As we come to the end of the year and reflect back on it, in some cases we have no choice but to carry forward some of the circumstances we found ourselves in during the year, like our tax implications, for example. We have no choice but to formally address our previous year’s tax situation in the upcoming year, when it comes tax filing time.
In general, if we look back over the 2014 year from a tax point of view there maybe a few instances where something exciting and/or controversial took place.
Highlights:
The Canadian Government really cracked down on charities with some of them taking a big hit in having their registration as a charity being evoked.- Then the was the big to do about the Harper government cutting the red tape.
- For some they found the introduction of the new app for business tax reminders.
- There has been a lot of encouragement put forth to go paperless in respect to filing online
- Government made it known they were going to go after the zapper technology being used to evade taxes.
- Then of course there was the big mess up with the release of private information.
- Most of us remember the Heartbleed hacking attack
- What about the proposed good stuff?
- The Family tax cut
- Increase of child care expense deduction
- Enhancement of Universal Child Care Benefit
While it may be interesting to bring some of the Canada tax highlights into memory and especially those that are going to provide a direct benefit to you, it is really important to know if any of the tax deadlines are of importance to you. Often for many by the time they take their tax information to their tax accountant for preparation some of these deadlines have passed. For example, December 31 of the year that you become 71 years of age is the last day where you can contribute to your personal registered retirement savings plan.
It is a good idea to visit the CRA website and search out applicable deadline dates that could have a direct effect on your tax situation.
When you utilize the services of an accountant on an ongoing basis it allows you to build up a good accounting and financial advice relationship with this professional. It allows you to gain a better understanding of your current and potential future tax responsibilities and gives you an opportunity to make decisions that could benefit your personal and business tax situation.
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