Do You File Your Income Tax Return Late?

At Calgary’s Choice Tax Services, we always recommend filing your income tax return on time. Canada Revenue Agency are in the business “of taking money” and they want the money they are owed in a timely fashion. As most taxpayers are aware, there is no penalty for filing your return late if you are receiving […]

TFSA’s and the Law.

by Jamie Golombek, October 25, 2019 Woman who used swaps to run TFSA up to $200K from $5K in one year suffers triple loss in court appeal. by Jamie Golombek, October 25, 2019 Most Canadians use TFSAs as intended — as general-purpose savings or investment vehicles to grow funds, tax-free, for future use. And, unlike […]

Did You Know You Can Claim Expenses For Your Support Animal?

Did you know that CRA has made changes to the medical expense tax credit to allow taxpayers to claim certain expenses for a support animal   For taxpayers who require specialized training for an animal, to help them cope with an impairment, the expense can be claimed as a medical expense. Currently, the following impairments […]

Simple Ways To Reduce Your Taxes and Grow Your Investments

  In these challenging economic times and with volatile markets everywhere it can be hard to know where to turn for sound financial advice. At Simple Ways To Reduce Your Taxes And Grow Your Investments, Sharon Numerow and Fasial Karmali will break down how easy it can be for anyone to take control of their […]

The Mysticism of Income Tax Refunds

The Mysticism of Income Tax Refunds   Every taxpayer hopes for a tax refund. We explain to our clients that an income tax refund most often,  is simply a return of your own money. For employees, your employer is obligated to remit income tax to CRA from each and every paycheque. Employers must follow payroll tables […]

Overcontributing To Your RRSP Can Be An Expensive Mistake

Overcontributing To Your RRSP Can Be An Expensive Mistake     An RRSP is one of the best investment tools that many Canadians use to save for their retirement. Saving  for your retirement also allows for a deduction on your tax return that provides you with tax savings. There are strict rules surrounding the RRSP contribution […]

CRA is Reviewing Your Tax Return, Now What?

The Canada Revenue Agency (CRA) is Reviewing Your Tax Return, Now What?   You filed your tax return and are relieved that the initial pain is over. Now, months later you have received a letter, that you can barely decipher, asking for supporting documentation. Now what? Firstly, keep calm. CRA inquires about the returns of over […]