“There are a multitude of benefits and credits available to self-employed and freelance workers,” said Yannick Lemay, tax expert at H&R Block Canada. “One of the biggest things my clients ask me is what expenses they’re able to claim, and the short answer is a lot!”

Here are some of the best refund-maximizing tips he shares with self-employed clients:

1. Keep records. Save all receipts that pertain to your gig work, be it gas expenses if you drive for a ride-sharing company, cell phone expenses, parking costs or vehicle insurance. Separate these purchases, so there are no household or personal expenses on business receipts. This way, it’s obvious these expenses are work related. Lemay says it can look fishy if you’re claiming toilet paper for your Airbnb on a receipt that has other expenses clearly purchased for personal use.
2. Report your income. Even if you’re paid in cash, it’s the law to report all income, including tips. This means keeping self-reported records of tips you receive per shift, which can be done with free apps, spreadsheets or even notes in your phone.
3. Register for and charge GST/HST. When you earn $30,000 over 12 consecutive months, you’ll be required by law to register and charge these taxes. Depending on your situation, it might make more sense to start collecting this before you hit that threshold. You should also look into the quick method of accounting, which can help you save a lot of money.
4. Make your contributions. All self-employed workers must pay into Canada Pension Plan (CPP). However, if you are a gig worker, you should do your research to see if this applies to you. If you intend to collect CPP or Quebec Pension Plan in retirement, you’ll need to have paid into it. Also, though it’s required, you might consider opting into Employment Insurance in case of an emergency.

(Source : Canada News)

L’article Confidence-boosting tax tips for the self-employed est apparu en premier sur Courrier Laval news.

Thoughtful tax planning is one way to save some cash.

“With a little preparation, Canadians can keep more of their hard-earned money in their pockets this tax season. By adopting a few key strategies, you can take advantage of opportunities to significantly save at a time when every little bit counts,” said Christine Van Cauwenberghe, head of financial planning at IG Wealth Management.

Below are four strategies to help you save money this tax season.

Know your personal tax information

It’s important to know what options are available based on your past tax filings. Check the Notice of Assessment (NOA) sent to you last tax year by the Canada Revenue Agency (CRA) or access it through your My Account information on the CRA website. My Account can go even further, helping to ensure you’re not missing out on deductions or any carry forward information like any losses, and you can even arrange for direct deposit of any tax refund.

Make sure you have all your tax slips

The failure to include an income amount on your tax return can result in a penalty. The exact penalty is a complex calculation but note that you should ensure you have all your tax slips (T4, T4A, T4RSP, T5008, etc.) and that you include all of them on your tax return. Any missed slip could mean a financial penalty.

Don’t forget to organize your tax receipts

Ensure you have all your tax receipts related to any tax deduction or credit claim. Receipts for any childcare expenses, medical expenses, charitable donations or other claims can minimize the taxes you pay.

Meet with a financial advisor

From maximizing your tax credits and deductions to staying on top of important deadlines and dates during the year, a financial advisor can suggest the best options for your unique circumstances to help save you money at tax time.

Find more information on financial planning during tax season at ig.ca or speak with an advisor.

(Source : News Canada)

L’article Why it pays to plan for tax season est apparu en premier sur Courrier Laval news.

That financial assistance will be given to more than 6.5 million taxpayers.

The amount will be $600 for people whose individual income does not exceed $50,000. It will gradually decrease for those with an income slightly above $50,000.

It will be $400 for the $54,000 to $100,000 range. Again, there will be a distribution, which will be gradually reduced to $104,000.

That amount will be adjusted, according to income for 2021. Also, it must be noted that it’s non-taxable, and will be remitted by direct deposit, or cheque by the end of 2022.

Revenu Québec specifies that citizens don’t have to do anything in order to receive the money.

Those who are yet to file their 2021 tax return have until June 30, 2023 to do so, and thus take advantage of that new measure.

People who received last-resort financial assistance on Dec. 31, 2021, and benefit from the automatic payment of the TQS component of the solidarity tax credit, don’t have to file an income tax return to be eligible for the cheque. (N.P.)

translated by Alec Brideau

L’article Revenu Québec Details its $400–$600 Cheques Delivery est apparu en premier sur Courrier Laval news.