ATTENTION BUSINESS OWNERS! Did you know that the deadline for filing an annual return is within the 60 days following your corporation's anniversary date?
If you have an incorporated entity, it is CRITICAL that you file your annual returns. Failing to do so can be extremely costly to you and your business.
Contact St. Albert Financial Consultants today if you would like assistance filing your annual returns accurately and on-time!
Are you taking the leap and starting your own business?
If you aren't familiar with the logistics and requirements to start a business, we reccommend working with experienced professionals (like us) who can help you navigate the set-up and incorporation process, and help support you through all of the other accounting and financial consulting services you may need.
We always want to educate our clients and keep them in the loop on Canadian tax changes! So with that said, here are 7 Canadian 2023 tax changes and factors that you may want be aware of:
1. New tax brackets. 2. Basic personal amount increase. 3. First-time Home Buyers' Tax Credit doubled. 4. Old Age Security income limits changed. 5. Canada Pension Plan earning and contribution increase. 6. RRSP dollar limit increase. 7. COVID-19 benefit repayment.
If you are interested in discussing any of the specifics and finding out how they may impact you, please contact our team today. If you would like our assistance with your tax filing this year, we can help with that too! Just let us know and we'll be glad to help.
Have you applied for the Canada Housing Benefit yet? If you haven't but you want to, be sure to do so ASAP, as the application deadline is Friday, March 31, 2023.
This is a one-time tax-free payment of $500 available to low-income renters. The payment does not reduce other federal income-tested benefits.
Eligible individuals must: · be 15 years of age or older on December 1, 2022; · be resident in Canada for tax purposes in 2022; · have filed their 2021 tax return with adjusted net income below $35,000 for families or $20,000 for individuals. If the individual has a spouse or common-law partner, they must have also filed the return. Eligible individuals that were non- residents in 2021 will need to submit a 2021 statement of income; · have paid rent for their principal residence in calendar 2022 equal to at least 30% of the applicant's adjusted family income.
Applicants must provide the address of the rental property, the total rent they paid in 2022, and the landlord's contact information. For application assistance, or for any questions you may have, please the SAFC team! We're always happy to help.
