One Six Five Financial Solutions, Chartered Professional Accountants

06/28/2025

School's out for the summer! Make sure you kick it off right an come out and visit us at Arnes Farmers Market this Saturday! Our freezers will be stocked and our perogies will be hot!!

04/08/2025

11/21/2024

02/21/2024

Beginning for the 2023 tax year, eligible employees who want to claim home office expenses will be required to use the detailed method calculation when preparing their income tax return and will be required to have their employer fill out and sign the form T2200 "Declaration of Conditions of Employment. " The temporary flat rate method no longer applies.

To see which home office expenses may be eligible to claim, you can go to https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/expenses-can-claim.html

OneSixFive Financial Solutions, Chartered Professional Accountants can assist you with the preparation of your 2023 income tax and benefit return.

What can and can't be claimed as home office expenses.

02/19/2024

Tax season is upon us. For the first time since mid-2001, CRA's prescribed interest rate on overdue or late paid taxes has risen to 10%. If you owe CRA any income tax money, it's more important than ever to pay the outstanding balance by April 30th.

If you need assistance with preparing your income tax and benefit return, you can contact us at [email protected]. Visit our website at OneSixFiveFinancialSolutions.com for a full list of services.

02/16/2024

New for the 2023 Tax Year - the first home savings account is to help taxpayers pay for their first home. The program began on April 1, 2023 and your contributions into this program are generally tax deductible. They are also withdrawn on a tax-free basis if used to purchase a qualifying home.

There are additional government programs available that assist with down payments on homes. You can visit https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html
for program details.

Figure out how much you need for a down payment, when you need mortgage loan insurance and how your lender sets your mortgage loan insurance premiums.

01/18/2024

Prior to tax season each year CRA web services are made unavailable to taxpayers and tax preparers for a one month period of time. This year CRA will not accept web transmissions beginning on Friday January 26, 2024 at 10:59 pm (local) and will re-open on Monday February 19, 2024 at 7:30 am (local).

If you have any income tax and benefit returns that you want filed for the 2022 or prior taxation years, they could be e-filed before that web transmission closure.

One Six Five Financial Solutions, Chartered Professional Accountants can assist you with the preparation and e-filing of those returns. In filing these, you will avoid additional interest charges as well as receive retroactive GST (if applicable) and Climate Action Incentive payments that taxpayers don't receive unless they file an annual return.

Some taxpayers will also be ineligible to receive certain credits on their returns if they are late filed by 3 years or more. In addition, late filing penalties are 5% of the taxation year's balance owing, plus an additional 1% for each full month that the return is filed past the due date, to a maximum of 12 months (17%).

The 2023 tax filing season will begin in mid-March - once taxpayers receive their tax slips which are required to be mailed from issuers by February 29, 2024.

Visit our website at OneSixFiveFinancialSolutions.com to see a full list of services.

01/16/2024

It's coming up to that time of year for most Canadian taxpayers.

Here are some key dates:

January 20, 2024 - Last day to file your RST/PST Return and to make payments without penalties. Some companies may also be eligible for a rebated commission if their Return is filed by this date

February 29, 2024 - Last day to make an RRSP contribution for the 2023 taxation year

April 30, 2024 - Last day to file to file your 2023 income tax and benefit return without a late filing penalty (this can be upwards to a 17% penalty on amounts due) as well as the last day to make payment on your 2023 income taxes due without monthly interest penalties

June 17, 2024 - Last day to file your self-employed income tax and benefit return without a late filing penalty (this can also be upwards to a 17% penalty on amounts due). It's especially important to keep in mind that if you owe income taxes due on your 2023 self-employed income that those amounts are still due to be paid by April 30, 2024

June 17, 2024 - Last day to file your GST Return without a late filing penalty. It's also especially important to keep in mind that if you owe GST collected on your 2023 self-employed income that those amounts are still due to be paid by April 30, 2024

OneSixFive Financial Solutions, Chartered Professional Accountants can assist you with meeting these deadlines