SN Consulting

03/08/2021

The 2020 tax filing season will be one of the most unusual and complicated on record. SN Consulting is here to help you smoothly navigate the tax season and get every tax credit and deduction you’re entitled to. Our 2020 T1 checklist is now available to assist you in organizing all the items required to complete your 2020 personal tax return. Contact us to get your copy of T1 checklist to start your tax preparation.

03/01/2021

Don't wait till the filing deadline to file your return. If you are entitled to a refund, Why wait to get your money.

Contact us to get your refund faster.

12/12/2020

As we approach the end of a very challenging year, it's a good idea to think about personal income tax planning now so that you can maximize tax savings in 2020 and be prepared when final tax payments are due.

Dec. 31, 2020, is generally the last date for transactions that affect 2020 personal income taxes (excluding investment plans). So even though your personal tax return won't be due until April 30, 2021 (or June 15, 2021, if you or your spouse is self-employed), there are good reasons to consider a number of tax planning opportunities now before it's too late.

1. Return the CERB funds if you mistakenly applied and received them before Dec 31, 2020, to avoid getting it treated as your income even though you will have to repay it.

2. Consider selling investment with accrued losses.

3. Consider taking a home office expense deduction of $400 if you worked from home due to covid 19 this year.

4. Manage amounts that are eligible for tax credits such as medical expenses, disability support expenses.

5. Consider taking advantage of the new Canada Training Credit.

6. Contribute to RRSP

7. Check your installment payments.

Tax planning shouldn't be something that only happens when you file your tax return. By investing some time to review your personal tax situation during the year, and especially as you near the end of the year, you may find some easy ways to save on your annual personal tax bill.

Contact us to see which tax strategy works best in your case.

10/26/2020

As the Canada Emergency Response Benefit (CERB) came to an end over the weekend, confusion is mounting around benefit entitlements.

I've received several messages about what comes next now that CERB is no longer available.

According to the Canadian Centre for Policy Alternatives, approximately 4 million Canadians will be transferred off CERB, and of that 2.1 million of those recipients will be eligible for the revamped EI program.

The temporary changes to EI will allow 400,000 more people to be eligible for the program than in past. Regular EI benefits as we know it applies to those who have lost their jobs and are actively looking for work, while special EI benefits are for those who have been unable to work due to special life circumstances – sickness, maternity, parental and compassionate care, or family caregivers.

These are unusual times and clearly many families required ongoing financial assistance.

In order to qualify for the modified EI, you need 120 insurable hours which equates to 3.5 weeks of work in the last 52 weeks. You can apply and receive a taxable benefit of at least $500 per week or $300 per week for extended parental benefits, for up to 26 weeks.

To encourage Canadians to work, EI claimants will be able to receive part of their benefits and all of their earnings from work under the Working While of Claim rules.

For those who qualify, there will be an automatic transfer from CERB to EI. But be aware that is where the automation ends. One-off the biggest differences between the two programs is that individuals will have to self-report on their employment status and apply every two weeks to ensure ongoing coverage.

For the CERB claimants who don't qualify for the modified EI benefits program there are three new benefits, which are still awaiting legislative approval, to be explored:

1. Canada Recovery Benefit. This is designed for those who are self-employed or those who are not eligible for EI and still require income support. Through this benefit, individuals who have yet to return to work, have seen their income drop by 50 percent and are willing to accept work where they reasonably can, could receive $500 for 26 weeks.

2. Canada Recovery Sickness Benefit. A benefit that pays $500 for two weeks for workers who are sick or who must self-isolate due to COVID-19

3. Canada Recovery Caregiving Benefit. This benefit is for those who need to care for children under the age of 12 because of closed schools and daycares. Those eligible could receive $500 per week for up to 26 weeks per household.​

There is no question these are challenging times and as we transition from CERB to an enhanced EI program patience and persistence will be likely be required.

