I trust that you had a wonderful start for 2015.

As we are in the midst of the RRSP season and the beginning of the income tax return season, I would like to remind you that we do offer income tax preparation services, as well as book keeping services. Please contact me directly to schedule an appointment.

A few important items to keep in mind for the 2014 tax year:

• RRSP Contribution Deadline: March 2^nd 2015 for 2014 tax year. Yes, it is just around the corner. Why wait until the deadline? Do it as early as you possibly can.
• RRSP Maximum Contribution Limit: increased to $24,270 for 2014 tax year, or 18% of your earned income, whichever is lower. Plus any unused contribution room from previous years.
• Children’s Fitness Tax Credit: increased to $1,000 per child. Did you keep those receipts? Make sure to claim them.
• Non-Refundable Tax Credit: up to $2,000 per eligible couple. This is a new tax credit that was introduced last year.
• Income Tax Return Deadline: April 30^th 2015 for most taxpayers. If you or your spouse carried on a business in 2014, you have until June 15^th 2015 to file your return. However, your balance, if any, still has to be paid no later than April 30^th 2015 to avoid interest and penalty.
  • If you are expecting a refund, file your return now and get back your money as soon as possible.
  • If you are expected to pay, complete your return before April 30^th so you know what to expect and pay your balance by the due date.

Most companies and institutions have started sending out the receipts and T-slips. May I suggest you start a brand-new folder of those and keep them all in there as they arrived. This will be much easier when the time comes for filing your income tax returns.

Remember to always “Dream It. Plan It. Live It.”
I am here to help you on your journey. Do not hesitate to reach out if I can be of any immediate assistance.