News & Events

Tax Reminder Post

A friendly reminder that tax deadline is April 30th, 2023, which means now is the time to get all your paperwork, receipts, and information sorted and ready.

Below is information to collect and organize:

General Items:

• Copy of any foreign tax return filed (U.S. citizens must file U.S. returns)
• 2021 Notice of Assessment & other years’ reassessments
• Your personal status such as dates of marriage, separation, divorce or widowed, births & deaths.
• Names & SIN of spouse & dependents
• Current contact information
• Note consenting to provide your income tax information to Elections Canada
• Installment payments made if any.
• Details of foreign property holdings (if any*) (T1135**)
• Contact details & consent to discuss your investments with any advisors.
• Details of lawsuits settled in 2021.
• Support & settlement details resulting from matrimonial changes if any.
• TFSA statements, (limit increased to $6000)
• # Of days worked from home, Work from home expenses/Declaration of conditions of employment form (T2200s, T2200)
• Disability tax credit claim form completed by doctor (T2201)
• Direct deposit information

Income Details:

• Employment income (T4)
• Pension income (T4A, T4A(P), T4RIF, T4RSP)
• Old age security (T4OAS)
• CERB/CRB Income (T4A)
• Investment income (T5)
• Income from trusts such as mutual fund investments (T3)
• Income from employment insurance (T4E)
• Income from partnerships (T5013)
• Workers’ compensation/social assistance payments (T5007)
• Details of the sale of securities such as stocks & bonds (eg. realized gain/loss report from your broker), possible T5008 slips
• U.S. social security & any other foreign pensions
• Details of real estate sales & purchases
• Income from foreign investments
• Child/Spousal support payments received.
• T4As for any miscellaneous income received during the year.
• T4PS (profit sharing) Deductions – Employees
• Business, Farm, Fishing & Other income (Tips, casual income)

Deductions – General:

• Digital news subscriptions (NEW!)
• RRSP contributions (Contribution deadline March 1st, 2022
• Medical, dental, prescription drugs, nursing home expenses, fertility costs, trained animal aids for impairments (pharmacies will print your tax receipts for each family member)
• Home Renovations for Seniors/Disabilities
• Payments to a private health insurance plan
• Charitable donations
• Tuition fees/education amount/Exams fees for professional certification (T2202A for Canadian & TL11 for foreign universities) for yourself or transferred from a dependent, signed by student.
• Interest paid on student loans.
• Professional dues & insurance, union dues
• Eligible supplies expenses & certificate for Teacher/Educators
• Interest on loans to purchase investments.
• Professional consultant fees
• Legal fees paid to establish spousal support or to enforce a pre-existing agreement.
• Legal fees paid to recover wages from your employer.
• Details of people you support & their medical status.
• Childcare/day care receipts (if for camp, list dates attended)
• Non-reimbursed moving expenses if you moved 40 km or closer to a new workspace location.
• Property taxes or residential rent paid (if joint couples’ income under $45K)
• Political contributions receipts
• Child/Spousal support payments paid.
• Adoption expenses
• Expenses not reimbursed by your employer.
• If you are a commissioned salesperson, details supporting advertising expenses, promotion, meals & entertainment
• TL2 meals & lodging for transportation employees
• Trades people & apprentice tool purchases, if eligible
• Volunteer Firefighters Certificate

Deductions – Motor Vehicles, IF ELIGIBLE*

• Total kilometers driven & kilometers driven just for work.
• Details of total expenses
• New vehicle, purchase invoice/agreement

Unincorporated Businesses/Sole Proprietors:

• Software backup of bookkeeping records, if computerized (include password)
• Manual bookkeeping records
• Total sales revenue and receipts for the year if books not kept.
• Total expenses listed by category for the year or receipts if books not kept.
• Capital assets acquired (e.g., computers & peripherals, furniture & equipment)
• Home office expenses, rent.
• Partners’ names, addresses, SINs & per cent interest

Rental Properties

• Address & number of units
• Rental income by unit
• Rental expenses by unit & by category of expense
• Partners’ names, addresses, SINs & percent of ownership
• Details of any capital additions over $500, including furnishings & appliances

For Tax Professionals Call Atum Financial Services at 519-893-1116

Are you looking to take your mind off work and have a staycation? Now is the time to do so! The Ontario Staycation Tax Credit is a temporary personal income tax credit that is eligible for Ontario residents who have used accommodation expenses for vacations from January 1st, 2022 to December 31st, 2022.

