Manager’s Message
The Wheatland team would like to wish you all a happy and healthy 2022. With Kelvin in retirement mode we are so excited to keep our small town local business growing and thank you for placing your trust in the staff that has been working hard for you in the past. We are happy to provide the same quality and service you have come to trust in the areas of bookkeeping, tax, corporate tax as well as various planning areas such as succession, exit, and incorporation. We are familiar with your business so don’t hesitate to contact us if you need help in these or any other area of your business. If you have any concerns please don’t hesitate to call and discuss with me.
Now the 2021 tax filing season is fast approaching and our team is getting organized and prepared for the challenges and excitement that it presents. We encourage sending your information electronically where possible and if you would prefer a phone/virtual tax appointment we are happy to accommodate you.
We are excited that our previous employees Evelyn Goetz and Katey Hull will rejoin us for tax season. We also have Bonnie Englot joining us from the Montmartre area for tax season. Bonnie’s farming and banking background will be an incredible asset to our team. This winter season has certainly kept us on our toes with various storms. Hopefully this last storm will be the last one and we start to get some milder temperatures and less wind, but it is Saskatchewan so we have learned to be prepared for all situations.
Danielle Mytopher
2022 Customer Agreements
All value billing agreements have been sent out via mail or email. Please review the agreement, sign it & return it to us. Contact our office if you have not received your 2022 Customer Agreement or if you have any questions.
Electronic Notices of Assessment or Reassessment
Sometime in 2022, the CRA will begin the process of switching to electronic notices of assessment or reassessment when you file your income tax and benefit return. CRA will eventually no longer mail out notices of assessments. You must sign up for CRA My Account or My Business Account to receive electronic copies of your NOA’s.
Accelerated CCA
The 100% CCA Claim available to Canadian Controlled Private Corporations on specific asset classes including 8 & 10 has not yet received royal assent and therefore can not be claimed at this time. The government does plan to pass this however no claims can be made until the legislation passes.
Saskatchewan Home Renovations Tax Credit
Did you renovate your home? You could qualify for a non refundable 10.5% credit on expenses paid up to $12,000 for 2021. Costs of these renovations such as materials, labour, installation, permits, and equipment rentals are qualifying expenses for this tax credit.
To Qualify:
The first $1,000 spent does not qualify.
- Eligible expenses incurred from October 1, 2020 to December 31st 2021 can be claimed on your 2021 tax return.
- Renovations must be to your principal residence, which you must ordinarily inhabit and it must be located in Saskatchewan.
- The renovation must be substantially completed by December 31, 2022.
- In general, renovations must be of an enduring nature and integral to the dwell-ing or to the land that forms part of the dwelling.
Please be sure to write on the receipts what they are for when you submit them with your 2021 income tax information.
This is not included in your regular package price so there could be an additional charge to complete per the 2022 agreement.
For more information please go to the Saskatchewan government website.
Saskatchewan Active Families Benefit
Please bring your receipts in with your 2021 tax. How do you qualify:
- Families with annual income of less than $60,000 are eligible for a refundable tax benefit up to $150 per year, per child or $200 per year for children who are eligible for the federal Child Disability tax credit.
- Children have to be 18 years of age or younger as of the last day of the taxation year.
- Activities that qualify are sport, cultural and recreational activities.
Employees Working from Home Deductions
If you were still working from home you can claim either with a detailed or simplified method. If you apply for the detailed method you need a signed T2200 from your employer.
Climate Action Rebate
Beginning in 2022 this rebate will no longer be distributed on your tax return but rather through a quarterly payment beginning July 2022. The first payment will be for the first two quarters of 2022. Subsequence payments will be made each January, April, July, and October. You must have filed your income tax return for the prior year to qualify.
Carbon Tax Credit for Farmers
There is a proposed tax credit available to Corporations, Individuals and Trusts earning income from farming incurring total eligible farming expenses of $25,000 or more. Expenses arising from transactions with non arms length parties are not eligible. The credit is calculated as follows: for every $1000 in eligible expenses, $1.47 in credit will be available for 2021. The rate in 2022 is $1.73. We will keep you updated as more information becomes available.
