Hello, and welcome to the easiest way to file your taxes.

Nobody likes to think about taxes. Preparing your tax return is also one of the least favourite activities, at par with watching paint dry. No fret! We can help. We are a team of professional CPA’s with over 25 years of exclusively tax experience. That means tax is all we do. Morning. Day. Night. And we are here to help you file your tax return easy, fast and secure. Make stress of filing your taxes a thing of the past. Give us 5 minutes of your time and see your how easy tax filing can be. Who wouldn’t like that?

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It is important to understand the income tax implications. Don’t get caught claiming wrong deductions.

Whether you are renting out a room in your house, a basement apartment, or a whole house, you have to report the income on your tax return.

There are very specific rules applicable to deductibility of expenses. Not all expenses are deductible in the year when they are incurred. Some may have to be amortized over a number of years (appliances, for example), while others need to be added to the cost of the property.

The new Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians can apply if the child receiving dental care is under 12 years old and does not have access to a private dental insurance plan.

Ontario residents can claim 20% of their 2022 accommodation expenses, such as a stay at a hotel, cottage or campground. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.

Small Businesses Air Quality Improvement Tax Credit is available for expenditures related to the purchase or upgrade of mechanical heating, ventilation, and air conditioning (HVAC) systems and the purchase of standalone devices designed to filter air using high efficiency particulate air (HEPA) filters, up to a maximum of $10,000 per location and $50,000 in total.

The real estate market is hot! And many investors are turning to preconstruction as the reasonable way to invest.

1.COVID-19 benefits

If you received COVID-19 benefits, such as the Canada Recovery Benefit,  you should have received a T4A tax slip from the government. Even though some tax was withheld from those payments, you may still owe additional tax. If you find it difficult to pay this additional tax, you may wish to take advantage of the CRA’s expanded payment arrangements, giving you more time and flexibility to pay the tax owing, based on your financial situation.

As the pandemic continued through 2021 many employees continued to work from home throughout the year. And, similarly to 2020, those workers may be entitled to claim a deduction on their 2021 tax return for home office expenses incurred.

What is a tax scheme?

Tax schemes are special arrangements that promise to reduce the taxes, either through large deductions, or through tax free income as well as other “creative” ways to convince people to pay less than what they owe.

These schemes are usually promoted by individuals or corporations who promote or sell schemes often making false statements.

Cryptocurrency can be described as a medium of exchange of value, a digital asset, any form of currency that exists digitally or virtually and uses cryptography to secure transactions. According to Canada Revenue Agency, cryptocurrency is treated as a commodity for taxation purposes.

Below is the list of important deadlines and amounts for 2021/2022 year:

Small Businesses Air Quality Improvement Tax Credit is available for expenditures related to the purchase or upgrade of mechanical heating, ventilation, and air conditioning (HVAC) systems and the purchase of standalone devices designed to filter air using high efficiency particulate air (HEPA) filters, up to a maximum of $10,000 per location and $50,000 in total.

The TFSA dollar limit for 2021 is $6,000 but there is no deadline for making a TFSA contribution. If you have been at least 18 years old and resident in Canada since 2009, you can contribute up to $75,500 in 2021 if you haven’t previously contributed to a TFSA.

And to thank you, Canada Revenue Agency allows you to claim charitable donations tax credit of up to 33 percent of the amount you donated at the federal level. You may also be entitled to an additional amount reaching up to 24 percent of your donation depending on your province of residence. There are several rules that determine whether you qualify.

Medical expenses tax credits are probably one of the least understood tax credits

The medical expense tax credit is a non-refundable tax credit that you can use to reduce your taxes in the year. If you paid for healthcare expenses, you may be able to claim them as eligible medical expenses on your tax return. These expenses include a wide range of products, procedures and services, for medical and dental purpose.