What can Ontario residents get if they apply for this tax credit?

 - Ontario residents can claim 20% of their accommodation expenses used this year. The maximum for an individual is $1,000, $2,000 for a family which translates to $200 for an individual and $400 for a family.

Below is a list of eligible expenses:

• Hotel
• Motel
• Cottage
• Campground
• Resort
• Lodge
• Bed and Breakfast
• Vacation Rental Property

Below is a list of ineligible expenses:

• travel expenses that are not for short-term accommodation or camping accommodation, such as expenses for car rentals, fuel, flights, groceries, parking, or prices of admission into local attractions and places of interest
• accommodation expenses reimbursed to you, your spouse or common-law partner, or your eligible child, by any person, including by a friend or an employer
• expenses that are incurred for school or educational purposes, or for a work, employment or business purpose, or that can be claimed for a medical expense tax credit

You must keep your detailed receipts for any eligible expenses you claim for the credit. Those receipts must include:

• the location of the accommodation
• the amount that can reasonably be considered to be for the accommodation portion of a stay
• the amount of any GST/HST paid
• the date of the stay
• the name of the payor

Keep your Ontario accommodation receipts for 2022! You can claim this credit on your 2022 Personal Income Tax & Benefit Return.

Tax Season Is Here!

Welcome to another tax season! Please click on the link below for CRA updates on the 2021 tax season. 

CRA 2021 Tax Updates

CEBA Loan Extension

The federal government has extended the deadline for the repayment of the Canada Emergency Business Account.

The interest-free loan was set to expire on December 31st of this year has now been extended until December 31st, 2023.

Small businesses and not-for-profits could apply for the CEBA program from April 9th, 2020, to June 30th, 2021, to get an interest-free loan of up to $60,000.

The government has also announced that if the balance on the loan is paid on or before December 31st, 2023, that it would result in loan forgiveness of up to $20,000 or 33%. Also announced was the interest rate of 5% per year for all outstanding loan balances. The outstanding loans would become two-year loans starting on January 1st, 2024 and ending on December 31st, 2025.

Those who qualified for partial forgiveness for CEBA-equivalent lending through the recovery fund and regional relief have also been extended until December 31st, 2023.

The CEBA loan has helped over 898,000 businesses during the COVID-19 pandemic with over $49 billion spent.

atum ZERO GRAVITY.mov from Matt Manteiga skydefinition on Vimeo.

Business marketing is essential and with technology it doesn't have to be hard or expensive.

But consistent effort must be made by your team in order to market effectively both from a cost and performance perspective.

One of the easiest and effective promotional tools that can be utilized it called organic marketing or growth.

Using social media to engage in real conversations will ultimately help your business succeed. When people respond to your comments enough times, they will begin to see your posts in their news feed.

This organic social strategy is key to growing your business effectively without spending a dime on ads.

Another effective strategy is blog writing and video. Both of these strategies allow you to express creative ideas and information regarding your expertise.

It's important not to come across as if you are pushing an agenda or advertising, but rather giving people important information or opinions. You can then earn the right to advertise when you have developed trust with your audience.

One other effective way to promote your business is by promoting other businesses in which you like or respect. This symbiotic approach will not only win the hearts of these businesses, but you would be surprised how many reciprocate the action.

Business promotion can be easy but takes consistency. Make social media social, and you will see the rewards come back to your business.

Reach out to anyone on our team if you have any questions about business marketing and promotion.

We will be happy to help.

#marketing #socialmedia #video #branding #advertising #marketingstrategy