Need help filing your personal taxes for 2016 or prior years?

We are open for the new tax season.

Personal income tax returns are due by April 30

How to file

You can access your information online thru My Account on the website for Canada Revenue Agency.

While you can still send in paper returns, you can no longer use the telephone to file your taxes. The preferred method is electronic filing and you can use one of the many programs available to NETFILE your taxes.

Or you can let us look after your tax return for you!

We review every return to verify and confirm your information, check for errors and look for ways you can save on your taxes.

Fallen behind? Afraid of the government?

You are not alone!

Many people get nervous about dealing with the Canada Revenue Agency. This time of year can be anxiety provoking – especially if you are behind in filing your returns.

We will be more than happy to complete your 2015 or prior year tax returns for you and your family.

We can also communicate with CRA for you – so you don’t have to.

If you owe taxes, we can help you find ways to reduce or defer what you owe.

Small business filing deadline is June 15

Now is a good time for small business owners or partnerships to get your bookkeeping updated so you can be ready for the June 15 filing deadline.

A bookkeeper can help you keep your profits in your business, and save you time so you can focus on running your business.

Here are some of the ways we help get your business on track:

• Sort, enter and post transactions
• Create your year end reports

We help file your tax return(s), so you can:

• Qualify for the tax credits
• Reduce your taxes payable

Having up to date books will give you the information you need to make good decisions in your business.

Get caught up on filing your taxes returns for your business from prior years.

For more information, see our bookkeeping services and our tax return services.

Set up your free consultation by contacting Ina today. Email ina@handsonbooks.ca or phone 604 314-8395.

You can reduce the amount of income tax you are required to pay by contributing to a Registered Retirement Savings Plan (RRSP.)

The clock is ticking. You have 60 days from the beginning of each year to make your contribution. This year’s deadline is March 1, 2017.

What is a Registered Retirement Savings Plan?

RRSP contributions are deducted from your earned income to reduce or defer any taxes payable.

There is a limit to the amount you can contribute based on your earned income in previous years. If you don’t use your full deduction limit, it accumulates and is carried forward until used. (Need help figuring this out? Let us look after your tax return for you: Tax Return Services)

What happens with the money you contribute?

The year you turn 71, all the RRSP contributions are transferred into your Registered Retirement Income Fund (RRIF), and you will receive income from the fund.  Any excessive amounts are transferable into an annuity in the year of retirement.

RRSPs are not the same as a Registered Pension Plan.

What is a Registered Pension Plan?

A Registered Pension Plan is a pension plan set up by your company, which has a contribution limit of $3,500 yearly.  You and your employer both contribute to increase the amount of your retirement pension.

Like, RRSPs, the contributions you make to your Registered Pension Plan help to reduce or defer your income taxes.

When your benefits increase, you can also make additional contributions for past service (between 1989-1996) in order to top up your pension.

Your total pension credits are called the Pension Adjustments.  If you work for more than one employer during the year you will add the total reports by each employer on your T4 and T4A slips.  The pension adjustment affects the total amount of contributions you can make to your self-directed registered pension for the following year.

Need help? Leave the calculations to us!

We can help determine the maximum amount of RRSP contributions you can make this year and help you avoid contribution penalties.

You will need to bring your prior year pay stubs and any investments recorded.

Keep in mind that your financial institutional will be very busy in the last weeks of February so get your RRSP slip early.

For more information – or to get your tax return done for you – contact Ina.

There are many places you can sell your tax return to get an instant refund.

These discounters are purchasing your refund and charging a fee so that you can get your tax refund right away.

The history behind discounting tax returns started many years ago when paper tax returns meant that it took two weeks or more for you to receive your refund cheque. Now that tax returns are filed electronically, refunds arrive sooner.

Does it still make sense to sell your return to a discount tax service?

Here are some points to consider.

How much can they charge?

What a discounter can charge for this service is regulated by the Tax Rebate Discounting Act of 1985.  They are allowed to charge 15% on the first $300 and 5% on everything over $300.

They are not allowed to charge any additional costs for tax preparation fees. If you are charged more than this, it needs to be reported as fraud.

This means that if you are owed a $1,500 refund, they can charge

• 15% on the first $300 = $45.00
• 5% on the remaining $1,200 = $60

This all adds up to a fee of $105.

How soon do you get the money?

The discounter is required to pay tax refunds immediately. You can get instant cash on the same day through a prepaid credit card or cheque.

If you owe money, it will take longer

If you have debts owing to student loans, child support, training allowance, garnishment or require to pay order, this will reduce the amount of your refund and it will take longer to process.

There are restrictions to qualify for instant refunds

You will not be able to get an instant refund if any of the following are true:

• You have not filed in the past years, you need to pay for all previous years.
• You may be able to sell two years if you do not have any debts owed to the government, student loan, family enforcement or garnishments.
• You cannot discount if you are bankrupt, self-employed, have not filed a tax return, first time disability claim, or if child support is split by another person ** supporting documents are required if you have shared custody of your children

If you do not qualify for the discounter service, you may be offered a different service from the discounter. These services are often at a considerably higher fee than the above.

What happens after you file the tax return?

The discounter buys your tax return before getting the money from the government. This may mean that you are entitled to a larger or smaller refund than calculated, or that you owe taxes.

1. If the refund is the same amount or within $10.00, they do not have to pay you any more money
2. If it’s more than $10, they will contact you to calculate the new refund amount
3. If you owe money or if there was missing information when the tax return was filed, the actual refund is less. The discounter is required to collect on the monies owed. If they cannot contact you, this debt can go to collections and affect your credit score.

Why not use our service? It’s efficient and affordable – with no hidden costs

At Hands on Accounting, we offer affordable tax services. We do a thorough job on your tax return by gathering all the facts and determining the best options for you.

With the new changes in electronically filing your taxes with direct deposit, you can get your TAX REFUND in approximately 8 business days from the filing date. *prior years will take a few more days

We are offering a worry free tax service starting at $75.00.

Contact Ina to get started.