Watts Advisors Accounting & Tax Blog
Interest and Penalties 0
May 30, 2012For those of you who did not manage to file your personal tax return on time, you may be wondering what the consequences are for failing to file the return as well as failing to pay the balance owing on the return. The consequences come in the form of Interest ...
Read MoreDeductible Employment Expenses 0
March 27, 2012There are a few instances where you are able to deduct expenses against employment income. The content of this blog will just cover the most common expenses of standard employment arrangements. There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...
Read MoreCRA Giving Out 20% Penalty for Missing Information 0
March 20, 2012Most people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out. This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...
Read MorePersonal Tax Return Checklist 0
March 6, 2012Below is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...
Read MoreRRSP’s – An Overview 0
February 15, 2012With two weeks left until the 2011 RRSP contribution deadline on February 29, 2012 it seemed like a good time to blog about some common client questions I receive on the subject, “Why should I contribute to an RRSP?”, “What are the benefits of contributing to my RRSP?” or, “Should ...
Read MoreImportant Dates For 2012 0
February 7, 2012As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2012 for both individuals and corporations. These dates are important, because if these deadlines are missed you may be subject to costly fines and penalties. Important Dates: January 15 – Remittance date for fourth ...
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