03/25/2020

Support for people facing unemployment
The new Canada Emergency Response Benefit
CRA will provide a taxable benefit of $2,000 a month for up to 4 months to:

workers who must stop working due to COVID19 and do not have access to paid leave or other income support.
workers who are sick, quarantined or taking care of someone who is sick with COVID-19.
working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
Application details will be available through My CRA and My Service Canada, beginning the first week of April.

This benefit replaces the previously announced Emergency Care Benefit and the Emergency Support Benefit.

02/11/2020

Non-refundable vs. Refundable

Tax deductions that reduce your taxable income, or amounts you can subtract from your tax due, are known as non-refundable. This means you can use the deductions to reduce your tax payable to zero, but you can’t claim a refund based on these amounts.

Refundable tax credits, as the name suggests, result in a refund. Normally, you have already paid some income tax, either through salary deductions or via installments paid during the year. To these amounts, you can add any overpayments you made on employment insurance or the government pension plan.
The Working Income Tax Benefit is an example of a refundable tax credit. When the total of these amounts is more than the amount of tax due, or if there is no tax due because the deductions have reduced it to zero, you could receive a refund.

Contact our office for further guidance with your tax return.

02/06/2020

Don’t let taxes gnaw away at you, you can file as early as February 24th! If you’re an eager beaver, dig your teeth into contacting us to start with your file.

01/21/2020

Why Do I Owe Income Tax?

It’s a terrible experience: you go to your tax preparer with your hopes high, and you get handed an income tax bill. It’s even worse when your income has dropped in the past year or was modest or even low. How can you owe tax?

The problem is that an income tax bill isn’t necessarily triggered by high income. It’s triggered by a difference between what you owe, and what’s been paid on your behalf in advance.

Some common situations that can result in an unexpected tax bill:

You’re self-employed, so no one is withholding tax for you.
You changed jobs partway through the year.
You made several small RRSP withdrawals to avoid the tax withholding on a large aggregate withdrawal.
You got a lump sum payment or unexpected taxable windfall on which no tax was withheld.

It’s important to remember that high income (alone) does not necessarily result in a tax bill, and low income doesn’t necessarily result in a refund.

Contact us for further advice on your tax situation.

01/07/2020

It's that time of year again! TAX TIME! Here are some tax tips on how to get more money back from your tax return:

1. One key thing to remember is that you really need to KNOW what you can deduct IN ADVANCE, or else you won’t be aware to collect them for your deduction!! (i.e. receipts, transit passes, etc.)
2. Claim applicable Canada child benefit (CCB) payments: If you have children under 18 years of age, to ensure you receive this benefit, you must file a tax return every year – even if you have NO INCOME during the year.
3. Claim your GST/HST Credit: If, for some reason, you have not filed your tax returns for the past several years, you may be missing out on the opportunity to collect the GST/HST Credit owed to you.
4. Contribute to your RRSP before March 1: The RRSP deadline is March 1, 2020. You can find how much you’re allowed to contribute on your Notice of Assessment (you know, that form the government sent with your tax refund cheque last year?) When you contribute to your RRSP, you’ll be able to receive a tax refund, that you can later then contribute to your TFSA or to pay down your mortgage! (Hey, two birds with one stone– not bad, I say!)
5. Tuition Credit: If you’re a student or recent grad (congratulations!) you can claim your tuition credits. Several provinces also have tuition-related tax benefits.

Contact us if you need further help with your Tax returns.

01/02/2020

Hiring a professional??

Using a professional often means the taxpayer can take advantage of all the deductions and credits to which they are entitled. Besides completing the year’s tax return, an accountant might also offer financial planning. Other tax (GST/HST) or financial advice may be provided by a specialist.
You have to consider the quality of the work, the money saved by getting the advice of a professional and the time spent on it, not just the costs.

11/18/2018

invites applicants for child care development tax credit
Call us to know more how you can get benefits.

Province of Manitoba Department of Families

11/04/2018

Having a baby is one of the most exciting times in your life. And with all the new changes and lack of sleep, taxes are the last thing on your mind. We're here to help: