Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:
Neno Vukosa Professional Corporation Blog
Neno Vukosa Professional Corporation is pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 416 347-3993 or toll free 1-844-674-7656. We will be happy to meet with you for a free, no-obligation consultation.Are There Tax Benefits for Couples in Canada?
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 Tax Return Benefits - Part 3
Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:
Filing Your Personal Tax Return Benefits - Part 2
here are five more benefits of filing your personal Canadian income tax return:
Filing Your Personal Tax Return Benefits - Part 1
Filing your personal Canadian income tax return offers several benefits, including:
April 30th is Deadline to File a Personal Tax Return
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.
New T3 Requirements for Joint Accounts
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).
What's Better For Savings, a TFSA or an RRSP?
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:
Tax Refunds for a College Student in Canada
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:
Year-End Preparations for Canada's Income 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:
Christmas Scams and How to Stay Safe
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:
Tips on How to Avoid Online Scams
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:
Tax Planning - Start Now to Create Wealth
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.