Worthylake Tax Services

03/18/2025

https://www.youtube.com/watch?v=UbhyGO6OSvg

Tens of thousands of tax accounts have been hacked and hundreds of millions of dollars lost as criminals steal identities and file bogus returns. Could the C...

03/04/2025

75% OF CANADIANS DO THIS.... DO YOU?

Almost 75% of Canadians rely on a tax service to prepare their taxes each year.
Many Canadians procrastinate knowing all to well that the deadline for filing to avoid penalties and interest is April 30! In March and early April the deadline seems soooo far away and all Canadians think they have lots of time.

However… I will share an inside tip!

All tax preparers I know liken tax season to the Christmas Rush. As the deadline begins to creep up the telephone inquiries begin to spike, people scramble to get paperwork they have not received or are missing. Clients attempt to book a sit down with a preparer only to find there are no mutually convenient spots available. This all attributes to an avoidable stressor no one wants

Meeting with your tax preparer early allows time to have your return professionally assessed, evaluated and recommendations made to reduce your personal tax liability.
Are you a contract worker, entrepreneur, commissioned employee, sold a rental or principal residence, have foreign income, have not filed for several years, are disabled or have children with disabilities, student, senior, have significant medical expenses, want to purchase a home, hope to secure your retirement? And on and on….

An early meeting with your tax preparer will review scenarios and provide options and provide organizational pathways for you to reduce your tax bill placing more money in YOUR pocket.

I would advise you to seek a tax consultant early in the season, call them, ask questions, choose one that seems to be a good fit for your needs and personality and someone who will patiently take the time to answer your questions.

Wade, of Worthylake Tax Services enters his 35th industry year, is 50% Cape Bretoner, 50% Canadian and looks forward to serving you and answering any questions you may have. He is “newly” located in Hubbards NS.

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02/14/2025

HOME OWNERSHIP WITH AN RRSP!
March 3, 2025 Purchase Deadline

It’s a smart financial strategy to consider RRSPs not only for retirement but also as a tool to facilitate the purchase of a first home. For anyone looking to leverage this opportunity, they should start contributing as early as possible to maximize benefits. If you have more specific questions about RRSPs, HBP, or home buying strategies, feel free to ask!

1. Tax Deduction: Contributions to an RRSP can be deducted from taxable income, reducing the tax bill for the year. This may lead to a tax refund that could be invested back into the RRSP for further growth.
2. Tax-Free Growth: Investments within an RRSP grow tax-free until withdrawal. This allows for accumulated savings to build, which is crucial in saving for a home.
3. Home Buyers' Plan (HBP): Under the HBP, first-time homebuyers can withdraw up to $60,000 from their RRSP without paying tax at the time of withdrawal, provided they repay the amount within 15 years.
4. Early Contribution Benefits: Starting RRSP contributions early in one’s career can lead to greater compounding benefits over time, ultimately resulting in a more substantial savings amount for a home purchase.
5. Misconceptions: Many young adults tend to view RRSPs solely as retirement savings vehicles. Educating them about the benefits for home ownership can help shift this perspective.

04/17/2024

COSTS OF FILING LATE WHEN YOU OWE MONEY TO CRA!
The majority of clients who put off filing, suspect or know they owe money to CRA. During tough economic times and living within an economy of daily price increases many more tax payers find themselves without the funds to pay a CRA tax liability The decision to not file will often be based on "Psychological Avoidance". This means avoiding something unpleasant that results in immediate emotional relief but comes with long-term negative consequences. If you are among the majority of taxpayers struggling to make ends meet and not filing to avoid the immediate pain there are solutions. Canadians experiencing unavoidable financial despair have options to apply for payment plans and interest and penalty relief. If you require more information I encourage you to contact a tax professional

"If you file a return late and there is a balance owing, the CRA will assess a late-filing penalty. The penalty is 5% of any balance owing, plus 1% of the balance owing for each full month that the return is late, to a maximum of 12 months."
CRA website Jan 23, 2024

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03/26/2024

"Most Commonly Missed Tax Deductions" After 30 years in the industry I would like to share..... the following 1. Disability Tax Credit 2. Medical Expenses (Mileage and Meals) 3. Moving Expenses 4. Digital News Subscription Costs 5. Canada Training Credit 6. Education Deduction carry forward amounts 7. Political Contributions 8. Teacher classroom Supplies Credit. 9. N.S. MOST Program for young trades and qualified Health Care Workers.

