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Hi!

If you are filing Canadian returns  and need our help, let me know this week as we must cue up your engagement quickly; spots for peak season are limited. If you do not have your T-slips yet, no worries – we can begin with year-end stubs and statements to start. Just reply back to get started. 

This aside, whether you are using us or not, below is a handy checklist of tax tips tailored for our Canadian clients. Whether you have wages, equity, self-employment, or rental income, these points will help ensure a smoother tax filing experience.

Canadian Tax Checklist:

1. Address retirement accounts: If you have moved in either direction between Canada, the US, and other countries, the main point of confusion we see each year relates to retirement accounts. Many of our clients do not know what to do with these accounts. there are a lot of things you will need to consider: 

      • What to do with RRSP, RESP, TFSA, 401k, IRA, etc. accounts? 

      • Can you keep them? 

      • Can you still contribute? 

      • What to do with the incomes from those accounts? 

      • What you can do to minimize tax? 

      • What you need to do to avoid audits from both sides? 

    2. Establish residency: the second most common point of confusion we see in cross border situations relates to residency. Common questions are:

        • Where do I have tax residency? 

        • How do I avoid double taxation? 

        • What would my tax liability be? 

        • Is there a process to notify each government of where I will be taxed? 

        • How do state/province taxes work in these scenarios? 

        • Other related questions 

      3. Review Last Year’s Return: Look over your previous year’s return to ensure you don’t miss any carry-forward amounts like unused RRSP contributions or capital losses. The time to do this in now because during March/April most accountants will be strictly focused on the deadlines 

      4. Organize Your Numbers to claim all eligible deductions: If you have self-employment, freelance, rental income, or business income, make sure you have a P&L ready. We have a template to get you organized should you need. 

      5. Maximize RRSP Contributions: Remember, contributions to your RRSP can significantly lower your taxable income. 

      6. Report All Income: Ensure you report income from all sources to avoid penalties.

      7. Utilize Tax Credits: Check if you’re eligible for credits such as the Climate Action Incentive, Canada Workers Benefit, Digital News Subscription Credit, Education credits (for you or dependent), or other provincial credits.

      8. Quantify Medical Expenses: Gather receipts for any unreimbursed medical expenses – these can add up to significant deductions.

      9. Aggregate Charitable Donations: Keep track of charitable donations as they can provide a non-refundable tax credit.

      10. Update Personal Information: Ensure your personal information is up-to-date with the CRA, especially if there have been changes like a new address or banking details. This is especially important for those that have moved & need to establish as a non-resident with the CRA

      11. Consider Professional Advice: If your tax situation is complex, especially with mixed income types, confusion regarding residency, or retirement account concerns, consider booking professional tax advice, such as a consultation with us or any other qualified CPA

      12. Get Ahead of Filing Deadline: Remember, the deadline for tax filing is April 30, 2024. If you’re self-employed, you have until June 15, 2024, but any taxes owed are still due by April 30.

      By following these tips, you can navigate your tax filing more confidently and efficiently. If you have any specific questions or need assistance, feel free to reach out.

      Best Regards,

      George Dimov CPA

      www.dimovtax.com

      (833) 829-1120 toll free 

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