Watts Advisors Accounting & Tax Blog
Important Dates and Deadlines for 2014 0
January 10, 2014As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2014 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 ...
Read MoreImportant Dates for 2013 0
February 6, 2013As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2013 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 ...
Read MoreRepeated Failure to Report Income Penalty 0
August 17, 2012Far too often I have had new clients come to me after having done their own taxes, making a mistake, and getting penalized by the Canada Revenue Agency (CRA). The CRA have the ability levy significant penalties if tax returns are not done correctly, usually when income is under reported. If ...
Read MoreKiddie Tax 0
July 16, 2012One of the best tax saving opportunities for family owned and operated businesses over the years has been income splitting. This is the practice of splitting income amongst family members to use up all of each family member basic personal tax credit and low tax rates at the lower income ...
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 ...
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