income tax return and realized that it was incomplete,  you must file an adjustment request ( T1 Adjustment Request Form ) with the CRA as soon as possible.  Making changes to your tax return either because you failed to include an amount from a T-slip you have just received or a deductible expense can be done online or manually (mail your request to your tax service centre). Remember, if you fail to give notice to the CRA regarding changes to your tax return, you will be charged interests and penalties.  You can refer...
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Mar
01

Reviewing your T4 Slip

The T4 final deadline has passed already.  So if you are an employee, you should have received your 2009 T4 Slip by now.  The T4 slip shows your employment income, taxable benefits and various source deductions withheld by your employer last year.  Remember, it is your responsibility to review your T4 slips.  Make sure that your total annual employment income shown on your T4 is correct and accurate so as to avoid any errors on your tax returns.  It is also important to ensure that not only is the amount correct but also that the correct amount is attributed to the proper tax year.
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Feb
26

Tax Planning for Business owners or Self Employed

Self-employed people are usually those that wear all the hats in their business, work very hard and are their own boss.  Business owners are people who own and manage a business and have hired and surrounded themselves with smart, competent people.  Everyone who is self-employed should look at making the transition and what it takes to be a business owner.  The Self-employed and Business Owner both have a great edge in tax planning over the employed.   They get to deduct expenses from their income and pay less tax later, whereas the employed do not get to deduct expenses from their income...
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