Wendys Books + Taxes
49 Oakville Avenue N5V 2R9 London, ON, Canada

Which means theyll likely extend the filing deadline...

Still preparing taxes . . . come & get er done!!

Lets get the new year off to a smiling start

Will be all moved in to our new home & ready for tax season 2019 by February 1st. See you then!Will be all moved in to our new home & ready for tax season 2019 by February 1st. See you then!

Hello, all. Happy New Year. Especially if you still have a minimum wage job that mysteriously disappeared after the long-awaited hike to $14/hour. Or, maybe you work for the American - owned Timmys and lost benefits. Greedy bastards. And people wonder why I no longer go there.

So, the Ontario Liberals are finding amazing cash hand-outs just in time for the coming election! Dont be fooled by their promises and sudden interest in "helping" the residents of this province! Everything theyre handing out, especially the minimum wage increase will have tax ramifications, on both the employer and the employee - think source deductions increase (tax, CPP & EI).

Hello, all. In the process of moving, but phone numbers and email address will remain the same. As soon as I know our new address, you will too.

You can call or text me at my new cell number: (226) 224-0778.

I discovered recently that some people still believe certain tax myths. Heres a couple of "no-nos" that need to be removed from the "fact" to "myth" category. 1. If I receive a tax refund, my return is approved When you receive a refund from the Canada Revenue Agency (CRA), you may think thats it. But, in reality, they actually have 3 years (or more, if they choose) to review your return and request follow-up paperwork. If your tax return ends up getting reviewed, t...hat could result in receiving a Notice of Reassessment with a potential balance owing. But how could this happen?! you wonder . . . For instance, maybe you moved from one end of the city to the other to be closer to your job, then claimed some moving expenses for the rental truck. Moving expenses can only be claimed if you moved at least 40km closer to a new place of work OR school, so the CRA would refuse your claim and send you a tax bill for whatever you originally deducted. 2. I earned less than $10,000 so I dont have to file a tax return If you didnt earn a lot this year, or even if you had no income at all, you may still want to file a return. The good news? You probably dont owe any money. However, you still need to file a tax return, as you could be entitled to other credits and benefits ONLY WHEN you do file. For example, once you turn 19, you qualify for the quarterly GST/HST amount! Plus, if you did earn income, when you file your tax return you will likely get a refund if your employer withheld any taxes. These are only two of many myths floating around. Stay tuned for more!

Well, people, Christmas may be coming, but so is tax year! Herere a couple of last minute ways to help increase your tax savings: 1. CHILDRENS FITNESS AND ARTS CREDITS. This is the FINAL YEAR to take advantage of this popular credit for childrens activities. The non-refundable childrens art credits are based on up to $250 of qualifying expenses (no, school activities and fees DO NOT QUALIFY), and the refundable childrens fitness tax credit is based on up to $500 of quali...fying expenses. If you wont be spending enough in 2016 to maximise these credits, consider prepaying these expenses for 2017 before December 31! 2. NEW FOR 2016! Tax-free rebalancing of corporate class mutual fund investments before December 31. Canadian mutual funds can be structured as either trusts or corporations. Many mutual fund corporations are organised as "switch funds" and offer a different type of asset exposure in each fund. Each fund, however, is structured as a separate class of shares withing the same mutual fund corporation. The benefit of the switch fund structure is investors are able to exchange shares of one class for shares of another, to switch economic exposure among the different funds, without triggering a disposition for tax purposes. What does this mean? If you have these type of mutual funds, then your financial planner (either from your bank or independent advisor) should be explaining this to you and helping you make the necessary changes - BEFORE JANUARY 1, 2017! Watch here for more tax savings advice.

Why do auditors from the CRA (Canada Revenue Agency) think theyre ABOVE the law?? AND that its okay for them to be condescending, obnoxious, and just plain rude??

Here is the latest about the Universal Child Care Benefit. For now, it will remain the same as the prior tax year. Universal Child Care Benefit (UCCB) * The UCCB was increased to $160 per month for each child under the age of six. The UCCB was expanded to children aged 6 through 17. Parents will receive a benefit of up to $60 per month for each child in their care aged 6 through 17. * On January 1, 2015, the UCCB was enhanced to include a new benefit for children aged 6 ...Continue reading

Tax season is officially over Monday, May 2 because April 30 ends on a weekend. If you havent got your taxes done, give me a call! Theres still time to file on time!

