When To Hire A Tax Consultant

by Guest on February 3, 2012

Ah, tax season. It’s just about everyone’s least favorite time of year (unless, of course, you’re in the business of taxes – then it’s probably your favorite time of the year). And it’s understandable why everyone gets so annoyed come tax season, because if you aren’t well-versed in the language of taxes they can be confusing, time-consuming, and extremely frustrating. But as much as everyone may want to take the easy route and fill out the 1040-EZ tax forms with a few clicks of the mouse on the computer, sometimes it’s better to go ahead and hire a tax consultant and have them handle it for you. So how do you determine if you should be hiring a tax advisor?

1.      You’re a contract employee

When you’re hired on a contract-basis and you don’t have taxes withdrawn from your paycheck that means you have to pay the taxes at the end of the year. It can be valuable to hire a tax advisor to help you figure out what all you need to pay and what you get to deduct as ‘business expenses’.
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Many people don’t realize it, but filing a tax return on time is especially important for people who rely on social assistance, because it triggers many government benefits such as the Canada Child Benefit.  Families that don’t file their taxes by the deadline risk having their benefits interrupted.   Filing a tax return doesn’t have to be expensive.  In fact, there are several free options:

  • H&R Block is offering free tax prep at participating locations for people on social assistance until February 24th (see media release below)
  • Canada Revenue Agency holds volunteer tax preparation tax clinics in some communities (http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/clncs/menu-eng.html)
  • Many online tax filing options are free to people earning less than $20,000 (H&R Block online, Studio Tax, etc.)
  •  Pick up tax forms from the post office and go the traditional pencil and paper route

H&R BLOCK CANADA OFFERS EXTRA HELP THIS TAX SEASON

Free tax preparation for Canadians on social assistance

 CALGARY, Alberta – (January 30, 2012) – H&R Block Canada is expanding its free Block Builders tax program for a limited time to help taxpayers on social assistance or Universal Child Care Benefit (UCCB) or both get their tax returns prepared at no charge at participating locations until February 24.
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Are You Missing Out On Tax Refunds?

by Guest on January 25, 2012

H&R BLOCK CANADA FINDS MORE THAN $50,000 IN

MISSED TAX REFUNDS IN ALDERGROVE, B.C.

Nearly a third of the participants on the Million Dollar Neighbourhood TV series made errors on their returns

Calgary, AB – January 23, 2012 – It is only the first episode of Million Dollar Neighbourhood on OWN: Oprah Winfrey Network (Canada), but thousands of Canadians may have money hidden in their tax returns. H&R Block’s Second LookSM review of tax returns in Aldergrove, B.C., resulted in an additional $50,000 in tax refunds. H&R Block tax professionals found nearly one third of the participants missed credits or deductions and, of the taxpayers with refunds, the average amount was $1,571.

Million Dollar Neighbourhood is a new original series offering an unprecedented social experiment set in Aldergrove in which 100 families have only 10 weeks to raise their collective net worth by $1 million. The first episode aired January 22, featuring H&R Block tax specialists in a segment.

“For most taxpayers, receiving a Notice of Assessment means their tax return is approved, but it doesn’t mean you claimed everything you are entitled to,” says Cleo Hamel, senior tax analyst, H&R Block Canada. “In our experience in Aldergrove, we uncovered missed credits and deductions that resulted in refunds from $100 to more than $10,000.”
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End Of Year Tax Reminders

by Guest on December 7, 2011

Once the new year begins it won’t be long before you start having to sweat over your taxes. Nobody wants to be thinking about taxes right now, especially with the holidays approaching, but now is the best time for you to take action to ensure you trim the most off your tax burden next year. After all, it will be this year’s financial decisions that affect what you will be paying in just a few short months. With gift buying stresses, bad weather, and the day-to-day annoyances that occur no matter what time of year it is, you probably don’t want to be thinking about taxes. But if not before the taxable year is over, when?
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Generosity Pays Off

Your first $200 of donations made to a registered charity results in a 15 per cent federal tax savings. For every dollar over $200, you receive a 29 per cent tax credit.

Donation Limits

Your donations cannot exceed 75% of your net income. The only exception is in the year of death or the immediate preceding year and then donations can be 100% of net income.
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Have you ever discovered that you over-contributed to either your RRSP or TFSA?  Then check out the commonly asked questions below to find out what you can do about it.   Also check out the information below to help you determine if a TFSA is right for you.
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                                         If you are an investor it is important for you to know about capital gains and capital losses, and how they affect your taxes.  Check out these commonly asked questions to find out more about how capital gains will affect you.

Can you explain capital gains tax?

A capital gain is the appreciation in value of a capital property, when sold from the date of purchase. Basically, if you bought a stock for $10 and you sell it for $15, you would have a $5 capital gain. A capital loss would be the opposite; a capital property that loses value when sold from the date of purchase.
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