ATZ Accounting Professional Corporation

01/08/2025

💡 Important 2025 Canada Tax Deadlines to Remember 💡

Tax season is just around the corner! Be sure to keep these important dates in mind:

📅 February 24, 2025
You can start filing your 2024 return online.

📅 February 28, 2025
Deadline for businesses to file T4’s (wages) and T5’s (dividends) is February 28, 2025. If you are a business owner, you have to give your employee their T4 slip and file your T4 return with the CRA on or before the T4 filing due date. The CRA considers your T4 return to be filed on time if it is received or if it is postmarked by the due date.

📅 April 30, 2025
Deadline for most individuals to file their return and pay any amount they owe. By filing and paying on time, you’ll avoid late-filing penalties and interest.

📅 June 15, 2025
Deadline to file if you or your spouse or common-law partner are self-employed. Since this date falls on a Sunday, CRA will consider your return filed on time if CRA receive it on or before June 16, 2025. If you owe money, you'll still need to pay by April 30, 2025, to avoid interest.

📅 March 3, 2025
Deadline for contributing to an RRSP for the 2024 tax year.
Your annual RRSP contribution limit is the amount you are able to contribute to your RRSP each year. You can find your RRSP deduction limit on your latest notice of assessment or notice of reassessment from the CRA.

📅 Tax Deadline for Corporations
The tax filing deadline for business owners depends on their fiscal year-end but is typically six months after the end of the fiscal period. For most businesses, this means six months after December 31st, though some corporations may have a different fiscal year-end. For instance, if a business's fiscal year ends on December 31, 2024, the filing deadline will be June 30, 2025. If the deadline falls on a weekend, it is usually extended to the next business day.

11/27/2024

More money in your pocket again!

Starting December 14, the GST/HST will be removed on groceries and other holiday essentials. This new tax break will make essentially all groceries, including restaurant meals and prepared
foods, tax-free through February 15, 2025. Specifically, the GST/HST will not apply to:

• Prepared foods, including vegetable trays, pre-made meals and salads, and sandwiches;

• Restaurant meals, whether dine-in, takeout, or delivery;

• Snacks, including chips, candy, and granola bars;

• Beer, wine, cider, and pre-mixed alcoholic beverages below 7 per cent ABV;

• Children’s clothing and footwear, car seats, and diapers;

• Children’s toys, such as board games, dolls, and video game consoles;

• Books, print newspapers, and puzzles for all ages; and,

• Christmas trees.

11/26/2024

Holiday is coming 🎊 Find us on page 16!

The Oakville Chamber's 2024 Holiday Marketplace is HERE! ⁠🎁⁠
⁠
✨ A guide for all your needs this holiday season. The Oakville Business Community comprises a vast variety of service providers and this digital publication is no different.⁠
⁠
🎄 Browse the marketplace now: https://www.flipsnack.com/97FA6BEEFB5/oakville-chamber-holiday-marketplace-2024/full-view.html

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Community Living Oakville HLF Joe Apps Technology Support Joette Fielding Real Estate Group Monfriese Rum Cakes Oakville Community Foundation Oakville Estates Retirement Residence Oakville Meals On Wheels Produktiv Sandler Training in Mississauga with Kim Piller SB Partners LLP Sheridan Conference Centre Silver Sherpa Upgrade Labs Vistamere Retirement Residence VP Workforce Solutions

11/23/2024

👏 More money in your pocket: The Working Canadians Rebate!

Eligible for the tax-free $250 rebate are all Canadians who worked in 2023, earned up to $150,000 individual net income, and meet the following requirements:

• Filed their 2023 tax return by December 31, 2024, and:
o claimed the tax credit for Canada Pension Plan or Quebec Pension Plan contributions on employment or self-employment earnings;
o claimed the tax credit for Employment Insurance (EI) or Quebec Parental Insurance Plan (QPIP) premiums on employment or self-employment earnings; or,
o reported income from EI or QPIP benefits;

• Are a resident of Canada on March 31, 2025;

• Are not incarcerated for a period of at least 90 days immediately prior to April 1, 2025; and,

• Are not deceased on April 1, 2025.

The Canada Revenue Agency is already working to be ready to automatically deliver the $250 Working Canadians Rebate in early spring 2025, via direct deposit or cheque, to 18.7 million Canadian workers who satisfy the above eligibility requirements.

Leading Tax & Accounting CPAs for Businesses Cloud-based accounting solutions streamlined for business.

11/23/2024

👏 More money in your pocket: The Working Canadians Rebate!

Eligible for the tax-free $250 rebate are all Canadians who worked in 2023, earned up to $150,000 individual net income, and meet the following requirements:

• Filed their 2023 tax return by December 31, 2024, and:
o claimed the tax credit for Canada Pension Plan or Quebec Pension Plan contributions on employment or self-employment earnings;
o claimed the tax credit for Employment Insurance (EI) or Quebec Parental Insurance Plan (QPIP) premiums on employment or self-employment earnings; or,
o reported income from EI or QPIP benefits;

• Are a resident of Canada on March 31, 2025;

• Are not incarcerated for a period of at least 90 days immediately prior to April 1, 2025; and,

• Are not deceased on April 1, 2025.

The Canada Revenue Agency is already working to be ready to automatically deliver the $250 Working Canadians Rebate in early spring 2025, via direct deposit or cheque, to 18.7 million Canadian workers who satisfy the above eligibility requirements.

11/12/2024

11/09/2024

CPP contribution rates, maximums and exemptions, released November 1, 2024

11/05/2024

November is Financial Literacy Month and this year, the theme is “Money on your mind? Talk about it”. Talking about money is not easy – we get it. However, improving your tax literacy can be directly beneficial to you!

Don’t miss out on money that you could use right now

When you do your taxes, you could get money back in your pocket with benefit and credit payments!

Here are some examples:

1. If you are the caregiver for children under 18, you could get up to $7,787 (per child under 6) and $6,570 (for ages 6 through 17) with the Canada child benefit. The CCB may include the child disability benefit and any related provincial and territorial programs.

2. Adults living in most provinces outside of British Columbia and Quebec, are also eligible to receive the quarterly Canada Carbon Rebate. Even if you’re new to Canada, you could apply to
receive the rebate within the first few months of your move. The rebate amount varies by province so visit Canada Carbon Rebate to find out what you could get in your province.

3. For those with a more modest income, you may be eligible to receive the quarterly GST/HST credit of up to $519 for the year. That amount would increase for larger families. It may also
include payments from provincial and territorial programs.

4. Those who are working but currently earning a smaller salary may also qualify to receive the Canada Workers Benefit (CWB) when they file their income tax and benefit return. Families could receive up to $1,308 (i.e., 50% of their CWB) in advance paid in three installments throughout the year under the Advanced Canada workers benefit.

Leading Tax & Accounting CPAs for Businesses Cloud-based accounting solutions streamlined for business.

07/28/2024

We are thrilled to announce the launch of our brand-new website:

👉 www.atzaccounting.com🌐✨

Our goal is to provide a seamless and user-friendly experience for all our clients. Whether you're looking for expert tax advice, accounting services, or financial planning, our new site has all the information you need at your fingertips.

Thank you for your continued support, and we look forward to serving you even better with our enhanced online presence!

07/28/2024

🌟 Welcome to ATZ Accounting Professional Corporation! 🌟

We are thrilled to announce the launch of our new firm, dedicated to providing top-notch accounting and financial services tailored to meet your unique needs.