Manager’s Message
We hope you all had a happy, healthy holiday season. Our staff have each had some well deserved time off during and after Christmas. We were busy in the office this fall helping our clients figure out their tax position before year end.
Evelyn rejoined our team this fall on a temporary basis and we have enjoyed
having her back. She, and her husband Tony, are on vacation in the U.S. for the next few months and then she will be back with us for tax season.
Sabrina and her husband Chad enjoyed a two week holiday in Hawaii this January.
Deana, Sarah & Tracey all had some time off around Christmas to enjoy some time with their families.
I was off in December for surgery, but all is well and I am excited to be back in the office. The staff is busy preparing T4’s and T5’s, completing bookkeeping, financial statements and corporate tax, planning work and getting ready for our upcoming personal tax season.
We have also been working hard to get missing authorizations completed that are necessary to assist you with your GST and business matters. If we still need authorization from you we will be reaching out in the near future.
As always if there is anything we can assist you with to help you in your business or suggestions you have we welcome you to contact us. We appreciate and enjoy working with all of you and thank you for placing your trust in our local business!
Danielle Mytopher
Important deadlines!
February 15 *RRSP Projection Deadline
February 28 T4 & T5 Filing
March 1 RRSP Contributions
March 31 T3 Filing Trust Return Filing (or 90 days from the year end of trust)
April 30 Final day to pay, cancel or change AgriStability for 2023.
Things to Know for Income Tax Season
TFSA annual contribution limits increased to $6,500 annually and any unused contribution room will carry forward.
Home office expense deduction—similar to the last two years if you worked more than 50% of the time from home for a period of 4 consecutive weeks due to covid you could be eligible to claim a deduction.
Air Quality Improvement Credit—this temporary credit is refundable up to 25% of expenses paid from Sept. 1– Dec. 31st. Expenses must be intended to increase outdoor air intake or improve air quality.
Saskatchewan Home Renovation Tax Credit
Did you renovate your home?
You could qualify for a non refundable 10.5% credit on expenses paid up to $10,000 for 2022. 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.
- Total qualified expenses incurred between January 1, 2022, and December 31, 2022, in excess of $1,000 (base amount), but not more than $10,000, can be claimed on your 2022 tax return (maximum claim of $9,000 for 2022).
- 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 dwelling or to the land that forms part of the dwelling.
Please be sure to write on the paid receipts what they are for when you submit them with your 2022 income tax information.
This is not included in your regular tax package price so there could be an additional charge to complete this schedule on your tax return.
For more information please go to the Saskatchewan government website.
https://www.saskatchewan.ca/residents/taxes-and-investments/tax-credits/home-renovation-tax-credit
Immediate Expensing of Capital Property
Self employed individuals and partnerships, as well as corporations, can now claim 100% deduction in specific asset classes. The immediate expensing rules allow eligible individuals and partnerships to take the full deduction up to 1.5 million of capital property acquired on or after Jan. 1, 2022. Certain capital allowance classes are not eligible for the enhanced deduction. Speak to our staff if you feel this would benefit your business.
Payments by Cheque
Effective January 1, 2024 the CRA will charge $100 penalty for each income tax or payroll remittance over $10,000 paid by cheque. If you might owe over $10,000 we would advise you to get set up to pay online. You can also use a remittance voucher and pay at your bank. There are no generic remittance vouchers for corporations so please ensure you keep the remittance form CRA sends you with your corporate notice of assessment.
Changes for Notices of Assessment
Canada Revenue Agency will no longer send you a notice of assessment for your personal income tax returns. Please pay the amount owing from the tax return that we send you, if there is amounts owing from a previous year, CRA will send you a statement of account. We have the ability to download an express notice of assessment, however there could be changes once the CRA processes your return. We suggest that you sign up for my account with CRA for easy access to your notice of assessments and all tax information.
