DK Accounting & Consulting

CRA announced a simplified way to claim home office expenses during COVID-19. Dkaccounting.ca/news

Have you been working from home because of COVID. The CRA announced a simplified way to claim home office expenses. If you worked at home at least 50% of the time for at least 4 consecutive weeks, this option is open to you for a maximum claim of $400.

The best way I can empower an entrepreneur is to give them the tools to understand their numbers. Not everyone wants to give their books to someone else to do. Whether you have hired someone or not, what knowledge would make your life easier? What do you want to know about? What do you know now that you wish you knew when you started your business?

I was lucky enough to spend the morning with Trish Beesley having a mini headshot session. I say lucky, because I went in feeling anxious and awkward, but within minutes her professionalism and friendliness put me at ease. She saw quickly what my comfort zone was, and just as quickly, made that zone a little bigger. Trish aims to empower women professionals and that is exactly what I felt when I left. Empowered, lucky to have connected with her, and looking forward to future sessions.

If you are a senior withdrawing funds from a RRIF, your minimum withdrawal is reduced for 2020. If this is something you can afford to do, take advantage of it so as not to realize as many losses in your portfolio. Call your financial advisor to help, and if you dont have one, I'm happy to give some free help to people on fixed a fixed income.

Free tax prep for frontline healthcare workers. #accountingforbravery

DID YOU KNOW? The Canada Emergency Response Benefit, CERB, is a taxable benefit. The deductions will not be taken at source, so the full $500 per week will be paid out. This means that at the end of the year any amount received will be included in income when you file your taxes and may result in an amount owing.

Personal tax returns are now due June 1st, with payments on taxes owing being deferred to August 31.

DID YOU KNOW?? A deductible of 3% of earnings is used to reduce the amount of medical expenses claimed on your tax return, and is the reason that in many cases, these expenses are best put on the return of the spouse with the lowest income.

DID YOU KNOW? Did you borrow money to contribute to an RRSP? RRSPs are not treated in the same way as non-registered investments, in that you cannot deduct the interest paid on that loan when doing your income taxes.

It's tax time! Do you know a senior, student or low income earner who could use some help with their taxes? See if they can take advantage of the Community Volunteer Income Tax Program.