And heres another present from the Canada Revenue Agency and tax law: you NO LONGER can claim your child(ren) under 18 as eligible dependants as a tax credit IF you are married. IF you are a single parent, you may still claim them. Soooo, what does this mean?? With the Universal Child Care Credit considered taxable income, you could possible end up OWING! Sad, but true. Can you claim the amount for an eligible dependant? Answer the following questions to find out if you ca...n claim an amount for an eligible dependant. You may be able to claim this amount IF at any time in the year you met all of the following conditions at once: You did not have a spouse or common-law partner or, if you did, you were not living with, supporting, or being supported by that person. You supported a dependant in 2015. You lived with the dependant (in most cases in Canada) in a home you maintained. You cannot claim this amount for a person who was only visiting you. In addition, at the time you met the above conditions, the dependant must also have been either: your parent or grandparent by blood, marriage, common-law partnership, or adoption; or your child, grandchild, brother, or sister, by blood, marriage, common-law partnership, or adoption and under 18 years of age or had an impairment in physical or mental functions. Notes Your dependant may live away from home while attending school. If the dependant ordinarily lived with you when not in school, we consider that dependant to live with you for the purposes of this amount. What are the situations in which you cannot claim the amount for an eligible dependant? Even if all of the conditions have been met to claim the amount for an eligible dependant (read Can you claim the amount for an eligible dependant?), you cannot claim this amount if any of the following apply: You or someone else is claiming a spouse or common-law partner amount (line 303) for this dependant. The person for whom you want to claim this amount is your common-law partner. However, you may be able to claim the amount on line 303. Someone else in your household is making this claim. Each household is allowed only one claim for this amount, even if there is more than one dependant in the household. The claim is for a child for whom you had to make support payments for 2015. However, if you were separated from your spouse or common-law partner for only part of 2015 because of a breakdown in your relationship, you may be able to claim an amount for that child on line 305 (plus any allowable amounts on lines 315 and 318) if you do not claim any support amounts paid to your spouse or common-law partner on line 220 of your return. You can claim whichever is better for you.

Im re-posting this because these scammers are targeting the elderly and those with foreign-sounding names, in the hopes they dont know the tax laws! REMEMBER! The Canada Revenue Agency NEVER calls you out of the blue without documentation to back them up - usually a letter or Notice of Reassessment. So please, be aware and be wary!!

And this is why I am very careful about claiming spouses together on one tax return. Sure, you might get a bigger refund claiming single, BUT, if youre caught, youll be paying much more!

Update Adobe right away!!

Did you know? Unlike the United States, which ends tax season on April 15, Canadians have until April 30 to file their taxes.

I just got another headache! "RevCanese" is a very difficult lanaguage!

Regarding lawsuit settlements: Damages, Settlements and Similar Receipts REFERENCE: Section 3 (also section 6, subsections 5(1), 12.2(1) and (3), 14(1), 16(1), 56(1), and 248(1), paragraphs 81(1)(g.1) and (g.2) and subparagraphs 14(5)(a)(iv) and 56(1)(a)(ii))....Continue reading

Heres some more "RevCanese" gobbledy-gook to read on what constitutes income: OTHER INCOME Other income includes the following:...Continue reading

Good ideas to practice all the time with everything online!!

I have seen the "new and improved" Notice of Assessment. What used to be on 2 - 4 pages, is now spread out to more than 6!! No wonder the CRA wants to get you to sign up for on-line service! That way, if YOU want to print it out, its YOUR PAPER & INK! The federal government strikes (OUT) again!

And heres another "blessing" from the CRA. You may have a safe deposit box and you MAY have claimed it as a legitimate expense against any interest income you earned in previous tax years. BUT! Wait! Whats this I read??? Directly from the governments website: Line 221 - Carrying Charges and Interest Expenses Claim the following carrying charges and interest you paid to earn income from investments:...Continue reading

Be Wary and Be Aware!

Always something new, each and every year . . .

Just won a moral victory for a client couple. Because the CRA arbitrarily assessed (see Feb 28 post for definition) them back to 2001, I can redo their tax returns all the way back to then!! Usually youre allowed to go back only 10 years, but this is an exception to the rule! Yay exceptions!!

Did you know?? Your Notice of Assessment from the CRA (Canada Revenue Agency) is important not only because it confirms the amount of tax payable or refunded for the year being assessed. It also starts the clock ticking on the amount of time the CRA has to reassess your return. Under the tax rules, the CRA can adjust your tax return during the 3 years following the date printed on your NOA. So, if you think you have been unfairly assessed, you have just 3 years to request a T...1 Adjustment. If you havent done your taxes in a while, you are allowed to go back 10 years. Be careful, though, the CRA is getting tough on those who are doing this! They can - and will - arbitrarily assess those years and expect you to prove them wrong! What does "arbitrarily assess" mean? It means they can pull a number out of a hat (or perhaps their assess) and decide thats what you owe! I have a client who is dealing with this exact problem: the CRA decided he owes them over $350,000.00 in taxes alone, plus interest and penalties!!!

Text or call me at (519) 636-5736. Call me at (519) 457-0218. Email me at [email protected].

All set to go for another tax year. Net & E-Filing started yesterday. Book an appointment with me for March and receive a 10% discount. Drop your taxes off with me and pick them up within 3 days - with a full copy, not just a summary page and Ill go over the whys and wherefores of your returns results.