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10 Side hustle ideas for immigrants step-by-step to start with less than $20,000 After living in their host country for many years, most immigrants feel the need to create additional sources of income while keeping their regular 9 to 5 job; others would like to make a difference in their country of origin by starting a small business not with the only purpose of making money ...

05 tips to help you prepare your income taxes in Canada

1. Keep up with income tax changes

Tax laws change all the time and with continued COVID-19 pandemic and various resulting government supports, there were a lot of changes that may affect your income tax return this time around. For example, if you received COVID-19 benefits from the Canada Revenue Agency (CRA) in 2021, you would receive a T4A slip which must be reported in your 2021 income tax return.

Similar to 2020, you can also claim a tax deduction if you worked from home due to COVID-19. Therefore, it’s important for you to stay updated on the latest changes and to double check how they affect your filing. If you do not work with LaksCPA to file your income tax, the CRA website is a good resource for you to refer to.

2. Stay organized throughout the year

Taking a few easy steps to keep your tax documents organized throughout the year will help ease the stress and discomfort of tax season. Find a filing system – whether digital or paper – that works for you in keeping your medical receipts, donation slips, and other tax documents.

Come tax time, it will be much easier for you or your CPA to access your documents, allowing more time to focus on creating a strategy to help minimize your tax liabilities. Remember to hold on to your records for six years and file your documents by tax year for easy retrieval.

3. Choose your software or tax service carefully

If you choose to prepare your own tax return, don’t simply opt for the cheapest software available. It’s more important to select a tax preparation package that suits your circumstances. There are many tax filing software options available and they range in price and services.

For more complicated tax issues, such as if you own rental property, started a side business, or sold some assets which resulted in capital gains or losses, you may want to consider purchasing a more robust software package. Alternatively, consider working with LaksCPA who is a tax professional.

4. Keep track of carry-forward amounts

Keep track of carry-forward amounts like capital losses, tuition, and RRSP amounts. With your RRSP, refer to your Notice of Assessment to review your contribution limit for the next year. For example, after filing your taxes for 2021, your Notice of Assessment will state your contribution limit for 2022.

This will be helpful as you make plans to contribute to your RRSP during the year for both maximizing your contributions and avoiding penalties for over-contributing. You can also find these balances on the CRA website by logging into My Account with CRA.



5. Plan ahead to reduce your taxes marginal income tax rate.

There are three fundamental ways to reduce your taxes:

1. Lower your gross and taxable income by deferring income to another year.

2. Take all allowable deductions, such as by maximizing your RRSP contributions.

3. Use all your available tax credits to lower your total taxes owing.

The key to proper planning is to understand the relationship between these three fundamental concepts and how they fit within your overarching tax-planning strategies.

www.LaksCPA.com

[email protected]

+1 (800) 214 9070

Lakscpa – The power to bring your dreams to real life Consulting team The power to bring your dreams to the real life Laks CPA sERVICES Laks CPA Our Services Import-Export Advisory Services Importing and exporting products and/or services require time, dedication and specialists in the area. At Laks CPA Consulting.... Proprety Management Service LAKS C...

05 tips to help you prepare your income taxes in Canada

1. Keep up with income tax changes

Tax laws change all the time and with continued COVID-19 pandemic and various resulting government supports, there were a lot of changes that may affect your income tax return this time around. For example, if you received COVID-19 benefits from the Canada Revenue Agency (CRA) in 2021, you would receive a T4A slip which must be reported in your 2021 income tax return.

Similar to 2020, you can also claim a tax deduction if you worked from home due to COVID-19. Therefore, it’s important for you to stay updated on the latest changes and to double check how they affect your filing. If you do not work with LaksCPA to file your income tax, the CRA website is a good resource for you to refer to.

2. Stay organized throughout the year

Taking a few easy steps to keep your tax documents organized throughout the year will help ease the stress and discomfort of tax season. Find a filing system – whether digital or paper – that works for you in keeping your medical receipts, donation slips, and other tax documents.

Come tax time, it will be much easier for you or your CPA to access your documents, allowing more time to focus on creating a strategy to help minimize your tax liabilities. Remember to hold on to your records for six years and file your documents by tax year for easy retrieval.

3. Choose your software or tax service carefully

If you choose to prepare your own tax return, don’t simply opt for the cheapest software available. It’s more important to select a tax preparation package that suits your circumstances. There are many tax filing software options available and they range in price and services.

For more complicated tax issues, such as if you own rental property, started a side business, or sold some assets which resulted in capital gains or losses, you may want to consider purchasing a more robust software package. Alternatively, consider working with LaksCPA who is a tax professional.

