HMA Tax inc.

01/13/2025

key tax-filing dates for 2025:

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

April 30, 2025 – Deadline for most individuals to file their return and pay any amount they owe.

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, we will consider your return filed on time if we 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.

01/29/2024

HMA Tax Inc. the perfect firm to partner with to meet your personal and corporate tax needs.

Your tax / financial matters are sensitive and personal.

We work face-to-face and Remotely whatever you are comfortable with.

While our clients span across many industries, our CPA professionals specialize in the following areas:
• All types of Business/Corporations
• Construction & Real Estate
• Healthcare Professionals
• Law
• Technology & Media
• Manufacturing & Distribution
• Other Professions/Industries

Our Goal is to Save you Tax! We invite you to find out more about the services we provide.

**Tax Services

**Individuals**
• Personal Income Tax Returns (T1)
• Self Employed Individuals
• Real Estate Rental Properties
• Prior Years’ Taxes (Back Tax Filling)
• Review of Prior Years’ Taxes for missed deductions/credits
• Child tax Application, Disability Tax Credit Application

**Businesses**

• Corporate Income Tax Return (T2)
• Rental Operations
• Prior Years’ Taxes (Back Tax Filling)
• Review of Prior Years’ Taxes for missed deductions/credits
• Payroll Tax Remittances

**Compilation Report (Notice to Reader Financial Statements)

• Preparation of Financial Statements for Management
• Preparation of Financial Statements for External user(s)
• Income statement variance analysis reports/variance reporting

**Accounting Services
• Preparation of Financial Statements for Management (internal)
• Income statement variance analysis reports/variance reporting

**CRA Audits
• Deal with CRA to ensure your audit goes smoothly

**Consulting
• Business Plans for existing / new ventures
• Financial Projections / Forecasts
• Budgets and Financial Planning
• Review of Operations

We welcome you to take the first steps to allow us to develop a stress-free tax & business management approach for your Company and yourself.

Contact us now and leave your accounting & tax problems on us
https://www.facebook.com/HMATaxInc
Phone/WhatsApp: +1-416-553-7685
Email: [email protected]
Email : [email protected]

HMA Tax Inc. the perfect firm to partner with to meet your personal and corporate tax needs. Your tax / financial matters are sensitive and personal. We work face-to-face and Remotely whatever you are comfortable with. While our clients span across many industries, our CPA professionals specialize i...

01/18/2024

Canadian Tax Year - Key Dates 2024

19 February 2024
E-filing open for resident and immigrants in Canada for 2022 tax year.

29 February 2024
Last day to issue T4s, T4As and T5s to employers and CRA (Canada Revenue Agency).

29 Feb 2024
Deadline for contributing to an RRSP for the 2023 tax year.

30 Apr 2024
Filing due date for 2023 tax returns for individuals and pay balance due, if any to the CRA.

17 June 2024
Filing due date for 2023 tax returns for self-employed in Canada. In case of balance owing for 2023, it still has to be paid before 30 April 2024.

01/18/2024

01/17/2024

2023 TAX UPDATES

New OAS limit amounts

The OAS is designed to provide retirees with a source of income to support their retirement. However, if your income is over certain limit amounts, you might find your OAS amount reduced, and even canceled entirely.

For the 2023 tax year, if your taxable income was over $81,761, you would need to repay some of your OAS. Similarly, if your taxable income was over $134,626, you would not have received any OAS payments. Thanks to the CRA’s 2022 Affordability Plan, seniors aged 75 and over received an automatic 10% increase of their Old Age Security pension, as of July 2022.

Canada Pension Plan maximum contributions have been increased

The Canada Pension Plan (CPP) and Québec Pension Plan (QPP) have been increased by 6.5%. The maximum pensionable earnings are $66,600, with a basic exemption of $3,500 for 2023. For CPP, the employee and employer maximum contribution is $$3,754.45, while for QPP it is $4,038.40.

Note that any self-employed individuals must account for both the employer and the employee sides of the contribution. For 2023, their maximum contribution amount for the CPP is $7,508.90 and for the QPP it is $8,076.80.

New for 2024, the first earnings ceiling has increased to $68,500 which will see the 5.95% CPP rate applied. A second ceiling became effective January 1st, 2024, up to $73,200. Individuals earning above the first and below the second ceiling will be subject to an additional CPP contribution.

CPP2 contributions are made by anyone who earns wages above the first earnings ceiling. These are calculated as a percentage of wages above the first earnings ceiling up to the amount of the second earnings ceiling.
Employees contribute 4% of the amount they earn between the first earnings ceiling and the second earnings ceiling
Self-employed individuals contribute 8% of the amount they earn between the first earnings ceiling and the second earnings ceiling

If you earn less than the first earnings ceiling, you will not make CPP2 contributions. You will continue to make base and first additional CPP contributions of 5.95% if you are an employee or an employer, or 11.9% if you are self-employed.

01/17/2024

Tax-Free First Home Savings Account (FHSA)

A new registered account has been created by the federal government to help individuals save in a tax-efficient manner for the down payment of the purchase of their first home. Let’s take a deep dive into this measure.
New registered account

The Tax-Free First Home Savings Account (FHSA) is a new registered account that gives prospective first-time home buyers the ability to save for the purchase of a home. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home - including from investment income - would be non-taxable like a Tax-Free Savings Account (TFSA). Eligible individuals will be able to create an account as of 2023.

A qualifying individual is [ITA 146.6(1) “qualifying individual”]:

· A resident of Canada
· At least 18 years of age
· Must be a first-time home buyer, meaning that neither they, nor their spouse have owned a home in which they lived at any time during the part of the calendar year before the account is opened or at any time in the preceding four calendar year.

The annual limit for FHSA contributions is $8,000 [ITA 146.6(1) “annual FHSA limit”]. The lifetime limit is $40,000 [ITA 146.6(5)(b)]. The contribution limits start to accumulate once the account gets created [ITA 146.6(1) “annual FHSA limit”].

Contributions to the FHSA are tax deductible, similar to RRSP contributions [ITA 146.6(5)]. Unlike RRSPs, contributions made within the first 60 days of a given calendar year could not be attributed to the previous tax year. An individual would be allowed to carry forward unused portions of their annual contribution limit up to a maximum of $8,000 [ITA 146.6(1) “FHSA carryforward”]. The carry forward amounts can be claimed on top of the $8,000 limit in a subsequent year [ITA 146.6(1) “annual FHSA limit”].

There’s no requirement to deduct contributions in the year they were made; like RRSP deductions, such amounts could be carried forward indefinitely and deducted in a later tax year [ITA 146.6(5)].

07/31/2023

We offer year-round support on your taxes.
We are CRA registered, so we can retrieve all your tax documents/ slips (T3, T4, T5, etc.) from the CRA system. We can assist you with filing of previous years tax returns as well.

01/31/2023

Canada's Underused Housing Tax (UHT) - Canadians Are Also Affected!

If a Canadian trust, partnership or corporation owns a "housing unit" (doesn't have to be on residentially zoned property) in Canada, then the Underused Housing Tax return will have to be filed by May 1st, even if no tax is payable. Those who fail to file by May 1, 2023 will pay large penalties (minimum $5,000 for individuals, $10,000 for non-individuals) even if they are exempt from the tax.