Mar 17, 2020


COVID -19 Update


We know many of our clients are feeling uncertain about leaving their homes during this time - therefore we have made some modifications to how we are conducting our business operations in the short-term.


At this time, we are working to create a secure online portal for our clients, which they can use to upload their documents from their computers to streamline the process.


We are encouraging clients to do a quick drop off with their paperwork, if you are healthy to do so. If any appointment is required, it can be held via the telephone, or if an in-person appointment is necessary we will take the precautions to ensure everyone's health.




Feb 28, 2020

Do you have unclaimed payments on your CRA account?


Global News recently reported about a new feature on the CRA website under your My Account profile - where any unclaimed cheques you are owed will be listed, which you can claim.  Most of us probably won't see any unclaimed amounts listed, but if you moved and did not notify the CRA, for example, you may have an unclaimed amount.


If you have online access to your My Account on the CRA website, once you've signed in, you will be presented with the Overview page. On this page, you will see Uncashed Cheques under the Related Items section on the right-hand side of the page.  Simply click the link to view any outstanding payments.


Note that any outstanding amounts you owe to CRA will be deducted prior to them issuing any funds outstanding.




Feb 21, 2020


CRA will open their systems to Efile taxes on Feb 24, 2020.



Jan 17, 2020


This year the federal government has changed the TD1 form basic personal exemption amount to be based on a sliding income scale basis.


What is the TD1 form?

This is the form you complete or update under these common circumstances - when you have a new employer, want to change the amount of your exemption or want to increase the amount of tax deducted by your employer.


What does this mean for me?

If you have or expect your 2020 income to be :


  • $150, 473 or less during the year, you enter $13,229 on line 1

  • $150,474 to $214,368
  • you can claim a partial credit using the TD1-WS Worksheet to determine your credit amount for line 1
  • you can claim the flat rate of $12,298 if you do not want to calculate a partial credit for line 1

  • $214,369 or more, enter $12,298 on line 1


You can find the forms and worksheets here --> CRA WEBSITE

Update on this topic, Jan 24, 2020 from Financial Post --> here 




 Jan 15, 2020


 Income Tax Filing Deadlines & Benefit Payment Dates


 All dates are for the current tax year unless specified otherwise.

 

 Canada Child Benefit:

  • January 20, 2020
  • February 20, 2020
  • March 20, 2020
  • April 20, 2020
  • May 20, 2020
  • June 19, 2020


  • July 20, 2020
  • August 20, 2020
  • September 18, 2020
  • October 20, 2020
  • November 20, 2019 & 2020
  • December 13, 2019 & December 11, 2020


 Working Income Tax Benefit payments:

  • April 5
  • July 5
  • October 5
  • January 5


 Filing deadlines:

  • April 30 (most filers)
  • June 15 (self-employed filers and their spouses or common-law partners)
  • June 30 (TFSA return)


 GST/HST credit payments:

  • January 5
  • April 5
  • July 5
  • October 5


 Installment payments due:

  • March 15
  • June 15
  • September 15
  • December 15
  • December 31 (farmers and fishers pay their yearly installment payment)


 RRSP contribution deadline:

  • March 2



Dec 18, 2019


DONATIONS TO CHARITY - WHAT TO BE AWARE OF FOR TAX TIME


Donating to charities is a worthy endeavor, but if you want to claim donations on your tax return, be sure of these key points before handing over any cash.


    • The deadline for 2019 receipts is Dec 31, 2019
    • In order to claim a donation, you are required to submit a valid receipt (must be registered with CRA)
    • Research the charity here - to ensure it is registered with the CRA
    • Generally, tax Credits for donations on the federal return is 15% for the first $200 of annual charitable donations.but jumps to 29% for combined donations of more than $200 in total
    • Tax credits can be applied for donations from RRIFs, RRSP's, Donations in Kind, and Donor Advised Funds - read on here for more info


Read more at the Business Financial Post --> Make sure your charity of choice has charitable status before making a donation





Oct 29, 2019


Withdrawals from RRSP/RRIF 


October 24, 2019


Donations at the Till - these are NOT tax deductible.  


Oct 19, 2019


 

Congratulations Jennifer on your graduation!



Sept 23, 2019


 


Welcome to the team Tamara! We are so happy to have you here at Wish Kwok & Associates!


Sept 20, 2019


EI Premiums are set to decline, according to the CEIC - this is good news for business owners :)

Read more about this recent announcement on Advisor.ca.


https://www.advisor.ca/…/ei-premiums-decline-again-for-2020/

July 30, 2019


identity theft


All Info can be found on:


https://www.canada.ca/en/revenue-agency.html

 



July 29, 2019


Protect Yourself Against Fraud


Do you know how to recognize a scam? Here are some tips on how to tell it is NOT the CRA contacting you.


  • They will state that your personal information is needed to receive a refund or benefit payment.
  • They will use coercive or threatening language to scare individuals into paying fictitious debt to the CRA.
  • Some may urge individuals to visit a fake CRA website where the taxpayer is then asked to verify by entering personal information.


DO NOT CLICK ON ANY LINKS THEY PROVIDE.


Fraud by TELEPHONE - THE CRA MAY:

  • verify your identity by asking for personal information such as your full name, date of birth, address and account, or social insurance number
  • ask for details about your account, in the case of a business enquiry
  • call you to begin an audit process


THE CRA WILL NEVER:

  • ask for information about your passport, health card, or driver's license
  • demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon, or others
  • use aggressive language or threaten you with arrest or sending the police
  • leave voicemails that are threatening or give personal or financial information


Fraud by EMAIL -THE CRA MAY:

  • notify you by email when a new message or a document, such as a notice of assessment or reassessment, is available for you to view in secure CRA portals such as My Account, My Business Account, or Represent a Client
  • email you a link to a CRA webpage, form, or publication that you ask for during a telephone call or a meeting with an agent (this is the only case where the CRA will send an email containing links)


THE CRA WILL NEVER:

  • give or ask for personal or financial information by email and ask you to click on a link
  • email you a link asking you to fill in an online form with personal or financial details
  • send you an email with a link to your refund
  • demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon, or others
  • threaten you with arrest or a prison sentence


Fraud by MAIL - THE CRA MAY:

  • ask for financial information such as the name of your bank and its location
  • send you a notice of assessment or reassessment
  • ask you to pay an amount you owe through any of the CRA's payment options
  • take legal action to recover the money you owe, if you refuse to pay your debt
  • write to you to begin an audit process


THE CRA WILL NEVER:

  • set up a meeting with you in a public place to take a payment
  • demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon, or others
  • threaten you with arrest or a prison sentence


The CRA never uses text messages or instant messaging such as Facebook Messenger or WhatsApp to communicate with taxpayers under any circumstance. If a taxpayer receives text or instant messages claiming to be from the CRA, they are scams!


All info can be found on: https://www.canada.ca/en/revenue-agency.html