Pain Free Tax & Bookkeeping Service Ltd.

02/14/2024

Happy Valentine’s Day!

02/14/2024

Well this is surprising! I wonder if they will get much of a following.

01/20/2024

If you qualify for a disability tax credit don’t miss out on opening an RDSP!

Happy new year!

Are you working on your list of new resolutions? Include opening a Registered Disability Savings Plan (RDSP).

It has helped many Canadians with Disabilities take control of their long-term financial security.

Make sure to check this off your resolution list.

Learn more: https://ow.ly/Fbo150QpxOO

Image description: Seated student with a prosthetic leg looks up from her cell phone. Registered Disability Savings Plan

01/04/2024

We are still seeking more guidance on this situation, but a big concern is how it affects people who are on a parent's bank account or home title, or vice versa. As it stands there will be an obligation to file an extra trust return by the end of March each year, even though no tax will be owing, and penalties are huge for non-compliance.

Joint accounts that contain only cash are exempt up to 50k.

Rule changes come amidst efforts to crack down on tax evaders and to strengthen Canada’s anti-money-laundering regime to combat financial crime

01/02/2024

Just a reminder about texts from CRA. They are not a thing except security codes.

We will not contact you by text or instant message unless you request a one-time passcode for CRA sign-in services like My Account.

If you receive any other texts claiming to be from us, it's a scam!

Learn more about what to expect from us at http://ow.ly/Pj7950KsxmU

12/24/2023

We are here to help, but closed for some Family Time on December 25, December 26, January 1, and January 2.

We wish everyone a wonderful Christmas and hope to see you in the upcoming year!

12/22/2023

Some of these changes, in particular around trusts or accounts held jointly, may be very serious and affect many people who won’t think it matters to them.

Attention business owners!

2024 brings new:

👉 Canada Pension Plan contributions
👉 changes to mandatory electronic filing thresholds
👉 new reporting requirements for trusts, and more

Stay in the know and check out the list of changes that will affect business taxes in 2024: https://ow.ly/42GV50QkOIK

[Image description: A smiling person holds a pair of eyeglasses. They are looking at an open laptop.]

12/15/2023

Santa called and asked his first Tax Question!!! He wanted to know if he could deduct his Santa Suit on his taxes. Unfortunately, because Santa is working for a non-profit and isn't getting paid as an employee or self employed, the answer is no. You can only deduct a specialty uniform on your taxes if you get paid to wear that uniform.

12/15/2023

Uh-oh, the scammer naughty list is out! Check out the 12 Scams of the Holidays with information adapted from the Better Business Bureau. Learn more about each scam on their website here: https://www.bbb.org/article/news-releases/23497-the-naughty-list-bbbs-12-scams-of-christmas

11/06/2023

For anyone under 49 with a disability tax credit, not having an RDSP is a huge mistake!

Twins Ian and Warren live semi-independently with their cat Padmé. Each twin has a Registered Disability Savings Plan, so that as they age, they can “continue to live comfortably in their home of choice, lead a decent lifestyle and hire extra support if and when it becomes necessary”, says their mom.

Find out how an RDSP can help your loved one with a disability: https://ow.ly/PsfP50Q2A1u

Image description: Registered Disability Savings Plan. Learn more: Canada.ca/RDSP. Twins – and RDSP beneficiaries – Ian and Warren, with their cat, Padmé.