Still searching for a competent, affordable local tax service, Then check out my reviews on www.worthylaketax.ca and call for a free quote

03/17/2024

Foreign Income / Pensions, International Tax Treaties, New Canadians, Resident/ Non Resident, Disability Tax Credit / Transfers, Sale of Principle Residence, Educational Deduction / Transfers, Rentals AND MORE....
Visit my Business Profile "Worthylake Tax Services" on Google to see what others have to say about my services

03/02/2024

M.O.S.T Program will refund the Provincial Tax on the first $50,000 of income earned in Nova Scotia! Do you Qualify???? A brief Generalization: To qualify you must be younger than 30 years of age on January 1 of the taxation year, be a resident of Nova Scotia for the taxation year, earned eligible income during the taxation year while working in Nova Scotia, filed a Nova Scotia Tax return and reported all eligible income on your tax return. Be an eligible apprentice, journeyperson or employed in some eligible nursing positions or film occupations.

The above generalization is a brief overview of the program highlighting only some of the Criteria to qualify and is intended to raise awareness to potential, qualified young Nova Scotian workers thus reducing their tax liability

A formal description of the “MORE OPPORTUNITY FOR SKILLED TRADES” program, precise eligibility requirements and trade sectors that qualify can be found at :

https://www.cans.ns.ca/wp-content/uploads/2023/06/most-guidelines.pdf

02/21/2024

TEACHERS PUT UP TO $250 DIRECTLY IN YOUR POCKET! The Federal Govt has finally recognized that teachers, face ever decreasing classroom funding for supplies and learning materials and have been supplementing their students learning experiences from their own pockets. As a former high school teacher I cannot think of one Teacher I have worked with that has not dipped into their own pocket to purchase resources for their students to enhance their classroom student experiences. For the 2023 tax return teachers are eligible to claim 25% of their personal classroom supply / resource purchases up to $1000.00. This deduction is found on 46800 of the tax return. Example: So if your teacher is getting a refund of $100 and they have spent $1000 on classroom resources, their refund will now be $350! Please share this post with a teacher and follow my page for more tax tips. Of course any teacher wanting to know more about this credit can call me for FREE advice on how to claim this credit
If you are looking for a knowledgeable, professional tax service just google "tax services near me" and call the number one rated service in the area!

02/16/2024

HUGE TAX DEDUCTION
ATTENTION COMMUNITY COLLEGE AND UNVIERSITY STUDENTS .. and parents of..
I have unfortunately seen two occasions this week where students have prepared their own tax return and failed to include information from their T2202a or Tuition and Enrollment document. Every post secondary student receives a T2202a from their school indicating their total tuition paid and number of months in attendance at school. Filing this document with your tax return allows the student to “bank” their educational expenses for future use. When filed, the CRA assessment will track these cumulative educational amounts year after year and be reflected under “UNUSED FEDERAL AND PROVINCIAL EDUCATION CREDITS” Most students find these expenses create a welcome cash windfall after graduation when they are working full time making the big dollars within their field of study. Filing the T2202a also permits the student to allocate a portion of their educational expense to a partner, parent or grandparent providing some welcome tax relief for the recipient. In the aforementioned two situations, both students had nominal incomes from summer employment and were receiving all their tax back; they did not realize the importance of filing a document that made no difference in the immediate bottom line. Should any student/ parent have questions regarding this form the answers are free .. just call 514 377 4626!
This is just one more reason why a professional tax preparer can save you money!
Please share this message with any student or parent of a secondary student!
Check out my reviews at http://worthylaketax.ca