AccXpert TaxServices Newsletter for 2014 Personal Tax Return

Dear AccXpert TaxServices Clients:

Please find enclosed a copy of our 2014 Individual Income Tax Return Checklist. Your review and completion of the checklist should assist you with the assembly of your 2013 personal income tax information and will assist us with the completion of your 2014 individual income tax return. We request that you return the checklist with your 2014 personal tax information as soon as possible. We remind you that our receipt of your information prior to April 15, 2014 Read more

CRA New Service – Manage Online Mail

Commencing February 9, 2015, a new service called Manage Online Mail is being offered by the Canada Revenue Agency (CRA) to electronically deliver mail to Canadians. Online mail is the best way to manage your correspondence from the CRA.

This service will provide you with:

  • quick and convenient online access to notices (notices of assessment and reassessment) and;
  • online access to future eligible correspondence as more becomes available electronically.

With your consent, tax preparers who EFILE your Individual Income Tax and Benefit return can assist you with the registration for online mail. Once you are signed up for online mail, you will receive an email confirming your registration. Read more

New family tax credits for Canadians

As a Canadian resident and tax payer, if you have kids under 18, you’ll probably be impacted by some of the tax changes that take effect this year (for 2014 tax return) and others in 2015. Here’s what’s new:

Children’s fitness amount (2014)

The amount of children’s fitness expenses you may claim for each child has increased from $500 to $1,000. The increased credit is worth $75.

Family tax cut (2014)

This new tax credit (which is frequently referred to as income splitting) is worth up to $2,000 for families where the parents are in different Read more

Should I report my tips as a taxable income?

restaurant-check-tips  CRA-Taxable Income

Canadians who earn tips and gratuities that they represent taxable income and must be reported on annual income tax and benefit returns. Restaurant servers, hairdressers, valets, taxi drivers, and others who earn tips may not have all of their income recorded by their employers, which means that their T4 slips may not include all of their income.

The Income Tax Act is clear about income from tips: tips are taxable and it is your responsibility to report any that you receive. Read more