QBtrainings

"Looking for a simple solution? You've found it! We are cloud-based bookkeepers, ready to streamline your bookkeeping process seamlessly."

This revision maintains the core idea but enhances readability and professionalism. Would you like to make further adjustments, or does this meet your needs?

We are here to help......

Last 48 hours to file your personal income return!
Filing your tax return on time can save you a lot of money, even if it means that you file right before the deadline.

Although there is no penalty for late filing - provided that you do not owe any outstanding credits - the CRA will withhold benefits such as GST/HST credits until it has received your tax return. In other words, the later you file, the later you will receive the expected refund.

So long as you file before April 30, you may not have to pay back what you owe immediately. Given the tough year we have pulled through, the CRA has introduced more flexible repayment options. If you received any CERB, CRB, or EI, tallying income under $75k, you have up until April 30, 2022 to pay back what you owe to the CRA, free of interest. That said, if you fail to file on time, penalties incurred at 5% of what you owe.

For procrastinators who still haven’t got things ready, our advice is to file with what you’ve got. As a lesser known fact, your return doesn’t need to be perfect. The CRA allows taxpayers to amend their returns after filing.

Need help with your slips? Call us at (416) 551-5550

While Canada welcomes tens of thousands international students whose tuition fees contribute to the national revenues, each year, many Canadians students opt for studying abroad. If you are among the Canadian students who have registered at an overseas institution, you may be subject to additional requirements when filing your taxes in order to qualify for all the credits and deductions available for university students. Here is how 👇

https://www.cwcga.com/3175/tax-credits-and-obligations-for-canadians-studying-abroad-2021

Guides to Prepare for Retirement 2021

If you are over a certain age and have income over a threshold, you may qualify for claiming the Age Amount. While it cannot amount to any refund, it is a non-refundable tax credit to reduce any income tax over retirement age and is transferable between spouses.

Requirements:
To qualify for claiming the Age Amount, you must have turned 65 before the last day of the tax year for which you make the claim. In addition to the requirement of age, your net income for the tax year must be no more than $89,422. Please note that the amount is only eligible for Canadian residents who have accrued income. If you have declared bankruptcy, you cannot claim the amount in the following year.

Amount:
-$7,637 for income lower than $38,508;
-if your income is between $38,508 and $89,422. You should subtract $38,508 from your income and multiply it by 15%.

Transfer:
If you qualify but do not need the Age Amount, you can transfer all or part of the credits to your spouse or life partner.