Helen's Income Tax Service

I’m hosting one last Home Daycare Tax Preparation webinar for anyone who could use some added clarity or a refresher before tax season begins.

If you know other daycare providers who may find this helpful, feel free to share this flyer with them.
https://forms.gle/KxwRMYmoevbLj7g16

💻 𝐈𝐧𝐭𝐚𝐤𝐞 𝐟𝐨𝐫𝐦 𝐢𝐬 𝐧𝐨𝐰 𝐎𝐏𝐄𝐍 (returning clients)

If you plan to use my services again this year, please submit the intake form early to hold your spot, as additional availability will be offered to new clients.

𝐍𝐨𝐭 𝐲𝐞𝐭 𝐚 𝐜𝐥𝐢𝐞𝐧𝐭?
Feel free to reach out — I’ll be taking on a limited number of new clients this year

https://www.helensincometaxservice.ca/

This fall, I’m hosting a few live online workshops to help you feel confident and prepared for tax season.
I’ll walk you through everything step by step.
Spots are limited!

Online Workshop for Daycare Providers | helensincometaxservice Get tax-ready with confidence, right alongside me. This 2-hour virtual workshop is designed exclusively for independent home daycare providers. Whether you're new or experienced, this session breaks down income tax and bookkeeping in a way that’s clear and practical.

Check out this straightforward guide to understand eligibility for tax credits.

📆 Mark your calendars! Here are the key tax dates for this year to ensure you're ahead of the game!

📣 Important Tax Updates! 📊💼

1. Unpaid Tax Penalty Increase: Starting in 2024, the penalty for unpaid taxes is 10% of the unpaid amount when your return was due, plus an additional 2% for each complete month your return is late, up to a maximum of 20 months. Remember, the amount owed compounds daily, and interest is added on top of other late payment penalties. To keep costs down, be sure to file and make payments on time! 💰

2. COVID-19 Benefit Changes: For the 2023 tax year, you can't claim the $500 COVID work-from-home expense. Also, the Canada Worker Lockdown Benefit and Ontario Staycation Tax Credit ended in 2022 and can't be claimed for 2023 taxes.

3. New Grocery Rebate: The government introduced a Grocery Rebate to help with rising food costs. If you filed a tax return in 2021 and were eligible for the GST/HST credit, you qualify for the rebate. It's double the GST/HST credit amount you received in January 2023.

4. Digital Disability Tax Credit: Applying for the Disability Tax Credit is now easier. Go digital via My CRA Account, complete Part A, get a reference number, and your medical practitioner can complete Part B digitally. No more printing forms!

5. Basic Personal Amount Increase: The Basic Personal Amount increased to $15,000 for 2023, boosting returns for all Canadians. Expect more increases in the coming years.

6. Tax Bracket Adjustments: Tax brackets for 2023 have shifted to account for inflation. You might find yourself in a lower bracket, paying less in taxes.

7. TFSA and RRSP Limits Up: TFSA contribution limit is now $6,500, with a cumulative limit of $81,500 if you've had an account since 2009. The RRSP annual limit for 2023 is $30,780.

8. New OAS Limits: If your taxable income was over $81,761 in 2023, you'll repay some OAS. Over $134,626, and you won't receive any OAS payments. Seniors aged 75 and over got a 10% OAS increase in July 2022.

9. CPP Contributions Increased: CPP and QPP have increased by 6.5% for 2023. The maximum pensionable earnings are $66,600, with self-employed individuals contributing on both the employer and employee sides.

For 2024, the first earnings ceiling is $68,500 with a 5.95% CPP rate, and a second ceiling at $73,200, with additional CPP contributions for those earning in between. Employees contribute 4%, while self-employed individuals contribute 8% between the two ceilings.

Stay informed of these changes! 💪🇨🇦

➡️𝐃𝐢𝐬𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐝 𝐓𝐚𝐱 𝐂𝐫𝐞𝐝𝐢𝐭 𝐟𝐨𝐫 𝟐𝟎𝟐𝟑

𝟏. 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐖𝐨𝐫𝐤-𝐅𝐫𝐨𝐦-𝐇𝐨𝐦𝐞 $𝟓𝟎𝟎 𝐓𝐚𝐱 𝐂𝐫𝐞𝐝𝐢𝐭:No longer available.
𝟐. 𝐂𝐚𝐧𝐚𝐝𝐚 𝐖𝐨𝐫𝐤𝐞𝐫 𝐋𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝐁𝐞𝐧𝐞𝐟𝐢𝐭 (𝐂𝐖𝐋𝐁): This benefit has ended and cannot be claimed for 2023.
𝟑. 𝐎𝐧𝐭𝐚𝐫𝐢𝐨 𝐒𝐭𝐚𝐲𝐜𝐚𝐭𝐢𝐨𝐧 𝐓𝐚𝐱 𝐂𝐫𝐞𝐝𝐢𝐭: This was only available for the 2022 tax year.

https://globalnews.ca/news/10199422/2024-tax-changes/

Here are the tax changes that will affect your pocketbook in 2024 - National | Globalnews.ca While inflation has eaten away at Canadians' pocketbooks in recent years, the resulting changes to how marginal tax rates and other benefits are indexed might be a boon for filers.

📆 Save the Date for CRA Benefits in October! 📆

1️⃣ **𝐆𝐒𝐓 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 - 𝐃𝐨𝐮𝐛𝐥𝐞𝐝 𝐭𝐡𝐢𝐬 𝐫𝐨𝐮𝐧𝐝!**
- October 3rd
- To qualify, your net family income must be below a certain threshold.
- Maximum amounts:
- Single: $496
- Married: $650
- Each child under 19: $171

2️⃣ **𝐂𝐚𝐧𝐚𝐝𝐚'𝐬 𝐖𝐨𝐫𝐤𝐞𝐫𝐬 𝐁𝐞𝐧𝐞𝐟𝐢𝐭**
- October 12th
- To receive this benefit, your net family income must be below a certain threshold.

3️⃣**𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐀𝐜𝐭𝐢𝐨𝐧 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞**
- October 13th
- For everyone!
- Here's what you can expect:
- Maximum amounts:
- $488 for an individual
- $244 for a spouse or common-law partner
- $122 per child under 19
- $244 for the first child in a single-parent family

4️⃣ **𝐂𝐡𝐢𝐥𝐝 𝐓𝐚𝐱 𝐁𝐞𝐧𝐞𝐟𝐢𝐭**
- October 20th
- For your dependents under 18.

Attention all! Take a moment to check your bank accounts today for this payment.

With just two weeks to go until the tax deadline, 35,000 Canada Revenue Agency employees are set to walk off the job if a deal with the government isn’t reached by 9 p.m. Tuesday!!

Take a look to see if you can write off any of your employment expenses on your taxes. Don't miss out on any potential savings!