Okay you probably don’t even want to be thinking about taxes now as that obligation will come soon enough. If you do take a few minutes to give it some though, it could be well worth your while monetary wise.
As we get close to Christmas (another thought that may not be one of your favorites) it is also the time where we become more charitable minded. Aside from feeling good about giving it might have some greater advantages for you this year by way of the First Time Donor Super Credit. It is a one time advantage and can add 25% to the charitable donation tax credit rates. You as a first time donor could end up with a non-refundable federal tax credit of 40% for donations that you make that are less than $200. Or a whopping 54% federal tax credit on amounts exceeding $200. But not going above $1,000. There is a catch however, you can only take advantage of this if you or your spouse have not claimed a CDTC in the last 5 years.
Another tip for the ending tax season is to start getting organized now. Start making sure, that you have all your financial records in order. If you are missing anything you have plenty of time now to start finding these. Way too much money can be lost in potential tax credits simply because you did not have your financials organized. If you need a Toronto bookkeeper to get your books in order then now is the time to get it started. Asking a bookkeeper to do 12 months of bookkeeping within a few weeks before tax deadline is putting you at risk of not getting the accurate records you need to file your taxes properly.
Choose your accountant now if you don’t have one. It is a good idea to set up a first time meeting so you can get to know each other and this tax expert can make sure you are on the right track while there is still plenty of time to get things done right.
You may want to take the time now to review your net worth. Once the Christmas season hits which is right after Halloween the year end rolls in at lightning speed and there just isn’t enough time to make rash decisions about your property, assets and investments. Make a list of these so you can discuss them with your Toronto accountant.
Here at Toronto Accountant we welcome both our existing and new clients to contact us now to start getting their tax responsibilities in order so when the time comes we can provide our impeccable services to them with no hassles. Give us a call now at 416-398-1700, we would love to chat with you.
