Chartered Professional Accountant, Experienced Bookkeepers, Personal and Business Tax Return Specialists - Whitby ON - Call - Toll Free: 1-800-942-5558 or Local: 905-666-5071 admin@kmpc.ca

 February 2022

 Dear Valued Client,

Tax season is fast approaching!.  If you choose to email us your tax information, please send it to admin@kmpc.caWe also have a drop box for those that wish to drop off records without having to come in.  Just call us at (905) 666-5071 so we know the papers have arrived. You can also walk in the office and drop off documents.

 

 Tax returns are due April 30th

  (June 15th if you are self employed, however any taxes owing are due April 30th)

  •  If you moved:    We will need your new address.
  • If you eliminated your land line:  Let us know and provide us with your cell number.
  • If you sold your principal residence: We will need the date of purchase and proceeds of sale. 
  • (There should be no tax consequences, but Canada Revenue now requires this information).

Don’t forget to tell us if your marital status changed, added a new addition to the family, purchased your first home or started a Home Buyers Plan or tax free savings account. 

 Foreign Income/Pension:  Remember you must report your worldwide income on your Canadian Tax return.  If you paid any taxes to a foreign country, you may be eligible for the foreign tax credit.

 Rent or Property Tax:  To apply for the Ontario Trillium Benefit and/or Ontario Senior Homeowner’s Property Tax Grant you will need to provide us with your rent/property tax paid for 2021.

 Medical Expenses:  You may be able to claim dental/prescriptions/eyeglasses/physiotherapy and other medical expenses paid.  You can obtain a receipt from your pharmacist and dentist for 2021 payments.  If you have a plan which reimbursed costs, your provider should be able to give you an annual statement.  These documents will eliminate the need for us to sort through multiple papers/receipts to ensure your claim is accurate.

(Note: Covid related expenses need to be prescribed by a doctor to be eligible to claim).

 Home Accessibility Tax Credit:  If you renovated your home to make it more accessible or to function within more easily, you may be able to claim those costs.  A person must either be over 65 or be eligible for the disability tax credit to apply.

 RRSP contributions: Along with your March-December 2021 receipt, don’t forget to give us the receipt for your Jan 1/22 – Mar 1/22 contribution.  You may not receive this until later in March. 

Tuition: The T2202A tuition slip should be obtained online via the student’s school account. It is possible to transfer the credit to a parent if it is not fully used (up to a maximum amount).  The slip MUST be signed by the student for us to make the transfer to the parent’s tax return.

 Working from home deduction:  Canada Revenue will be extending the option to use the simplified method of claiming $2 per day to a maximum of $500 for employees who work from home more than 50% of the time for at least 4 consecutive weeks.  For those to which this would apply, please calculate the number of days to provide us so we can include the claim.  No supporting documents or form T2200S is required.

 Employment expenses:  If you choose to use the detailed method of calculating your workspace in home deduction then a signed form T2200S will be required from your employer.  If any other expenses are being claimed (i.e., vehicle/PPE supplies) then a completed form T2200 will be required from your employer.

 Support payments:  If you entered into a separation agreement in 2021 and paid spousal support, please be advised that Canada Revenue will request to see the agreement and proof of payment before they process your tax return.

 Climate Action Incentive Credit:  In the past years this credit was refundable and either reduced your tax owing or increased your refund.  For 2021 the Government has proposed to pay this credit in quarterly instalments starting July 2022.  We will apply for this credit for you.  For couples, the credit will be paid to whoever’s tax return is processed first.  The amount can vary, depending on your family situation.

 The Ontario Staycation credit:  This does not start until the 2022 tax year.

 For those with business and rental income, please visit the “Form Downloads” tab on our website to download the appropriate spreadsheets.

  

Office hours starting March 1st, 2022:

  • Monday to Thursday: 9:00 am to 5:30 pm
  • Friday:  9:00 am to 4:30 pm
  • Drop box is open after hours

 If you have any questions regarding the above, please call the office. We look forward to seeing you soon!

Thank you for being our valued client.

 The KMPC team.

The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 – Email: admin@kmpc.ca  Web: https://kmpc.ca

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