4. Keep track of carry-forward amounts

Keep track of carry-forward amounts like capital losses, tuition, and RRSP amounts. With your RRSP, refer to your Notice of Assessment to review your contribution limit for the next year. For example, after filing your taxes for 2021, your Notice of Assessment will state your contribution limit for 2022.

This will be helpful as you make plans to contribute to your RRSP during the year for both maximizing your contributions and avoiding penalties for over-contributing. You can also find these balances on the CRA website by logging into My Account with CRA.



5. Plan ahead to reduce your taxes marginal income tax rate.

There are three fundamental ways to reduce your taxes:

1. Lower your gross and taxable income by deferring income to another year.

2. Take all allowable deductions, such as by maximizing your RRSP contributions.

3. Use all your available tax credits to lower your total taxes owing.

The key to proper planning is to understand the relationship between these three fundamental concepts and how they fit within your overarching tax-planning strategies.

www.LaksCPA.com

[email protected]

+1 (800) 214 9070

05 tips to help you prepare your income taxes in Canada


1. Keep up with income tax changes

Tax laws change all the time and with continued COVID-19 pandemic and various resulting government supports, there were a lot of changes that may affect your income tax return this time around. For example, if you received COVID-19 benefits from the Canada Revenue Agency (CRA) in 2021, you would receive a T4A slip which must be reported in your 2021 income tax return.

Similar to 2020, you can also claim a tax deduction if you worked from home due to COVID-19. Therefore, it’s important for you to stay updated on the latest changes and to double check how they affect your filing. If you do not work with LaksCPA to file your income tax, the CRA website is a good resource for you to refer to.

2. Stay organized throughout the year

Taking a few easy steps to keep your tax documents organized throughout the year will help ease the stress and discomfort of tax season. Find a filing system – whether digital or paper – that works for you in keeping your medical receipts, donation slips, and other tax documents.

Come tax time, it will be much easier for you or your CPA to access your documents, allowing more time to focus on creating a strategy to help minimize your tax liabilities. Remember to hold on to your records for six years and file your documents by tax year for easy retrieval.

3. Choose your software or tax service carefully

If you choose to prepare your own tax return, don’t simply opt for the cheapest software available. It’s more important to select a tax preparation package that suits your circumstances. There are many tax filing software options available and they range in price and services.

For more complicated tax issues, such as if you own rental property, started a side business, or sold some assets which resulted in capital gains or losses, you may want to consider purchasing a more robust software package. Alternatively, consider working with LaksCPA who is a tax professional.

4. Keep track of carry-forward amounts

Keep track of carry-forward amounts like capital losses, tuition, and RRSP amounts. With your RRSP, refer to your Notice of Assessment to review your contribution limit for the next year. For example, after filing your taxes for 2021, your Notice of Assessment will state your contribution limit for 2022.

This will be helpful as you make plans to contribute to your RRSP during the year for both maximizing your contributions and avoiding penalties for over-contributing. You can also find these balances on the CRA website by logging into My Account with CRA.



5. Plan ahead to reduce your taxes marginal income tax rate.

There are three fundamental ways to reduce your taxes:

1. Lower your gross and taxable income by deferring income to another year.

2. Take all allowable deductions, such as by maximizing your RRSP contributions.

3. Use all your available tax credits to lower your total taxes owing.

The key to proper planning is to understand the relationship between these three fundamental concepts and how they fit within your overarching tax-planning strategies.

www.LaksCPA.com

[email protected]

+1 (800) 214 9070

Lakscpa – The power to bring your dreams to real life Consulting team The power to bring your dreams to the real life Laks CPA sERVICES Laks CPA Our Services Import-Export Advisory Services Importing and exporting products and/or services require time, dedication and specialists in the area. At Laks CPA Consulting.... Proprety Management Service LAKS C...

Population de Douala, saviez vous que LaksCPA est le premier cabinet conseil qui vous offre des conseils et l’accompagnement personnalisé pour la création de votre première entreprise au Cameroun souque vous soyez ? Contactez nous pour plus de détails !

Diaspora veux tu investir au pays ? Le cabinet LaksCPA installer à la fois au Canada et au Cameroun t’accompagne de l’étude de faisabilité a la réalisation de ton projet en passant par des conseils pertinents pour toi secteur d’activité. Contacte nous today !

Aide et Conseils à la création d’entreprise
Tenue de comptabilité des PME
Inventaire annuel
Certification des états financiers
Déclaration mensuelle fiscale
Conseil en gestion

Contactez nous !