TAX TIME IN THE SNOW
It’s almost time to prepare your 2012 income tax returns, and the mounds of snow will help keep you indoors looking for something to do, so it’s a great time to organize your records, collect your T4’s and get out that old shoebox.
Attached is the Tax data sheet. Use it to report all the current year info. If you're not up-to-date make sure you write the appropriate year on the form BEFORE you send it in. You MUST sign and submit the Taxdata form in order to efile your return. Instructions for filling in the data sheet are on my website www.Business-Prescriptions.com
Something else to make things easier for you is to apply for an account at Canadian Revenue Agency. Go to their website at http://www.cra-arc.gc.ca/eservices/tax/epassservices/menu-e.html and open an account. After you receive your password by snail mail, you will be able to use the Internet to look up all your tax and GST records, plus other areas of federal government activities that relate to you specifically. The process is as secure as your banking website. You can also arrange to allow me to have access to your account, in case of the need to make adjustments to your tax return. This gets rid of the necessity of mailing or faxing me government papers to look after your tax affairs.
Several clients are registered for the GST. If you want me to prepare your GST Returns, you must make a note of that and complete all the required information on the data sheet.
Leaving me to do calculations can be very expensive!
New on my website www.Business-Prescriptions.com, is a hst/gst extractor excel spreadsheet. It covers the gst at 7%, 6% and 5%.
If you are thinking about NOT filing your current and previous tax returns because of the downturn in the economy, it really is time to bite the bullet. Not keeping up with your returns may mean you lose money coming back from the government. You could lose the rent rebate and the GST credit or the baby bonus if you’re not up to date, plus it makes your file more attractive to the audit department! Late filing will get you classified as a “chronic no-filer” which means penalty and interest charges will be doubled!!
Please feel free to call me at 416-537-6947 if you have questions or just need a friendly ear in these difficult times. I can always put on a pot of coffee if you want to pop around for a face-to-face chat.
Danny
Attached is the Tax data sheet. Use it to report all the current year info. If you're not up-to-date make sure you write the appropriate year on the form BEFORE you send it in. You MUST sign and submit the Taxdata form in order to efile your return. Instructions for filling in the data sheet are on my website www.Business-Prescriptions.com
Something else to make things easier for you is to apply for an account at Canadian Revenue Agency. Go to their website at http://www.cra-arc.gc.ca/eservices/tax/epassservices/menu-e.html and open an account. After you receive your password by snail mail, you will be able to use the Internet to look up all your tax and GST records, plus other areas of federal government activities that relate to you specifically. The process is as secure as your banking website. You can also arrange to allow me to have access to your account, in case of the need to make adjustments to your tax return. This gets rid of the necessity of mailing or faxing me government papers to look after your tax affairs.
Several clients are registered for the GST. If you want me to prepare your GST Returns, you must make a note of that and complete all the required information on the data sheet.
Leaving me to do calculations can be very expensive!
New on my website www.Business-Prescriptions.com, is a hst/gst extractor excel spreadsheet. It covers the gst at 7%, 6% and 5%.
If you are thinking about NOT filing your current and previous tax returns because of the downturn in the economy, it really is time to bite the bullet. Not keeping up with your returns may mean you lose money coming back from the government. You could lose the rent rebate and the GST credit or the baby bonus if you’re not up to date, plus it makes your file more attractive to the audit department! Late filing will get you classified as a “chronic no-filer” which means penalty and interest charges will be doubled!!
Please feel free to call me at 416-537-6947 if you have questions or just need a friendly ear in these difficult times. I can always put on a pot of coffee if you want to pop around for a face-to-face chat.
Danny