Tax Tips

Is it tax time already?

A few remainders and tax tips as we enter busy season!
  • The deadline for RRSP contributions for the 2014 tax year is March 2, 2015
  • T4 slips for 2014 must be distributed to employees on or before February 28, 2015
  • Some remittance thresholds -changed for 2015 payrolls. Ensure you pay your remittances on time to avoid penalties.
  • The 2015 contribution limit for TFSAs is $5,500. At the current rate of inflation, it will increase to $6,000 in 2018.
  • The Children’s Fitness Tax Credit is being increased from $500 to $1,000 for the 2014 and subsequent taxation years, and will be made refundable for the 2015 and subsequent taxation years.
  • Safety deposit box fees paid in 2014 and subsequent years is no longer deductible!
  • Foreign reporting rules are becoming more stringent. If you own “specified foreign property” property with a cost of more than $100,000, The T1135, or Foreign Income Verification Statement needs to be prepared.

Call us today @ 416.509.2365 for a complimentary first meeting! Stay tuned for more tax tips!

One of the TOP Accounting Firms in Brampton


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