MM Accountants & Tax Consultants
466 English Mill Crt L9E 0A5 Milton, ON, Canada

File On Time, you may think that this is a given but it’s incredible how many people submit their tax returns late, incurring additional charges. Your return needs to be filed on or before April 30th, 2019. The late penalty is 5% of your 2018 balance owing, plus 1% of your balance owing for each full month your return is late (maximum of 12 months)

If you received a pension from your company plan or received periodic withdrawals from your RRSP or RRIF this year, you may elect to transfer up to 50 per cent of your pension benefits to your spouse to take advantage of pension income splitting at any age; if periodic income comes from RRSPs, RRIFs or other annuities, you’ll have to wait to age 65 to income split, we can help you in pension splitting and maximize your refunds!

If you get a T4 slip and are required to pay out-of-pocket expenses as part of your employment contract, a deduction may be possible on your tax return. You must be required to pay your own expenses under your contract of employment and the employer must certify this on Form T2200 Declaration of Conditions of Employment. Lots of taxpayers forget to claim back the GST/HST paid on tax deductible amounts using the GST/HST 370 Form. Expenses can include accounting and legal fees, motor vehicle expenses, travel costs, parking, supplies used up directly in your work, office rent or certain home office expenses as well as amounts paid to an assistant, which could be a family member. We can help you to claim all these to maximize your refund!!!

File your tax return as a Family. Spouses can claim several non-refundable tax credits on either return (medical expenses, donations, political contributions) and can transfer non-refundable tax credits to one another (the age amount, pension income amount, disability amount, child amount and tuition, education and textbook amounts). As well, an election can be made to split eligible pension income (see below) or transfer certain amounts from a child. You’ll also need to work with family net income to get the most from refundable tax credits. In short, the family that files together, usually wins with bigger combined refunds and/or lower overall tax bills. We can help you optimize your family’s filings as well.