Tax Guyz offers personal income tax services to all band members (on or off reserve) - Due to an increased demand, we are extending the offer to the general public during the months of January to April only.
Tax Preparation
FAST, PROFESSIONAL & ACCURATE EFILE SERVICE
Haven't done your taxes in awhile?
In many cases, when people are a few years behind on their taxes, they could be eligible to receive substantial refunds from Canada Revenue Agency. Let our experience help you get your money back!
DISABLED?
You may be eligible for the "Disability Tax Credits": The rules governing disability-related tax credits can be complicated, in large part because there are so many possible claims to be had, depending on your exact circumstances, and each credit or deduction has its own set of rules and restrictions. Let us help you get all the credits/deductions that you are entitled to!
BY APPOINTMENT ONLY:
519-742-0878
Let our expertise work for you!Sorry, but we DO NOT offer cash-back services.
(Our clients have been receiving their returns within 10 days of our filing their returns)
Important Dates
RRSP Contributions - The deadline is February 29, 2012 for contributing to an RRSP for the 2011 tax year.
Personal income tax returns for 2011 are due Monday, April 30, 2012.
If you or your spouse carried on a business in 2011, your return has to be filed on or before June 15, 2012. However, any balance of tax owing must be paid by April 30th.
Tax Tip: Always file your tax return on time, or better yet, early!
Netfile will be available from Monday, February 13, 2012 to September 30, 2012 for electronic filing of 2011 personal income tax returns.
Telefile will be available from Monday, February 13, 2012 to September 28, 2012 for filing of 2011 personal income tax returns.
T4 (employment income), T4A (pension income) and T5 (investment income) slips for 2011 must be filed by the issuer on or before the last day of February 2012.
T3 tax information slips for mutual funds must be filed by the issuer no later than 90 days after the end of the trust’s tax year. For a trust with a tax year end of December 31, 2011, the due date will be March 30, 2012. It is normally March 31st, but 2012 is a leap year.
OAS and CPP tax slips and EI tax slips for 2011 are available online as early as February 1st.
2012 Limits
The annual limit for contributing to a TFSA is indexed for inflation. However, the indexed amount is rounded to the nearest $500, and will remain at $5,000 for 2012. At the current rate of inflation, the limit will increase to $5,500 in 2013.
2012 Automobile Taxable Benefits
The prescribed rates used to calculate the operating cost benefit related to the personal use by employees of employer-owned vehicles is increasing by 2 cents to $0.26 per km for 2012. The rate for taxpayers employed principally in selling or leasing automobiles will also increase by 2 cents, to $0.23 per km.
2012 Tax-Free Automobile Allowances
The limits on the deduction of tax-free allowances paid by employers to their employees to reimburse the costs of using their personal vehicle for business purposes have each been increased by 1 cent for 2012. The limit for the first 5,000 kms driven is $0.53 per km, and additional kms have a limit of $0.47 per km. The limits for Yukon, Northwest Territories and Nunavut are $0.57 for the first 5,000 kms, and $0.51 for each additional km.
2012 Passenger Vehicle Expense Limits
The expense limits for passenger vehicles acquired or leased in 2012 remain the same as the 2011 limits. The ceiling on the capital cost remains at $30,000. The leasing cost deduction limit remains at $800 per month, and the limit on the allowable interest deduction remains at $300 per month.
Tax Calculators
Basic Canadian Income Tax Calculator
Our new basic Canadian income tax calculator is very simple - just input your income from capital gains, eligible and non-eligible Canadian dividends, and other income. The results include taxes payable, and marginal tax rates for the 4 different types of income, for every province and territory, as well as a table of taxes payable for 2008 to 2012 for each province and territory. The only tax credits deducted from taxes are the basic personal amount and dividend tax credits. Use the e-mail link at the bottom of the calculator to tell us how you like it.
Detailed Income Tax Calculators
The more detailed tax calculators include most personal tax credits, and can actually be used by most people to check the results of a tax return that has been done with tax software. They are also a great planning tool for 2012.
Canadian 2011/2012 Income Tax Calculator
Québec 2011/2012 Income Tax Calculator
Filing Your Tax Return
If you have a parent or grandparent over the age of 65 living with you, even if they are not your dependent you could be eligible for the caregiver amount of $4,282, if their net income is less than $18,906. This can also be claimed for dependent relatives over the age of 17 who are living with you, if they are dependent on you due to mental or physical impairment. Each province and territory also has a caregiver tax credit. See the tables of non-refundable tax credits for the amounts.
If you moved at least 40km to be closer to a new job, to run a business, or to attend a post-secondary educational institute full time, then you may deduct moving expenses, up to the amount you earn at the new location, or up to the amount of taxable award or scholarship income received in the year.
This article includes pension splitting and other methods of splitting income.
This article discusses which tax deductions or credits can be claimed by either spouse. In some circumstances, the income from dividends from taxable Canadian corporations can all be claimed by one spouse.
The Ontario Trillium Benefit is applied for by completing form ON-BEN as part of the 2011 personal income tax return, as well as by applying for the GST/HST credit on page 1 of the personal income tax return. This benefit is a combination of the Ontario Sales Tax Credit (OSTC), Energy and Property Tax Credit (OEPTC), and Northern Ontario Energy Credit (NOEC), and will be paid on a monthly basis starting July 2012.
Other Topics
December 2011 wages, if not paid until January 2012, will be reported on a T4 for 2012, not 2011. There are some cases in which it is not necessary to prepare a T4 for an employee. Learn about filing T4 slips online - this can be done for up to 50 T4s, without any software required.
Working Income Tax Benefit (WITB) 2012
We have published the table of WITB factors for 2012. The WITB is a federal refundable tax credit which is available for low-income individuals or families with working income over $3,000 for most provinces and territories. The Québec 2011 WITB table has some factors revised by small amounts. The previous factors were estimated based on the QC indexation factor for 2011. The 2011 factors for other provinces and territories have been adjusted for rounding differences from the previous estimates.
If you are eligible for the Working Income Tax Benefit, you can apply to Canada Revenue agency for a prepayment for the coming year. The prepayments are made as part of the GST/HST credit payment cycle.
We've updated our investment return history to show results to December 31, 2011, and have added a column for results for 1 year.
Guaranteed Income Supplement (GIS)
The Federal Guaranteed Income Supplement (GIS) is a tax-free benefit available to low-income seniors living in Canada, who are receiving (or are eligible to receive) the Old Age Security Pension (OAS). An application must be filed to receive this supplement - it is not done automatically when you file a tax return. If you are already receiving the GIS, if there is a reduction in your pension or employment income, you should contact Service Canada, as they may calculate your GIS benefit by estimating your pension and employment income for the current year, instead of using last year's pension and employment income.
A loan by a corporation to one of its shareholders, or to a person or partnership who does not deal at arm's length with the shareholder, may result in a deemed taxable benefit for the amount of the loan, or may result in a deemed interest benefit. Care must be taken in the timing of salary or dividend payments to clear shareholder loans. If the amount of the loan is significant, it could put a small business in a position where it is not a qualified small business corporation, and thus not eligible for the $750,000 lifetime capital gains exemption for the shareholder, on disposal of the shares.
