SBA Executive Service

02/06/2025

E-file officially opens on Feb 24 at 8:00 a.m. However, I am able to do your taxes prior to that date, and they will be the first to be e-filed once it opens. I have been struggling with whether to raise my prices or not. The costs of software, paper, ink, etc have risen along with the utilities. I have held my pricing for several years because I care about those that I am doing the taxes for.

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03/14/2024

Note about the Climate Action Payment - If you file your taxes electronically by March 15, 2024, you should receive your next CCR payment (formerly known as the Climate action incentive payment) on April 15, 2024. If you file after March 15, 2024, you will receive your April payment later, once your return has been assessed.
Note they changed the name of it to CCR - but if taxes are not filed by Mar 15, the first payment will most likely be a double payment in July like they did last year.

02/05/2024

For anyone that has only WSIB, CPP, OAS, Social Services or ODSP income, the slips for these are all showing up online now. Efile technically does not open until Feb 20 2024, however you taxes can be completed prior to that date. If you have interest income or capital gains or any other pension or work income, those slips are not showing up as of yet. The medical mileage this year is 70 cents/km up to 5,000 kms and .64 cents/km over 5000 kms. The minimum kms must be 40 kms one day. If you traveled over 80 kms one way, you can also claim meals (simplified - don't need receipts) and if you had to be somewhere overnight and it's over 80 kms one way, you can claim lodging - however, you MUST have the motel receipt. There are many changes this year even to the T4's that are to be issued. They are asking employers to check off whether dental coverage was available so no one that had access (whether you had to pay for the benefit at work or not) you cannot claim the free dental being offered by the gov't. That is all for now.

01/20/2023

2023 increases for CPP and OAS for those in Ontario Canada.

CPP - will increase by 6.3%
OAS - age 65-74 $687.56/month; age 75 plus $756.32/month

Note - not everyone automatically gets enrolled for OAS. If you are turning 65 this year, call Service Canada and ask if you are automatically enrolled of if you have to do paperwork. (note it takes 150 days for paperwork to be processed). Also, this is also the time to decide if you want income tax deducted off your payments or not. You can request that online through your Service Canada account or via telephone by speaking to a representative.

I have 30 years experience in providing an all encompassing bookkeeping service for small business and personal finances.

12/17/2022

I have my 2022 Income Tax Year approval from CRA for direct contact and efile again. I also have information of updates on the 2022 tax changes.

Efile - officially opens on Feb 20 2023 (they will not start processing tax returns prior to this date, however they can be completed prior to this date and held til the opening date).

Prior Year Taxes - Until Jan 2024 - prior year taxes from 2017 to 2021 can be efiled. Prior to this is was only 3 years. Because there are less people working from an office at CRA they are allowing more years to be efiled at the same time.

Expenses Vehicles - if expensing a vehicle on your income taxes for a small business - an EV increases to a max of $59,000 and a regular vehicle increases to $34,000, if leasing the max lease payment per month is $900/mo. This only applies to business expenses.

CERB Clawback - CRA has said they will not clawback CERB payments owing for money received in 2021 or 2022. This will give those owing for these two years a bit of a reprieve.

Staycation Tax Credit - this is NOT a refund it is a tax credit that may bring down your taxable income. You MUST have receipts from the places you stayed at and they MUST have an HST number on them. You will receive 20% credit up to $1,000 for an individual and up to $2,000 for a family. The Staycation credit is for 2022 only - it will not be renewed in 2023.

Seniors Care at Home Tax Credit - the family net income must be less than $65,000. The credit will be for 25% of the medical expenses that are claimed to a max of $1,500.

This is all the basic changes at this time. I am sure there will be more by the time your taxes are due to be filed.

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SBA Executive Service
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I have 30 years experience in providing an all encompassing bookkeeping service for small business and personal finances.

07/07/2022

Update to the Climate Action Incentive payment - they are sending a double payment on July 15 for most people and then there will simply be 2 more payments - one in October 2022 and one Jan 2023. So if you get a large payment on July 15 (and it was to be paid quarterly) you will not get that same payment amount for the next 2 payments - you will get 1/2 each time. This is to help with the carbon tax which was put in but it is a mere pittance to what we are paying

07/06/2022

For those asking - The first of the quarterly Climate Action Incentive payments which are associated with your 2021 income tax (it must have been done in order to receive this), will be released around July 15 2022. If you had direct deposit for tax refunds or OTB or HST, it will also come via direct deposit. If not, a cheque will be mailed out. This payment however .. .wait for it ... is at the discretion of the government to pay.

02/21/2022

Efile officially opened today. Everything is sending through smoothly. Again, if you are expecting a refund, the avg time (unless your file is pulled) is 10 days for direct deposit. Note: Notice of Assessments are no longer being mailed out. You must access them via your CRA My Account. If you don't have one, I can print one off for you.

I have 30 years experience in providing an all encompassing bookkeeping service for small business and personal finances.

02/03/2022

Change to the climate action refund that many received on their income taxes the past couple of years. It is no longer a direct refund:
Schedule 14, Climate Action Incentive (T1-S14)
The Government of Canada has announced that the Climate Action Incentive (CAI) will now be delivered as a quarterly benefit rather than as a refundable credit on the T1 Income Tax and Benefit Return. Eligible taxpayers will automatically receive CAI payments four times a year, starting in July 2022.

I have 30 years experience in providing an all encompassing bookkeeping service for small business and personal finances.

02/01/2022

If you are planning a vacation within Ontario in 2022, hang onto those accommodation receipts. There is a new tax credit put in by the Ontario gov't for anyone that stays in Ontario to vacation in the 2022 taxation year. The full details are in the link below. The synopsis is - 20% of eligible accommodations up to $1,000 for a single person or $2,000 for a family. Note - the accommodation MUST be a registered business that has a GST/HST number (this may exclude many B&B's. Read the details and if you have motel/hotel receipts in 2022, don't toss them.

Find out how to get back up to 20% of your eligible 2022 Ontario accommodation expenses.

01/28/2022

It's that time of year again - time to get prepared for the new tax season. Please note - efile does not open until February 21 2022. It will be closed from midnight tonight Jan 28 until Feb 21 for their changeovers. I can still access any forms that have been sent in already if necessary. There are many changes this year, one being to mileage, meals for truckers and for medical related trips. Mileage rate increased to $0.59/km for the first 5,000 kms (over 80 kms one way per trip) and $0.53 for anything over 5000 kms. The meal allowance is now $23.00 per meal to a max of $69.00 per day. If a medical meal, you must have gone over 80 kms one way and if you have to have a 2nd person for a driver for your trip, you can claim a meal for the 2nd person as well. There are so many changes again this year, make sure you don't miss any of your deductions.

I have 30 years experience in providing an all encompassing bookkeeping service for small business and personal finances.

09/09/2021

Thank you Chatham Kent for the Platinum vote results for https://sbaexecutiveservice.com Very humbled. .