Manager’s Message
It seems like just last week we welcomed in 2024. The days are getting noticeably longer and the sun feels warmer when there is no wind. With only about 10 days of really cold weather last month, and very little in the way of snow, the concern seems focused on a lack of moisture in the fields and no runoff to fill the dugouts in the spring. However, we need to remind ourselves that this is only February and Mother Nature likely has some winter left in store for us.
We’ve never suffered a crop failure in February, after all. I’m optimistic She will be on our side this spring. It is a busy time in our office, no warm winter holidays for any of us. We just completed tax reviews for quite a few of our clients and we are currently preparing T4s, T5s, and T3’s to meet the February & March deadlines. We are also busy taking the necessary training to keep up with government changes.
Once again, we have every computer occupied in our office during tax season. Deana will be busy completing your financial statements and corporate tax. Evelyn will be returning for March and April to help us crunch numbers. Also preparing tax will be Sabrina, Sarah, Katey, and Pam. Melissa is returning
this year to help with admin duties. Zaida is our student employee and will help with various admin duties. Tracey will continue to be the friendly voice and face behind the front desk. We also have a new staff member this year, Irina Baumann. She was raised and worked on her family’s dairy farm near Kipling
and recently moved to Montmartre. Irina is a welcomed addition to our Wheatland team. As for myself, I will be checking tax and meeting with clients in the office, over the telephone or online through Teams. I will also assist in corporate tax preparation. We all look forward to discussing and meeting your needs in the coming months!
Danielle Mytopher
Manager, Wheatland Accounting
Things to know for Income Tax season
- TFSA annual contribution limits increased to $7,000 annually and any unused contribution room will carry forward. Double check your TFSA contribution limit on CRA against contributions made at your bank as CRA may not have your updated balance.
- Home office expense deduction—the flat-rate method does not apply for the 2023 tax year. If you worked from home you will have to use detailed method, which requires additional documentation.
- 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, or contact them to send you a remittance form.
Please notify us if:
- Your marital status has changed
- You have had a baby
- You have moved
- You have had changes in your health situation
- Your dependants living with you has changed
2024 Personal Tax Exemptions
Federal tax: Exemption amount: $15,705 (tax payers with income $173,205 or less)
Provincial tax: Exemption amount: $18,491
The Disability Tax Credit
Please inform our office if your health condition changes. The disability tax credit (DTC) is a non-refundable tax credit that helps people with disa- bilities, or their supporting family member, reduce the amount of income tax they may have to pay.
If you have a severe and prolonged impairment, you may apply for the credit. To apply please download the form from the link below or use the digital form and take to your medical practitioner who can certify the ef- fects of your impairment. If your application is approved, you may then claim the disability amount on your tax return.
Some of the common items that could be eligible: (not an exclusive list)
- Hearing
- Sight
- Diabetes
Immediate Expensing of Capital Property Ending In 2023
Canadian Controlled Private Corporations (“CCPCs”) have until December 31, 2023 to acquire property eligible for temporary immediate expensing measures. The temporary immediate expensing measures allows for eligible businesses to claim up to $1.5 million in tax depreciation on eligible property acquired and available for use before January 1, 2024. The $1.5 million CCA claim limit is per taxation year and is shared between an associated group of CCPCs, with the limit being prorated for shorter taxation years.
Sole proprietors and Canadian partnerships, where all members are individuals, have until December 31, 2024, to procure eligible property eligible for immediate expensing.
Multigenerational Home Reno Tax Credit
The Multigenerational Home Renovation Tax Credit is a new credit for renovation expenses incurred to create a self-contained secondary unit to allow a senior or adult with disability to live with a qualifying relative. This refundable credit is for 15% of the qualifying expenditures up to a max of $7500 and must be claimed in the year the renovations are complete. Only expense incurred after December 31, 2022 qualify. Please contact us for more detailed information on this credit.
2024 Customer Agreements
All contracts for this year have been sent out. Please contact ouroffice if you did not receive yours or have any questions.
