Neno Vukosa Professional Corporation Blog

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

Are There Tax Benefits for Couples in Canada?

Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.

Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:

here are five more benefits of filing your personal Canadian income tax return:

Filing your personal Canadian income tax return offers several benefits, including:

The deadline for filing 2023 tax returns and payments is Tuesday, April 30, 2024. Typically, personal income tax returns, excluding those with self-employment income, are due by April 30th, along with any outstanding payments. Late filings or payments may incur penalties and interest charges.

Should you have established an in-trust-for (ITF) account for your minor child or hold specific assets jointly, you, and/or they, may now fall under the purview of recently implemented trust reporting regulations, effective for taxation years ending after December 30th. These regulations might necessitate the filing of a T3 Trust Income Tax and Information Return within 90 days of the year-end, irrespective of whether there's any income or activity to report. Given that trusts typically have a calendar year-end, the first tax return for 2023 would be due by April 2, 2024 (as March 30 falls on a Saturday, and April 1 is Easter Monday).

The choice between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) depends on various factors, including your financial goals, current income, and retirement plans. Here are some key considerations for both:

How to maximize tax refunds as a college student in Canada

Maximizing your tax refunds as a college student in Canada involves understanding the tax credits and deductions available to you and ensuring you claim them correctly on your tax return. Here are some tips to help you maximize your tax refunds:

We have compiled a list of Tax Changes and adjustments that are anticipated to affect most Canadians in 2024.

The details here offer estimates for elevated payroll taxes, mandatory contributions to the Canada Pension Plan and Employment Insurance. It also covers increases in carbon and alcohol taxes plus the effect of the possible Digital Services Tax.

As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

During the holiday season, scammers often take advantage of the festive atmosphere and people's increased online activities. Christmas scams can take various forms, but some common tactics include:

Avoiding online scams in Canada (or anywhere else) involves being vigilant, informed, and taking proactive measures to protect your personal and financial information. Here are some tips to help you avoid online scams:

Do you consider yourself a DIY type of person?

How about the office worker who can help their neighbour with a computer problem or can cook a gourmet meal for a group of 10 at the drop of a hat? All this, in addition to being able to keep his workplace organized. You probably know people like that who display genius in many areas, on demand. Good for them; they can be treasures when you need a friend as they can sometimes save you money.

Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.

Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.

Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.