Fairfax Accounting Services

04/28/2021

Unfortunately our government has not extended the tax filing deadline of April 30th. Make sure you file to get all possible benefits

02/27/2021

Working from home?

Due to the pandemic, many Canadians worked from home for part of 2020, which means they may be eligible for a home office expenses tax deduction.

To qualify, you must have worked from home more than 50 per cent of the time for at least four consecutive weeks last year.

Some self-employed Canadians caught up in CERB confusion won't have to repay: PM
There are two options for Canadians claiming home office expenses. The first is the detailed method, which involves calculating what percentage of your household costs — such as hydro, rent and internet — can be applied to your home office space. Also, you're required to save all relevant receipts.

If that sounds like too much work, don't fret. To simplify the process for people who worked from home for the first time in 2020, the CRA has introduced a new, temporary flat rate method. It allows employees to claim a tax deduction of $2 for each day they worked from home, up to a maximum of $400.

02/27/2021

CRA and tax filing deadlines for 2021

Has the deadline been extended?

Despite this being a more complex tax season, the Canada Revenue Agency (CRA) has not extended the tax filing deadline. The due date is still April 30 for most Canadians, and June 15 for self-employed people.

To avoid interest charges, Canadians need to pay any taxes owed by April 30. However, not everyone has to comply with that rule this year.

Those who had a total taxable income of $75,000 or less and received one or more of the COVID-19 benefits listed below don't have to pay their taxes until April 30, 2022.

11/14/2019

HST and GST Tax Credit - Are you missing out because you haven't filed your latest tax return?

To qualify for the GST/HST tax credit, you must file a return for the tax year prior to the credit payout period, even if you have no income. You are no longer required to specifically apply for the benefit as CRA determines eligibility by your annual tax return. If you receive the Canada Child Tax Benefit for your children, they are automatically registered for the GST/HST credit and will be accounted for in your household credit.

Filing of old and outstanding returns gets you money in your bank account that you could be entitled to.

11/14/2019

For many businesses, having an accountant prepare their income tax returns is the most sensible option. We don’t all have time to become income tax experts — and mistakes can be expensive. Hire an expert to get the job done right and cut down on stress.

To do the job right, though, your accountant or income tax preparer will need to have all the right tax records well ahead of time – preferably organized. You want to maximize your tax deductions and get your return filed before the deadline to avoid penalties.

Most individuals and businesses need to have their taxes filed by April 30. If you are self-employed, you do have until June 15 to file without penalty. But any taxes owed will still be due by April 30.

Let's review your situation and get you a better sleep at night.

11/14/2019

Fairfax Accounting - your full service accounting firm

11/14/2019

CRA and Small Buisness Tax Programs

CRA and Small Business Tax Programs the importance of small businesses, as they contribute directly to the economic growth of our communities and to job creation for the middle class. Recently, the Canada Revenue Agency (CRA) announced that it will make it easier for small businesses across Canada to get help with understanding and meeting their tax obligations. Small businesses can now go online to ask for free in-person help through the Liaison Officer service.

Find out how to get free in-person support and guidance from the CRA at key moments in your business' life cycle to help you meet your tax obligations.

03/04/2019

Fairfax Accounting, at your full service