Perfection from the Best Tax Agent Right Here

If you have forgotten to include a refund or tax credit in a tax return in later years, a professional tax accountant will explain that you have 10 years to claim an adjustment.

Documents and receipts: 

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You must keep all your documents and receipts for at least six (6) years after the filing year of a tax return, even if your tax accountant has transmitted your information electronically. From the Tax agent Watson you can have the smartest deals now.

Lost bills = money lost

We can not remember everything! Taking the means to avoid misplacing your bills will avoid forgetting on your tax return deductions to which you would be entitled.

Your tax accounting professional will have the expertise to tell you what bills to keep and suggest methods of filing.

Move to work

your new work location is 40 km or more from your place of residence ? You have to move to get closer? Your tax accountant will claim for you the deductions to which you are entitled such as real estate commissions.

Do not forget that you have moved!

According to the Revenue Agency (RA), reporting the wrong address is the most common mistake made when filing a tax return. Remember to notify the Canada Revenue Agency and Revenu Québec if you have moved during the year.

Your tax accounting expert will ask you first of all if you have moved during the year. If so, he can make the address changes for you. Great relief you will have now with the Tax agent Watson.

The brother-in-law or an expert?

Remember that you will disclose your social insurance number and other sensitive personal information to the person who will complete your tax return.

It is also not recommended to trust blindly to a person who does not have professional liability insurance in case of error and omission, or an official company located on the street, which is not supervised. by a professional order.

Tax Options You Really Need to Consult

Tired of being caught in traffic for two hours a day? Consider working at your home. This choice is all the more attractive as you can deduct certain expenses such as electricity, heating, maintenance, property taxes, insurance and mortgage interest. The breakdown of expenses must be based on the number of square feet used for work purposes.

Deduct your canvassing expenses

Expenses incurred to recruit or retain your clients, such as food and beverage expenses, as well as entertainment expenses such as tickets for a sporting event, may be deducted. At the federal level and, 50% of expenses can be deducted; however, the city adds a second limit of between 1.25% and 2% of your turnover. From the Income tax Consultant Watson you will have the smartest deal.

Do not report the allowance for your car

If your employer pays you an allowance for the use of your car, it is not taxable provided it is "reasonable" and calculated based only on the number of kilometers traveled for the job. By "reasonable", tax authorities generally mean an allowance not exceeding $ 0.53 per kilometer for the first 5,000 kilometers and $ 0.47 for the other kilometers. It is essential to keep a record of actual trips.

Get your GST and QST refunded

If, as an employee, you deduct expenses from your employment income, you can claim the rebate of the GST and QST you paid on these expenses. These include taxes on mandatory contributions to professional orders, maintenance of the vehicle used for work, gasoline and depreciation (which represents a portion of the purchase price of the vehicle). Regarding the tax options you can have the use of Income tax Consultant Watson now.

Selling Your Business: Reduce Your Capital Gain

Did you realize a capital gain on the sale of shares in a small business, farm property or fishing property? Claim the deduction, which can reach $ 750,000 (lifetime limit), or $ 375,000 of taxable capital gain. In the end, it will make $ 90,000 more in your pockets.

What The Options are for the Perfect Taxation Returns

Do you work on your own account or do you own a rental property? The technique of setting aside money could allow you to deduct from your income the interest on your personal loans. Discover how.

To make it simpler, it is about turning interests on non-deductible debts into deductible interest. This conversion of personal debts into business debts, whose interest is deductible in full, can generate savings that will allow you to reduce your non-deductible debts such as your residential mortgage, for example. From the Taxation Return Preparation Watson this is the best deal.

Who can use this strategy?

First, it should be noted that only owners of rental properties, self-employed persons who have not incorporated , sole proprietors and partners in a partnership may use the tax strategy of the corporation. apart from the money.

They must open two accounts, one for rental income and the other to pay for all expenses associated with the building. This account can only be linked to a personal line of credit that will be used to pay the expenses. Interest on the line of credit may be deducted on your next tax return.

Self-employed people have every interest in planning their finances well and thinking about taxes all year long. The technique of setting aside money is one of the strategies you could put in place to reduce your taxes. You can use the Taxation Return Preparation Watson here.

A self-employed person can not deduct from his taxes the interest of a personal debt. But, apart from putting the money aside, he could convert the interest on his residential mortgage into deductible interest, and thus reduce his total tax bill significantly.

What are the prerequisites?

You are a self-employed person or a building owner and you are thinking about using the MAPA technique. Here's what you need too:

•     A bank account for your business income

•     A bank account for your business expenses

•     Debt or non-deductible personal loan

•     A line of credit exclusively dedicated to operating your business.