N.J. Wells Incorporated

It’s February, folks! This means it’s time for businesses to start thinking about their mandatory T4/T5 filings. If you have any employees, a T4 must be issued for each employee for the 2021 calendar year by February 28, 2022. T5 slips must also be filed by February 28, 2022. If you are a small business owner and you received dividends (both eligible and other than eligible) for the 2021 calendar year you must file a T5 slip with CRA. Other common payments that would be inc...luded on a T5 slip include interest payments and royalties. #filingdeadline #t4 #t5 #smallbusiness #corporatetax #personaltax

We’ve been pretty quiet on here lately.. To provide an update, I signed up for the In-Depth Tax Program with CPA Canada in the fall and have been busy studying away ! This program is 3 years () but so far I’m really enjoying it and learning a ton. I’m excited for this growth of knowledge and the ability to better serve my clients! ... On a final note (and very late to the game), I hope everyone had a wonderful holiday and I wish you all the best year yet!

Reminder that personal tax instalments are due today!! #personaltax #CanadianTax #T1

Results from September’s Common Final Examination were released today. We want to offer our sincere congratulations to all those that were successful in passing the CFE!

The Gov has announced the 2022 Tax Free Savings Account dollar limit will be $6,000 (same amount as in 2019, 2020 and 2021). If you’ve never contributed to your TFSA and were 18 years or older in 2009, your total available contribution room for 2022 is $81,500. This means you can contribute $81,500 to a TFSA and income earned in the TFSA will be tax-free! Check out our prior post on TFSA’s to learn more. ... #TFSA #PersonalTax #CanadianTax #TaxFreeIncome #DollarLimit

Words of wisdom #businessquotes #jackwelch #businessleaders

Tax Tip Tuesday Week 4: Home Buyers’ Plan Did you know you can withdraw funds from your RRSP tax free to buy or build your first home? Check out the video below for details! Again, if there are any specific topics you would like us to cover please drop in the comments below ... #taxtiptuesday #accounting #personaltax #canadiantax #homebuyersplan #firsttimehomebuyer #rrsp

Do you have a corporation resident in Canada? If so, your corporate tax return (T2) must be filed within six months of your corporate year-end. If the Corp has taxes owing they are due two months after year-end. If the Corp is considered a Canadian-Controlled Private Corporation (CCPC) who claimed the small business deduction for the current or prior year and the Corp meets the taxable income requirements, taxes owing are due three months after year-end. Make sure you stay o...n top of these deadlines to ensure no late filing fees, penalties or interest are charged! #canadiantax #corporatetax #ccpc #t2

Did you know you can claim total medical expenses for any 12 month period ending in the taxation year?! Some individuals may not be able to claim medical expenses in a given year because the total medical expenses are less than the annual amount ($2,397 for 2020) or 3% of net income. When annual medical expenses are similar year over year, you may not meet the threshold in a calendar year. However, you may find there is a 12 month period ending in the taxation year that allo...ws you to claim medical. For example, if you had dental work part way through 2019 and again in 2020, you might surpass your 2020 threshold and be eligible to claim these expenses by picking a more advantageous 12 month period versus using the 2020 calendar year. Keep in mind that you cannot claim medical expenses if they were claimed previously in the prior year. #personaltax #canadiantax #medicalexpenses

Yesterday, the CRA announced changes to the Home Office Expenses Deduction due to the COVID-19 pandemic for the 2020 taxation year. Eligibility - you worked from home in 2020 due to the COVID-19 pandemic or your employer required you to work from home - you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020... - the expenses are used directly in your work during the period New temporary flat rate method - Can claim $2 for each day you worked from home subject to a maximum of $400 per individual - No signed form from employer required - Do not need to determine your actual expenses Detailed method - Must have a completed and signed Form T2200S or Form T2200 from your employer - Must calculate the employment use of your workspace - Must determine the employment portion of actual amounts you paid Click on the link below for Detailed information from CRA. https://www.canada.ca//simplifying-the-process-for-claimin

Tax Tip Tuesday Week 3: Medical Expenses Tax Credit Do you claim medical expenses? Do you know if you’re eligible to claim medical expenses? Check out the video below to get an understanding on how this tax credit works! Again, if there are any specific topics you would like us to cover please drop in the comments below ... #taxtiptuesday #accounting #personaltax #canadiantax #medicalexpenses

Chillier days coupled with an approaching tax season have us reminiscing of summer days and chasing waterfalls #visitcapebreton #egyptfalls #taxseason #winteriscoming

Christmas parties hit a bit different this year. Thanks @julepofficial for the lovely delivery meal! #christmasparty #holidayszn #christmasszn #happyholidays

Friday motivation #happyfriday #smallbusiness #growth #fridaymotivation

We would like to extend our congratulations to the 117 successful CFE writers in NS! Your hard work and long hours of studying and writing cases has come to fruition. Happy celebrating! #cpans #CFE #successfulwriters #congratulations

Lest we forget. #remembranceday #lestweforget #thankyou