We Love Taxes…
So you don’t have to.
Tax Strategy & Planning
We understand that tax season can be a source of anxiety for many individuals and businesses. That's why we're here to simplify your financial life and make tax planning a breeze. Our expert team is dedicated to helping you navigate the complex world of taxation with confidence, ensuring that you keep more of your hard-earned money while staying fully compliant with tax laws.
Tax Strategy Planning
Maximize Your Wealth, Minimize Your Taxes! Our tax strategy planning services are your key to financial empowerment. We craft personalized strategies to optimize your tax situation, ensuring you keep more of your money legally. Discover peace of mind while securing your financial future with our expert guidance.
Tax Reduction
Tax reduction is the smart way to keep more of what you earn. Our strategies minimize your tax liability legally and efficiently. We'll help you navigate the complex tax code to ensure you pay only what's necessary, putting money back in your pocket and securing your financial future. Both personal and business tax reduction:
Year-end tax planning
Maximize your deductions and credits
Contribute to a Registered Education Savings Plan (RESP)
Capital Cost Allowance
Tax Year Reminder List for Ontario Residents
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January - February
Start Organizing Documents:
Collect T4s (employment income)
T4A (pension or other income)
T5s (investment income)
Receipts for RRSP contributions
Medical expenses
Charitable donations.
Review Your RRSP Contribution Room: Deadline for 2023 contributions is February 29, 2024.
Maximize contributions for potential tax savings.
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March - April
Gather Tax Deductions and Credits:
Tuition fees (T2202)
Union/professional dues
Moving expenses (if applicable)
Medical expenses (for yourself or dependents)
Childcare expenses
Home office expenses (if you worked from home).
Check for Digital Subscriptions Credit: Track eligible digital news subscriptions for potential tax credits.
File Your Tax Return: Filing opens in late February, and the deadline is April 30, 2024. Self-employed individuals have until June 17, 2024, but any owed taxes must still be paid by April 30.
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May - August
May - June
Check for Benefits Renewal: Update income details to continue receiving benefits like the Canada Child Benefit (CCB), GST/HST Credit, and Ontario Trillium Benefit.
Keep Updated Contact Information with CRA: Ensure your address and banking information are accurate for refunds or benefits.
July - August
Review Your Notice of Assessment (NOA): Confirm your tax return was processed correctly and note your RRSP contribution room for 2024.
Tax Planning for Next Year: Adjust deductions like RRSP contributions or charitable giving to optimize next year's return.
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September - December
September - October
Pay Quarterly Tax Installments (if applicable): If CRA requires you to pay installments, mark September 15 and December 15 for deadlines.
Review TFSA Room for the Year: Plan contributions for the remainder of the year.
November - December
Make Final RRSP Contributions for 2024: Plan ahead to maximize savings before the 2024 contribution deadline (end of February 2025).
Charitable Donations: Make donations by December 31, 2024, to claim them on your 2024 tax return.
Capital Gains/Losses Review: Offset gains by selling losing investments before year-end.
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Ongoing Throughout the Year
Track Expenses and Receipts: Use a dedicated folder or digital tool for tax-related documents.
Contribute to RESPs: Benefit from the Canada Education Savings Grant for your child's future.
Home Office Tracking: Maintain records of expenses like utilities, internet, and office supplies if applicable.
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Helpful Resources
CRA Website: www.canada.ca/en/revenue-agency
Ontario Tax Credits and Benefits: www.ontario.ca
Keep this list handy to stay on top of your taxes and minimize stress when tax season arrives!
“Probably the easiest review I’ve ever left for someone… Less taxes owed and more money in my pocket! Thank you Lisa!”
— GRFS TAX CLIENT
