Cruz-Dela Cruz Accounting Services
1045 ERIN ST R3G 2X1 Winnipeg, MB, Canada

If you’re divorced or separated, you can withdraw up to $35,000 from your RRSP to buy a house for yourself, even if you’re not a first-time home buyer! http://ow.ly/6SeW50BAyL8

CRB, CRSB, CRCB

Lots of scams are circulating with COVID19 benefits like CERB and CESB. Concerned about becoming a victim of identity theft or fraud? Protect yourself by learning more http://ow.ly/iF2D50Bf5tu

Hey students! We understand that you may be facing increased financial strain due to the impacts of COVID-19. As of today, Canada Student Grant amounts have do...ubled, allowing full-time students to receive up to $6,000 in grants, and part-time students up to $3,600 in grants. Grants for students with permanent disabilities and students with dependants have also doubled. In addition, the cap on Canada Student Loans is increasing from $210 to $350 per week of study. Learn more https://bit.ly/3gimuYY

The deadline to pay your 2019 taxes has been extended again to September 30th Important info below if you haven’t filed yet We encourage everyone to file as s...oon as possible. Those receiving benefits and credits need to file before September to keep getting payments, and to avoid possible repayments. Make sure you have all the details http://ow.ly/lFYY50AJokX

Self-employed and their spouse or common law partner Deadlines Filing date for current tax year June 15, 2020 Unchanged The CRA is seeking T1 returns by June 15, 2020 for sole proprietors in order to ensure accurate federal and provincial benefits payments.... Payment date for current tax year September 1, 2020 Extended date Applies to balances and instalments under Part 1 of the Income Tax Act due on or after March 18 and before September 1, 2020. Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 1, 2020.

June 15 filing deadline for self employed

We understand that you may be facing financial hardship as a result of the COVID-19 virus. Taxpayers looking for penalty and interest relief resulting from COV...ID-19 can rest assured that the Taxpayer Relief Program will action these requests on a priority basis once full operations resume; in the meantime, we will assist with urgent financial hardship situations. For more info: http://ow.ly/9gCH50yYh2f

Government introduces Canada Emergency Response Benefit to help workers and businesses From: Department of Finance Canada News release March 25, 2020 - Ottawa, Ontario - Department of Finance Canada...Continue reading

Have you recently returned from a trip, or been in close contact with someone who has? Do you think you might he experiencing symptoms of COVID-19? Use the COVID-19 self-assessment tool to help determine if you need further assessment or testing: http://ow.ly/wVgK50yRYBG

The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020! You can file electronically (using a tax software), by p...aper, or by phone (if you received an invitation letter) at any time. For more information on how to file, see Doing your taxes: http://ow.ly/6VEg50yPkRQ See more

Claiming mortgage interest !!! Work-space-in-the-home expenses Note: Line 22900 was line 229 before tax year 2019.... You can deduct expenses you paid in 2019 for the employment use of a work space in your home, as long as you meet one of the following conditions: The work space is where you mainly (more than 50% of the time) do your work. You use the workspace only to earn your employment income. You also have to use it on a regular and continuous basis for meeting clients, customers, or other people in the course of your employment duties. Keep with your records a copy of Form T2200, Declaration of Conditions of Employment, which has been completed and signed by your employer. You can deduct the part of your costs that relates to your work space, such as the cost of electricity, heating, maintenance, property taxes, and home insurance. However, you cannot deduct mortgage interest or capital cost allowance. To calculate the percentage of work-space-in-the-home expenses you can deduct, use a reasonable basis, such as the area of the work space divided by the total finished area (including hallways, bathrooms, kitchens, etc.). For maintenance costs, it may not be appropriate to use a percentage of these costs. For example, if the expenses you paid (such as cleaning materials or paint) were to maintain a part of the house that was not used as a work space, then you cannot deduct any part of them. Alternatively, if the expenses you paid were to maintain the work space only, then you may be able to deduct all or most of them. If your office space is in a rented house or apartment where you live, deduct the percentage of the rent and any maintenance costs you paid that relate to the work space. The amount you can deduct for work-space-in-the-home expenses is limited to the amount of employment income remaining after all other employment expenses have been deducted. This means that you cannot use work space expenses to create or increase a loss from employment. You can only deduct work space expenses from the income to which the expenses relate, and not from any other income. If you cannot deduct all your work space expenses in the year, you can carry forward the expenses. You can deduct these expenses in the following year as long as you are reporting income from the same employer. However, you cannot create or increase a loss from employment by carrying forward work space expenses.

Did we send you a letter asking for supporting documents for your benefits? Here’s what you need to know in 3 easy steps: 1 Read the letter! 2 Know what docum...ents are needed. 3 Send us your documents. Get the details here: http://ow.ly/PQmH50xU4Ao

TFSA contribution room Your TFSA contribution room is the maximum amount that you can contribute to your TFSA. Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada.... Note Only contributions made under a valid social insurance number are accepted as TFSA contributions. You will accumulate TFSA contribution room for each year even if you do not file an income tax and benefit return or open a TFSA. The annual TFSA dollar limit for the years 2009, 2010, 2011 and 2012 was $5,000. The annual TFSA dollar limit for the years 2013 and 2014 was $5,500. The annual TFSA dollar limit for the year 2015 was $10,000. The annual TFSA dollar limit for the year 2016 and 2017 was $5,500. The annual TFSA dollar limit for the year 2018 is $5,500. The annual TFSA dollar limit for the year 2019 is $6,000. The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500. Investment income earned by, and changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years. For an example, see Example 1 TFSA contribution room

? If you have accumulated any significant assets for retirement, you could find yourself unprepared and expo...sed to significant taxes without the right strategies in place to keep more of what you have saved. Join our educational The Right Retirement at St. Boniface Golf Club - 100 Youville St, Winnipeg, MB. Wednesday, Oct 9th at 6:30PM There is limited seating, so sign up now here: https://www.retirementplancanada.ca/e/winnipeg-oct-9 This educational workshop will educate you on the new strategies available to you to help you create maximum tax efficiencies when you retire. : How to Understand the In’s and Out’s Of RRIF, RRSP & TFSA and when to Take Money Out in Retirement How to maximize the CPP (Canada Pension Plan) How to Generate More Tax-Free Income How to Avoid Serious Tax Issues on your Estate Plan How to Spend and Enjoy More Income in Retirement with Better Protection and Less Risk Join our educational The Right Retirement at St. Boniface Golf Club - 100 Youville St, Winnipeg, MB. Wednesday, Oct 9th at 6:30PM There is limited seating, so sign up now here: https://www.retirementplancanada.ca/e/winnipeg-oct-9 Limited Seating, So Sign up Now